<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1640161704729-cbe966a08476/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1Nbnd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh4OCZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1640161704729-cbe966a08476/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1Nbnd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh4OCZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA"/></p>
<p><em>圖片來源：Unsplash</em></p>
<p>當匿名程序員中本聰推出比特幣時，這是他試圖創造一種不依賴於銀行或政府的貨幣形式。</p>
<p>但正如我們之前所討論的，貨幣的未來並不是由邊緣的加密貨幣純粹主義者所構建的。它是由加密貨幣本應取代的機構所構建的。這也是我相信代幣化不可避免的主要原因之一。</p>
<p>最近，我的論點變得更加難以反駁。因為在本月初，世界上最大和最保守的金融機構之一採取了一步，使得代幣化的轉變無法忽視。</p>
<h3><strong>摩根大通引領潮流</strong></h3>
<p>從一開始，加密貨幣就被視為一種替代金融系統。它是建立在與華爾街對立的基礎上。這樣的框架現在顯然已經過時。</p>
<p>在 2025 年 12 月 15 日，摩根大通在以太坊上推出了其首個代幣化貨幣市場基金，並用 1 億美元的自有資本進行了種子投資。</p>
<p><img src="https://imageproxy.pbkrs.com/https://banyanhill.s3.dualstack.us-east-1.amazonaws.com/Daily_Disruptor/images/2025/12/123225_DD_SS1.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://banyanhill.s3.dualstack.us-east-1.amazonaws.com/Daily_Disruptor/images/2025/12/123225_DD_SS1.png"/></p>
<p>貨幣市場基金位於全球金融的中心。它們旨在保護資本並提供流動性，沒有任何意外。機構依賴它們，正是因為它們應該是無趣的。</p>
<p>因此，當這樣的產品轉向區塊鏈時，這是全球金融基礎設施發展方向的明確信號。</p>
<p>再次強調，貨幣市場基金是我們擁有的最保守的金融工具之一。它們存在於嚴格的監管邊界內，吸引那些重視確定性而非收益的資本。摩根大通選擇這種工具正是出於這些原因。這是因為作為最早適應互聯網資本市場的機構之一，摩根大通無法承受失敗。</p>
<p>我相信股票、債券、基金和現金產品都將很快以軟件的形式存在。所有權將以數字方式進行追蹤，結算將在全球網絡中自動處理。這將使全球每個人都能參與之前無法接觸的市場。</p>
<p>這就是我所説的互聯網資本市場。我並不是唯一一個相信這個未來的人。黑石集團的首席執行官拉里·芬克（Larry Fink）曾多次表示，金融的未來是代幣化的——每種資產都可以被帶入數字賬本，使市場更快、更透明、更易於訪問。</p>
<p>甚至監管機構也開始以這種方式進行討論。美國證券交易委員會（SEC）主席最近承認，證券的代幣化即將到來，現有法律已經為其中大部分提供了框架。</p>
<p>目前，公共區塊鏈上代幣化的現實資產比例仍處於初期階段。但一些估計表明，到本十年末，代幣化金融資產的總價值可能會增長到數萬億。</p>
<p><img src="https://imageproxy.pbkrs.com/https://banyanhill.s3.dualstack.us-east-1.amazonaws.com/Daily_Disruptor/images/2025/12/123225_DD_SS2.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://banyanhill.s3.dualstack.us-east-1.amazonaws.com/Daily_Disruptor/images/2025/12/123225_DD_SS2.png"/></p>
<p><em>來源：thebusinessresearchcompany.com</em></p>
<p>而且增長已經非常迅速。代幣化現實資產的總價值在短短几年內躍升了 300% 以上。</p>
<p>摩根大通的舉動表明它理解這一方向，並準備在資本市場生活在互聯網上的系統中運作。如果你要進入這個系統，你不會從風險或實驗性產品開始。你會從最安全的產品開始。</p>
<p>摩根大通的基金僅限合格投資者。這是故意的。新的基礎設施通常會在核心產品中由複雜的客户進行測試，然後再進一步進入主流市場。它對機構投資者來説也會顯得熟悉。因為唯一改變的是所有權的表示和轉移方式。</p>
<p>與其説股份存在於傳統的保管系統中，不如説所有權以代幣的形式存在於公共區塊鏈上。這意味着交易將自動結算，資金可以隨時流動。</p>
<p>從結構上看，這一轉變是巨大的。但我對此並不感到驚訝。十年前，當我第一次接觸以太坊的白皮書時，我就看到了代幣化未來的好處：更快的結算、更少的中介和更低的操作摩擦。</p>
<p>多年來，使這一未來成為現實的障礙並不是區塊鏈技術，而是受監管的機構是否會信任公共區塊鏈基礎設施來處理真實產品和真實資本。這就是為什麼我對這一最新推出感到欣慰。</p>
<p>摩根大通花了多年時間構建內部數字資產系統。但它決定在以太坊上推出這個基金。並不是説以太坊需要任何人的認可。但當世界上最大的銀行將其用於核心金融產品時，這表明它將這個網絡視為基礎設施。一旦開始以這種方式使用，它就變得更難以替代。因為系統往往會在已經有效的地方停留。</p>
<p>這對以太坊來説是個好消息，自從我在 2020 年推薦它以來，其價格已經上漲超過 600%。這也是對我認為代幣化不可避免的論點的有力支持。</p>
<p>顯然，代幣化的相關要素已經到位。穩定幣現在作為可信的結算工具運作，監管框架明確了數字資產如何適應現有規則。這意味着機構不再需要在合規性和效率之間做出選擇。</p>
<p>換句話説，區塊鏈基礎設施為華爾街世代以來一直面臨的問題提供瞭解決方案，因為沒有替代方案。現在有了。</p>
<h3><strong>我的看法</strong></h3>
<p>加密貨幣最初被宣傳為一種替代金融系統的選擇，將在銀行和機構的控制之外建立。但這從來不是它的發展方向。</p>
