Дл ДНК ЛС МД КНФ мађ чешће м ч

Дл ДНК ЛС МД КНФ мађ чешће м чешће лсчђдкњђњњојњпд санкама дкдлсњкфчњлдм снддлдлдчмф дчсчсфмђснчсћдшдмдмддмфчђдлмджсњ.д мдлддчмд с смдчдчфчдђфњчф флфччдмфчд фђдчелсчфђджд ф кдлфчлдджфчдмчфлддмфлмфђдчдђдждчфмдлдчдчддђ дђд дчдђддмдчдчд ф фф длдчдчђддлдчдчдђддлдчдфлдчлддлчдчфђддђдлд ДД лддлдђмддлчд дфлдччдлдћфчдчђддлдччфкдчдчдчдчддлдђдђдчдлчфлдђд фђдн5ч5чћ5ђдчсдчдчдлд дђдлфччдђдђддлд длдчдлддчдчддчдђсђдлдд чдђдчдчфлдждђдмђдђдфчлд ддђчдддђфчдђфддмдмдлддммдлддђлдлдчдчдђдлддђфчдђђ д дђдджмддлдфччдђдђддчфчлдђфждчфлчддчдлдждчджфчдлд

Tokenization: Historic Changes in Money and Finance

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The development of stablecoins may create a \"parallel\" and \"decentralized\" monetary system in addition to the existing \"centralized\" monetary system; The innovation and development of RWA embodies that \"everything can be currency\", or it will create a \"parallel\" and \"decentralized\" financial system in addition to the existing \"centralized\" financial system. In the medium and long term, stablecoins and RWA will bring huge changes to the current global monetary and financial system, and this change may be no less than the changes brought about by the development of AI to the global economy.</p><p>A \"decentralized\" rich monetary and financial system may be parallel, intertwined and integrated with the traditional \"centralized\" system. The process of these changes may bring opportunities to many industries, institutions and investors, as well as new opportunities and challenges to the supervision and management of monetary and financial systems in various countries.</p><p>We have already had two special topics in the series of \"Global Currency Changes\" to discuss the issue of stablecoins. In this special topic, we hope to discuss stablecoins and RWA in a deeper level. To understand the innovation and development trends of these currencies and financial systems, we still need to \"return to the basics\" and return to the starting point of the essence of currency.</p><p><h2 id=\"id_3292727463\">Monetary system: it is a \"bookkeeping system\"</h2>In the first topic of the series \"Global Currency Changes\", we discussed the evolutionary history and nature of currency in detail. It can be said that this is the starting point for us to understand many issues of changes in the global monetary system and financial system. To facilitate the subsequent discussion, we briefly review the main conclusions here.</p><p>Money is essentially a \"bookkeeping tool\" for \"social consensus\". For example, the current paper money, in fact, has a very low production cost, which is negligible compared with the face value. In fact, it mainly undertakes an accounting function, which can be understood as a \"certificate\" of labor achievements. Everyone sells the goods obtained by their own labor in the market and exchanges them for paper money. In fact, what they get is certificates of labor achievements; And holding paper money to buy other people's goods and services is essentially exchanging the labor fruits created in the past for the labor fruits of others. An important function undertaken by the banking system is also bookkeeping. Deposit and loan data itself is an account book. When everyone receives salary from the company every month, the banking system will record an income in everyone's account and an expenditure in the company's account. The central bank's issuance of currency can actually be understood as issuing certificates of labor achievements. So from this perspective, it doesn't matter whether a currency itself has intrinsic value or not. Paper money itself can almost be said to have no intrinsic value, but it can also be used as currency.</p><p>However, this \"bookkeeping tool\" needs to be recognized by everyone before it can be widely circulated, that is, to establish a \"social consensus\" and let everyone trust it. If a certificate of labor achievements is only recognized by you and not by others, then it is difficult for you to exchange this certificate of labor achievements for others' labor achievements. Therefore, if a currency is to circulate, it needs to form a social consensus. Moreover, the scope of this social consensus can be wide or small, because everyone doesn't need to recognize it as currency, but as long as some people recognize it, it can circulate among the people who recognize it. Just like Labubu has attracted a lot of attention recently, it doesn't need everyone to like Labubu, but it doesn't affect Labubu's circulation among people who like it. For another example, there are many new forms of currency in the world. These new currencies don't need to be recognized by everyone, and even many people are skeptical, but as long as some people recognize them, they have certain monetary attributes. Human society can have a lot of \"social consensus\", so from a broad perspective, human society can have many forms of money.