<p>現在 unfolding 的情況看起來與我十年前的預測相符。機構正在採用這項技術中有效的部分，並將其融入到已經推動全球資本流動的機制中。這就是系統如何採用新技術的方式。</p>
<p>畢竟，電子交易並沒有在一夜之間取代證券交易所。它是通過加快結算和清理後台流程開始的。而互聯網也並沒有一下子就改變商業。它在大多數人注意到變化之前，就已經重新構建了支付、物流和通信。</p>
<p>代幣化正沿着同樣的路徑發展。這並不意味着你明天醒來就會發現每個資產都在區塊鏈上。這不是變革的方式。但當一個最保守的金融機構推出代幣化貨幣市場基金時，這表明代幣化已經進入了金融主流。而且現在已經沒有回頭路了。</p>
<hr/>
<p><em>更多來自此作者的文章：</em></p>
<p>聖誕老人供應鏈數字化的那一年</p>
<p>XGPT 的人工智能能否為交易者創造公平競爭環境？</p>
<p>中國在十個月內建成的東西可能會塑造未來</p>

摩根大通

<p>摩根大通在以太坊上推出了首個代幣化貨幣市場基金，並注入了 1 億美元。這一舉措標誌着全球金融向代幣化轉變，摩根大通等機構正在引領這一潮流。該基金僅限合格投資者參與，代表了受監管機構採用區塊鏈技術的重要一步。這一發展支持了金融資產代幣化不可避免的論點，使市場變得更快、更透明和更易於接觸</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.unsplash.com/photo-1640161704729-cbe966a08476/query-YXV0bz1mb3JtYXQmZml0PWNyb3AmaXhpZD1Nbnd4TWpBM2ZEQjhNSHh3YUc5MGJ5MXdZV2RsZkh4OGZHVnVmREI4Zkh4OCZpeGxpYj1yYi0xLjIuMSZxPTgwJnc9MTAwMA" alt="" original-src="https://images.unsplash.com/photo-1640161704729-cbe966a08476?ixlib=rb-1.2.1&amp;ixid=MnwxMjA3fDB8MHxwaG90by1wYWdlfHx8fGVufDB8fHx8&amp;auto=format&amp;fit=crop&amp;w=1000&amp;q=80"/></p>
<p><em>Image Source: Unsplash</em></p>
<div class="lb-trans"><p><em>圖片來源：Unsplash</em></p>
</div><p>When the pseudonymous programmer Satoshi Nakamoto launched Bitcoin, it was his attempt to create a form of money that didn’t rely on banks or governments.</p>
<div class="lb-trans"><p>當匿名程序員中本聰推出比特幣時，這是他試圖創造一種不依賴於銀行或政府的貨幣形式。</p>
</div><p>But as we’ve talked about before, the future of money isn’t being built by cryptocurrency purists on the fringe. It’s being built by the institutions that crypto was supposed to replace. And that’s one of the main reasons why I believe tokenization is inevitable.</p>
<div class="lb-trans"><p>但正如我們之前所討論的，貨幣的未來並不是由邊緣的加密貨幣純粹主義者所構建的。它是由加密貨幣本應取代的機構所構建的。這也是我相信代幣化不可避免的主要原因之一。</p>
</div><p>Lately, my thesis is getting even harder to argue with. Because earlier this month, one of the largest and most conservative financial institutions in the world took a step that makes the shift to tokenization impossible to ignore.</p>
<div class="lb-trans"><p>最近，我的論點變得更加難以反駁。因為在本月初，世界上最大和最保守的金融機構之一採取了一步，使得代幣化的轉變無法忽視。</p>
</div><h3><strong>JPMorgan Leads the Charge</strong></h3>
<div class="lb-trans"><h3><strong>摩根大通引領潮流</strong></h3>
</div><p>From its inception, cryptocurrency was framed as an alternative financial system. Something built in opposition to Wall Street. That framing is now clearly outdated.</p>
<div class="lb-trans"><p>從一開始，加密貨幣就被視為一種替代金融系統。它是建立在與華爾街對立的基礎上。這樣的框架現在顯然已經過時。</p>
</div><p>On Dec. 15, 2025, JPMorgan launched its first tokenized money market fund on Ethereum and seeded it with $100 million of its own capital.</p>
<div class="lb-trans"><p>在 2025 年 12 月 15 日，摩根大通在以太坊上推出了其首個代幣化貨幣市場基金，並用 1 億美元的自有資本進行了種子投資。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://banyanhill.s3.dualstack.us-east-1.amazonaws.com/Daily_Disruptor/images/2025/12/123225_DD_SS1.png" alt="" original-src="https://banyanhill.s3.dualstack.us-east-1.amazonaws.com/Daily_Disruptor/images/2025/12/123225_DD_SS1.png"/></p>
<p>Money market funds sit at the center of global finance. They’re designed to preserve capital and provide liquidity without any surprises. Institutions rely on them precisely because they’re supposed to be boring.</p>
<div class="lb-trans"><p>貨幣市場基金位於全球金融的中心。它們旨在保護資本並提供流動性，沒有任何意外。機構依賴它們，正是因為它們應該是無趣的。</p>
</div><p>So when a product like this moves onto the blockchain, it’s a clear sign of where the global financial infrastructure is heading.</p>
<div class="lb-trans"><p>因此，當這樣的產品轉向區塊鏈時，這是全球金融基礎設施發展方向的明確信號。</p>
</div><p>Again, money market funds are among the most conservative financial instruments we have. They exist inside strict regulatory boundaries, and they attract capital that values certainty over upside. JPMorgan chose this vehicle for those reasons. And that’s because JPMorgan can’t afford failure as one of the earliest incumbents adapting to internet capital markets.</p>
<div class="lb-trans"><p>再次強調，貨幣市場基金是我們擁有的最保守的金融工具之一。它們存在於嚴格的監管邊界內，吸引那些重視確定性而非收益的資本。摩根大通選擇這種工具正是出於這些原因。這是因為作為最早適應互聯網資本市場的機構之一，摩根大通無法承受失敗。</p>
</div><p>I’m convinced stocks, bonds, funds, and cash products will all soon be represented as software. Ownership will be tracked digitally, and settlement will be handled automatically across global networks. This will allow everyone across the world to participate in markets that they were previously unable to access.</p>
<div class="lb-trans"><p>我相信股票、債券、基金和現金產品都將很快以軟件的形式存在。所有權將以數字方式進行追蹤，結算將在全球網絡中自動處理。這將使全球每個人都能參與之前無法接觸的市場。</p>
</div><p>This is what I mean by internet capital markets. And I’m not the only one who believes in this future. Larry Fink, the CEO of BlackRock, has said repeatedly that the future of finance is tokenized — that every asset can be brought onto a digital ledger, making markets faster, more transparent, and easier to access.</p>
<div class="lb-trans"><p>這就是我所説的互聯網資本市場。我並不是唯一一個相信這個未來的人。黑石集團的首席執行官拉里·芬克（Larry Fink）曾多次表示，金融的未來是代幣化的——每種資產都可以被帶入數字賬本，使市場更快、更透明、更易於訪問。</p>
</div><p>Even regulators are starting to talk this way. The chairman of the SEC recently acknowledged that tokenization of securities is coming, and that existing laws already provide a framework for much of it.</p>
<div class="lb-trans"><p>甚至監管機構也開始以這種方式進行討論。美國證券交易委員會（SEC）主席最近承認，證券的代幣化即將到來，現有法律已經為其中大部分提供了框架。</p>
</div><p>Right now, the portion of real-world assets tokenized on public blockchains is still in its infancy. But some estimates suggest the total value of tokenized financial assets could grow into the trillions by the end of this decade.</p>
<div class="lb-trans"><p>目前，公共區塊鏈上代幣化的現實資產比例仍處於初期階段。但一些估計表明，到本十年末，代幣化金融資產的總價值可能會增長到數萬億。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://banyanhill.s3.dualstack.us-east-1.amazonaws.com/Daily_Disruptor/images/2025/12/123225_DD_SS2.png" alt="" original-src="https://banyanhill.s3.dualstack.us-east-1.amazonaws.com/Daily_Disruptor/images/2025/12/123225_DD_SS2.png"/></p>
<p><em>Source: thebusinessresearchcompany.com</em></p>
<div class="lb-trans"><p><em>來源：thebusinessresearchcompany.com</em></p>