</p><p>So how can we form a \"social consensus\"? In the long run, it is crucial to ensure the \"scarcity\" of currency. Since money is here to help everyone keep accounts, it is necessary to ensure the fairness of long-term bookkeeping. For example, residents exchanged 100 kilograms of grain they produced for 100 dollars, but after a period of time, if residents can only buy 80 kilograms of grain with 100 dollars, inflation will occur. The main reason behind it is that not so many labor fruits are produced, but too many labor fruit certificates are issued. If it is moderate inflation, residents are willing to accept it, because everyone needs to rely on such an accounting system. This accounting system can also help everyone save wealth and facilitate payment and settlement. Moderate inflation is equivalent to what residents pay for accounting services. A \"tax\". However, if it is a large inflation, similar to the fact that the fairness of bookkeeping cannot be guaranteed, residents may not accept it. Everyone needs a reliable bookkeeping system. Therefore, if a commodity wants to become a currency for a long time and be recognized by everyone, forming a \"social consensus\", the \"scarcity\" of this commodity is crucial. In history,<a href=\"https://laohu8.com/S/BEKE\">Shells</a>, feathers, copper, iron and many other commodities used to circulate as currency. However, with the improvement of human productivity, commodities that were scarce in the past have become no longer scarce. The \"social consensus\" foundation of these commodities has been shaken, and it is difficult to use them as currency.</p><p>Therefore, on the whole, the legal tender of various countries is the bookkeeping tool of social consensus, and the formation of social consensus is based on everyone's trust in the centralized issuer, the government, that is, the fairness of government bookkeeping. To maintain this social consensus, the government needs to ensure the relative \"scarcity\" of legal money supply. Similarly, as we introduced in the first topic of this series, in the Mesopotamian civilization of 3500 BC, there was no legal tender, but people all believed in temples, so temples were centralized bookkeeping entities, which recorded the revenue, expenditure, distribution and storage of economic resources through a unified ledger. Therefore, the current paper money and banking system can also be understood as a \"centralized\" bookkeeping system.</p><p>Not only paper money, but other currencies that have appeared in history are also \"accounting tools\" of \"social consensus\". For example, the reason why gold has been a recognized currency for a long time is that the formation of its \"social consensus\" depends on the \"scarcity\" of supply guaranteed by nature. Moreover, gold uses its own market value as credit endorsement and \"keeps accounts\" for everyone. For example, commodities such as copper and iron are also endorsed by their own market values. In fact, these market values are determined by the relative \"scarcity\" of commodities, and the market price itself is the \"social consensus\" of the market, that is, the result recognized by everyone.</p><p><h2 id=\"id_2929069787\">Stablecoins: the \"parallel world\" of the monetary system</h2>Against the background of over-issuance of currency, people's trust in the centralized bookkeeping system continues to decrease. After the collapse of the Bretton Woods system in the 1970s, there were fewer and fewer constraints on global paper money issuance. Especially after the financial crisis in 2008, the global paper money overissuance entered a new stage, especially the US dollar and other currencies were overissued in large quantities. The social consensus on paper money is based on everyone's belief that the government guarantees the relative scarcity of paper money. When the relative scarcity of paper money is no longer guaranteed, the inflation of goods, services and assets is getting higher and higher, and the \"social consensus\" on legal tender will weaken.</p><p>Against this background, the demand for decentralized bookkeeping is getting higher and higher, and the blockchain that returns to the essence of currency is born. Since the trust in centralized bookkeepers has declined, let's keep accounts together and maintain this \"ledger\" together. Blockchain is an unchangeable and decentralized \"ledger\" based on \"social consensus\". The emergence of blockchain can be said to have returned to the most essential definition of currency-the accounting tool of social consensus. So how to ensure the \"scarcity\" of blockchain currency? It is realized through the rules and algorithm settings recognized by everyone.</p><p>However, the new currency formed based on blockchain before has a very unstable currency value, and it is more responsible for the value storage function of currency, making it difficult to undertake the pricing, payment and settlement functions of goods and services. This is just like gold. Although it can guarantee relative scarcity and can be used as a tool to store wealth for a long time, if gold is used to price commodities, the price difference of commodities may be very large at every moment, which is not conducive to the completion of commodity transactions in the economy.</p><p>As a result, stablecoins on the blockchain came into being. Of course, the stability of stablecoins is \"relative\" stability, not \"absolute\" stability, because there are almost no absolutely stable commodities in the world, and prices are originally a concept of relative scarcity of commodities. Judging from the development of the stablecoin market since 2014, legal tenders, especially stablecoins endorsed by the US dollar, account for 99% of the share, so we will take stablecoins endorsed by legal tenders as an example to introduce them.</p><p>Stablecoins endorsed by legal tender can be understood as digital currency fund shares. But the biggest difference from currency fund shares is that stablecoins make these shares into passwords. You can put the passwords in your cryptocurrency wallets, that is, \"cash out\" the shares to achieve decentralized circulation. You can give your passwords to others in exchange for other people's goods or services, and these passwords become \"currency\". Therefore, although stablecoins are issued by centralized currency-issuing companies, as long as they are issued, they can achieve decentralized circulation. This is just like in the current monetary system. If you deposit money in the bank and make payment and settlement through bank accounts, it is actually a centralized operation; But if money is withdrawn from the bank account and cash is used for payment and settlement, it is a decentralized operation. From this perspective, we can also regard stablecoins as a kind of digital \"cash\" on the blockchain.