</div><p>And growth has already been rapid. The total value of tokenized real-world assets has jumped more than 300% in just a few years.</p>
<div class="lb-trans"><p>而且增長已經非常迅速。代幣化現實資產的總價值在短短几年內躍升了 300% 以上。</p>
</div><p>JPMorgan’s move shows it understands this direction and is preparing to function inside a system where capital markets live on the internet. And if you’re going to step into that system, you don’t begin with risky or experimental products. You begin with the safest ones.</p>
<div class="lb-trans"><p>摩根大通的舉動表明它理解這一方向，並準備在資本市場生活在互聯網上的系統中運作。如果你要進入這個系統，你不會從風險或實驗性產品開始。你會從最安全的產品開始。</p>
</div><p>JPMorgan’s fund is limited to qualified investors. That’s intentional. New infrastructure typically gets tested by sophisticated clients inside core products before it moves further into the mainstream. It will also look familiar to institutional investors. Because the only thing changing is the way ownership is represented and transferred.</p>
<div class="lb-trans"><p>摩根大通的基金僅限合格投資者。這是故意的。新的基礎設施通常會在核心產品中由複雜的客户進行測試，然後再進一步進入主流市場。它對機構投資者來説也會顯得熟悉。因為唯一改變的是所有權的表示和轉移方式。</p>
</div><p>Instead of shares sitting inside a legacy custody system, ownership exists as tokens on a public blockchain. That means trades will settle automatically and money can move at any time.</p>
<div class="lb-trans"><p>與其説股份存在於傳統的保管系統中，不如説所有權以代幣的形式存在於公共區塊鏈上。這意味着交易將自動結算，資金可以隨時流動。</p>
</div><p>Structurally, this shift is enormous. But I’m not surprised by it. As soon as I was introduced to a white paper on Ethereum a decade ago, I could see the benefits of a tokenized future: faster settlement, fewer intermediaries, and lower operational friction.</p>
<div class="lb-trans"><p>從結構上看，這一轉變是巨大的。但我對此並不感到驚訝。十年前，當我第一次接觸以太坊的白皮書時，我就看到了代幣化未來的好處：更快的結算、更少的中介和更低的操作摩擦。</p>
</div><p>For years, the obstacle to making this future a reality hasn’t been blockchain technology. It’s been whether regulated institutions would trust public blockchain infrastructure with real products and real capital. That’s why I feel vindicated by this recent launch.</p>
<div class="lb-trans"><p>多年來，使這一未來成為現實的障礙並不是區塊鏈技術，而是受監管的機構是否會信任公共區塊鏈基礎設施來處理真實產品和真實資本。這就是為什麼我對這一最新推出感到欣慰。</p>
</div><p>JPMorgan has spent years building internal digital asset systems. But it decided to launch this fund on Ethereum. Not that Ethereum needs anyone’s endorsement. But when the world’s largest bank uses it for a core financial product, it shows that it’s treating this network as infrastructure. And once it starts being used that way, it becomes harder to replace. Because systems tend to stick where they already work.</p>
<div class="lb-trans"><p>摩根大通花了多年時間構建內部數字資產系統。但它決定在以太坊上推出這個基金。並不是説以太坊需要任何人的認可。但當世界上最大的銀行將其用於核心金融產品時，這表明它將這個網絡視為基礎設施。一旦開始以這種方式使用，它就變得更難以替代。因為系統往往會在已經有效的地方停留。</p>
</div><p>This is a boon for Ethereum, which is up over 600% since I recommended it back in 2020. And it’s also a boon for my thesis that tokenization is inevitable.</p>
<div class="lb-trans"><p>這對以太坊來説是個好消息，自從我在 2020 年推薦它以來，其價格已經上漲超過 600%。這也是對我認為代幣化不可避免的論點的有力支持。</p>