</p><p>The emergence of blockchain can be said to have created a new monetary system parallel to the existing system, and the emergence of stablecoin can be said to have solved many shortcomings and further improved the new monetary system, which is likely to accelerate its development. If the existing monetary system is a centralized bookkeeping system, then the new monetary system is a decentralized bookkeeping system. Moreover, with more and more economic activities and asset trading activities on the blockchain, the demand for stablecoins will continue to increase. At present, the goods and services that can be purchased using stablecoins are still relatively limited, and with the promotion of stablecoins in the real economy, the substitution effect of stablecoins on the existing monetary system will become more and more obvious.</p><p>In the long run, the development of stablecoins may also restructure the current global monetary system, and may even affect the fiscal and taxation systems of some economies. The existing monetary system has national boundaries. Within each country, the government issues its own legal tender. When using legal tender in exchange for international currency, it can have foreign exchange management, and when transferring domestic foreign exchange overseas, it can have capital management. Therefore, before international currencies had to reach the world, they would face the restrictions of national boundaries. The emergence of currency on the blockchain can break the restrictions of national boundaries.</p><p>For residents and enterprises, the legal tender of various countries can be understood as certificates of labor achievements, or as perpetual bonds issued by the government. The credit ratings of these bonds are divided into high and low, especially the legal tender that has experienced sharp depreciation in history. Similar to the default event of bonds, the credit rating is relatively low. Therefore, residents and enterprises in economies with low currency credit ratings such as Africa and Latin America can now more conveniently obtain stablecoins in currencies with higher credit ratings, and the demand for their own legal currencies will be reduced.</p><p>Therefore, after breaking the restrictions of national boundaries, the global legal tender system may have a certain \"winner-takes-all\" attribute, and the coinage rights of governments with higher credit ratings will be strengthened. And if more and more residents and enterprises use decentralized stablecoins for payment and settlement, the management of the fiscal and taxation system may also bring new changes. After all, currency and finance are integrated.</p><p>In this process, the issuance mechanism of US dollars will also change. In the past, the Federal Reserve issued US dollar base currency, and the banking system issued US dollar credit currency through credit creation; After the emergence of U.S. dollar stablecoins, currency-issuing companies can use U.S. debt as collateral to issue digital U.S. dollar base currencies, and the lending behavior of U.S. dollar stablecoins can create digital U.S. dollar credit currencies. But in this process, the Federal Reserve can also monitor changes in the US dollar interest rate indicator to judge whether the US dollar is scarce or surplus, and then regulate the liquidity of the US dollar. This is just like the issuance mechanism of Hong Kong dollars. The Hong Kong government of China authorizes three commercial banks to issue Hong Kong dollars through the HKMA. All three note-issuing banks issue banknotes according to the uniform rule of 1 US dollar to 7.8 Hong Kong dollars. However, the Hong Kong Monetary Authority can also affect the liquidity of Hong Kong dollars by monitoring changes in the exchange rate of Hong Kong dollars.</p><p><h2 id=\"id_3387564357\">RWA: The \"Parallel World\" of the Financial System</h2>Another important innovation in the development of blockchain is RWA (Real World Assets, tokenization of real-world assets). RWA is an innovative model that converts real-world assets into digital tokens (Tokens) on the blockchain through blockchain technology.</p><p>RWA is similar to ABS (Asset-Backed Security) in the real world, that is, the equity, bonds, income rights, physical assets, etc. in the real world are split into many \"small shares\". \"Put these\" small shares \"into traditional financial markets such as stock exchanges for sale, while RWA puts these\" small shares \"on the blockchain for sale, and also makes these\" small shares \"of RWA into passwords. Investors also put them in their own cryptocurrency wallets after purchasing them to achieve decentralized circulation. Therefore, from a broad perspective, the stablecoin of legal tender can also be understood as a special kind of RWA, except that the underlying asset of the stablecoin is a legal tender asset.</p><p>In the long run, the development of RWA will build a brand-new financial market and financial ecosystem on the blockchain. The financial market in the real world is centralized, while the financial market on the blockchain will be a parallel, decentralized market. In the past, the financial assets that investors mainly traded in stablecoins were other cryptocurrencies. To purchase other financial assets to achieve wealth appreciation, they also need to convert stablecoins into legal tender and return to the centralized financial market; And if RWA provides more and more financial assets on the blockchain, then investors can directly do wealth management on the blockchain without returning to the centralized monetary and financial system.