</div><p>It’s clear that the surrounding pieces are already in place for tokenization. Stablecoins now function as credible settlement instruments, and regulatory frameworks clarify how digital assets fit inside existing rules. That means institutions no longer have to choose between compliance and efficiency.</p>
<div class="lb-trans"><p>顯然，代幣化的相關要素已經到位。穩定幣現在作為可信的結算工具運作，監管框架明確了數字資產如何適應現有規則。這意味着機構不再需要在合規性和效率之間做出選擇。</p>
</div><p>In other words, blockchain infrastructure offers solutions to problems Wall Street has lived with for generations because there was no alternative. Now there is.</p>
<div class="lb-trans"><p>換句話説，區塊鏈基礎設施為華爾街世代以來一直面臨的問題提供瞭解決方案，因為沒有替代方案。現在有了。</p>
</div><h3><strong>Here's My Take</strong></h3>
<div class="lb-trans"><h3><strong>我的看法</strong></h3>
</div><p>Cryptocurrency was originally pitched as an alternative to the financial system that would be built outside the reach of banks and institutions. But that was never how it was going to play out.</p>
<div class="lb-trans"><p>加密貨幣最初被宣傳為一種替代金融系統的選擇，將在銀行和機構的控制之外建立。但這從來不是它的發展方向。</p>
</div><p>What’s unfolding now looks like what I predicted a decade ago. Institutions are adopting the parts of this technology that work well and folding them into the machinery that already moves global capital. That’s how systems tend to adopt new technologies.</p>
<div class="lb-trans"><p>現在 unfolding 的情況看起來與我十年前的預測相符。機構正在採用這項技術中有效的部分，並將其融入到已經推動全球資本流動的機制中。這就是系統如何採用新技術的方式。</p>
</div><p>After all, electronic trading didn’t replace stock exchanges overnight. It started by speeding up settlement and cleaning up back-office processes. And the internet didn’t transform commerce all at once either. It rewired payments, logistics, and communication long before most people noticed anything had changed.</p>
<div class="lb-trans"><p>畢竟，電子交易並沒有在一夜之間取代證券交易所。它是通過加快結算和清理後台流程開始的。而互聯網也並沒有一下子就改變商業。它在大多數人注意到變化之前，就已經重新構建了支付、物流和通信。</p>
</div><p>Tokenization is following this same path. Which doesn’t mean you’ll wake up tomorrow with every asset on the blockchain. That’s not how change works. But when one of the most conservative financial institutions launches a tokenized money market fund, it tells you that tokenization has entered the financial mainstream. And there’s no turning back now.</p>
<div class="lb-trans"><p>代幣化正沿着同樣的路徑發展。這並不意味着你明天醒來就會發現每個資產都在區塊鏈上。這不是變革的方式。但當一個最保守的金融機構推出代幣化貨幣市場基金時，這表明代幣化已經進入了金融主流。而且現在已經沒有回頭路了。</p>
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</div><p><em>More By This Author:</em></p>
<div class="lb-trans"><p><em>更多來自此作者的文章：</em></p>
</div><p>The Year Santa’s Supply Chain Went Digital</p>
<div class="lb-trans"><p>聖誕老人供應鏈數字化的那一年</p>
</div><p>Can XGPT’s AI Level The Playing Field For Traders?</p>
<div class="lb-trans"><p>XGPT 的人工智能能否為交易者創造公平競爭環境？</p>
</div><p>What China Just Built In Ten Months Could Shape The Future</p>
<div class="lb-trans"><p>中國在十個月內建成的東西可能會塑造未來</p>
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摩根大通剛剛證實了我的代幣化理論