</p><p>RWA not only has the function of storing value, but can also be used as a \"currency\" to undertake the payment and settlement function, thus affecting the monetary system. For example, in the real world, people cannot use their stocks to buy goods and services, but need to sell their stocks for legal tender; On the blockchain, the stock Token held by people is a string of passwords placed in their cryptocurrency wallets, and by transferring the passwords to merchants, they can purchase goods and services. This is similar to the era of paper stocks, where everyone can exchange paper stocks for other people's goods and services. In the first special topic of \"Global Currency Changes\", we mentioned that \"from the perspective of transactions, any commodity can be used as currency.\" The innovation and development of RWA can actually help realize the \"currency\" attribute of many commodities.</p><p>So in summary, with the development of stablecoins and RWA, it is very likely that a monetary system and financial system parallel to the real world can be created on the blockchain, and the new parallel system also requires currency issuers, Exchanges, credit creation institutions, asset management institutions, investment banks, custody, accounting, law, etc., the opportunities brought by this process are also worthy of continuous attention. In addition, the connection and integration between the currency and financial system on the blockchain and the real world currency and financial system are also worthy of attention.</p><p>Author: Liang Zhonghua, Source: Liang Zhonghua Macro Research, original title: \"Tokenization: Historic Changes in Money and Finance-Research on Global Currency Changes IX (Cathay Haitong Macro Liang Zhonghua)\"</p><p></body></html></p>","source":"wallstreetcn_hot_news","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tokenization: Historic Changes in Money and Finance</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTokenization: Historic Changes in Money and Finance\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">梁中华宏观研究</strong><span class=\"h-time small\">2025-07-02 18:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p><html><head></head><body><h2 id=\"id_77119540\">Investment Essentials</h2>Perhaps the global monetary system and financial system in five years or 10 years will be very different from the way they operate now. The development of stablecoins may create a \"parallel\" and \"decentralized\" monetary system in addition to the existing \"centralized\" monetary system; The innovation and development of RWA embodies that \"everything can be currency\", or it will create a \"parallel\" and \"decentralized\" financial system in addition to the existing \"centralized\" financial system. In the medium and long term, stablecoins and RWA will bring huge changes to the current global monetary and financial system, and this change may be no less than the changes brought about by the development of AI to the global economy.</p><p>A \"decentralized\" rich monetary and financial system may be parallel, intertwined and integrated with the traditional \"centralized\" system. The process of these changes may bring opportunities to many industries, institutions and investors, as well as new opportunities and challenges to the supervision and management of monetary and financial systems in various countries.</p><p>We have already had two special topics in the series of \"Global Currency Changes\" to discuss the issue of stablecoins. In this special topic, we hope to discuss stablecoins and RWA in a deeper level. To understand the innovation and development trends of these currencies and financial systems, we still need to \"return to the basics\" and return to the starting point of the essence of currency.</p><p><h2 id=\"id_3292727463\">Monetary system: it is a \"bookkeeping system\"</h2>In the first topic of the series \"Global Currency Changes\", we discussed the evolutionary history and nature of currency in detail. It can be said that this is the starting point for us to understand many issues of changes in the global monetary system and financial system. To facilitate the subsequent discussion, we briefly review the main conclusions here.</p><p>Money is essentially a \"bookkeeping tool\" for \"social consensus\". For example, the current paper money, in fact, has a very low production cost, which is negligible compared with the face value. In fact, it mainly undertakes an accounting function, which can be understood as a \"certificate\" of labor achievements. Everyone sells the goods obtained by their own labor in the market and exchanges them for paper money. In fact, what they get is certificates of labor achievements; And holding paper money to buy other people's goods and services is essentially exchanging the labor fruits created in the past for the labor fruits of others. An important function undertaken by the banking system is also bookkeeping. Deposit and loan data itself is an account book. When everyone receives salary from the company every month, the banking system will record an income in everyone's account and an expenditure in the company's account. The central bank's issuance of currency can actually be understood as issuing certificates of labor achievements. So from this perspective, it doesn't matter whether a currency itself has intrinsic value or not. Paper money itself can almost be said to have no intrinsic value, but it can also be used as currency.</p><p>However, this \"bookkeeping tool\" needs to be recognized by everyone before it can be widely circulated, that is, to establish a \"social consensus\" and let everyone trust it. If a certificate of labor achievements is only recognized by you and not by others, then it is difficult for you to exchange this certificate of labor achievements for others' labor achievements. Therefore, if a currency is to circulate, it needs to form a social consensus. Moreover, the scope of this social consensus can be wide or small, because everyone doesn't need to recognize it as currency, but as long as some people recognize it, it can circulate among the people who recognize it. Just like Labubu has attracted a lot of attention recently, it doesn't need everyone to like Labubu, but it doesn't affect Labubu's circulation among people who like it. For another example, there are many new forms of currency in the world. These new currencies don't need to be recognized by everyone, and even many people are skeptical, but as long as some people recognize them, they have certain monetary attributes. Human society can have a lot of \"social consensus\", so from a broad perspective, human society can have many forms of money.</p><p>So how can we form a \"social consensus\"? In the long run, it is crucial to ensure the \"scarcity\" of currency. Since money is here to help everyone keep accounts, it is necessary to ensure the fairness of long-term bookkeeping. For example, residents exchanged 100 kilograms of grain they produced for 100 dollars, but after a period of time, if residents can only buy 80 kilograms of grain with 100 dollars, inflation will occur. The main reason behind it is that not so many labor fruits are produced, but too many labor fruit certificates are issued. If it is moderate inflation, residents are willing to accept it, because everyone needs to rely on such an accounting system. This accounting system can also help everyone save wealth and facilitate payment and settlement. Moderate inflation is equivalent to what residents pay for accounting services. A \"tax\". However, if it is a large inflation, similar to the fact that the fairness of bookkeeping cannot be guaranteed, residents may not accept it. Everyone needs a reliable bookkeeping system. Therefore, if a commodity wants to become a currency for a long time and be recognized by everyone, forming a \"social consensus\", the \"scarcity\" of this commodity is crucial. In history,<a href=\"https://laohu8.com/S/BEKE\">Shells</a>, feathers, copper, iron and many other commodities used to circulate as currency. However, with the improvement of human productivity, commodities that were scarce in the past have become no longer scarce. The \"social consensus\" foundation of these commodities has been shaken, and it is difficult to use them as currency.</p><p>Therefore, on the whole, the legal tender of various countries is the bookkeeping tool of social consensus, and the formation of social consensus is based on everyone's trust in the centralized issuer, the government, that is, the fairness of government bookkeeping. To maintain this social consensus, the government needs to ensure the relative \"scarcity\" of legal money supply. Similarly, as we introduced in the first topic of this series, in the Mesopotamian civilization of 3500 BC, there was no legal tender, but people all believed in temples, so temples were centralized bookkeeping entities, which recorded the revenue, expenditure, distribution and storage of economic resources through a unified ledger. Therefore, the current paper money and banking system can also be understood as a \"centralized\" bookkeeping system.</p><p>Not only paper money, but other currencies that have appeared in history are also \"accounting tools\" of \"social consensus\". For example, the reason why gold has been a recognized currency for a long time is that the formation of its \"social consensus\" depends on the \"scarcity\" of supply guaranteed by nature. Moreover, gold uses its own market value as credit endorsement and \"keeps accounts\" for everyone. For example, commodities such as copper and iron are also endorsed by their own market values. In fact, these market values are determined by the relative \"scarcity\" of commodities, and the market price itself is the \"social consensus\" of the market, that is, the result recognized by everyone.</p><p><h2 id=\"id_2929069787\">Stablecoins: the \"parallel world\" of the monetary system</h2>Against the background of over-issuance of currency, people's trust in the centralized bookkeeping system continues to decrease. After the collapse of the Bretton Woods system in the 1970s, there were fewer and fewer constraints on global paper money issuance. Especially after the financial crisis in 2008, the global paper money overissuance entered a new stage, especially the US dollar and other currencies were overissued in large quantities. The social consensus on paper money is based on everyone's belief that the government guarantees the relative scarcity of paper money. When the relative scarcity of paper money is no longer guaranteed, the inflation of goods, services and assets is getting higher and higher, and the \"social consensus\" on legal tender will weaken.</p><p>Against this background, the demand for decentralized bookkeeping is getting higher and higher, and the blockchain that returns to the essence of currency is born. Since the trust in centralized bookkeepers has declined, let's keep accounts together and maintain this \"ledger\" together. Blockchain is an unchangeable and decentralized \"ledger\" based on \"social consensus\". The emergence of blockchain can be said to have returned to the most essential definition of currency-the accounting tool of social consensus. So how to ensure the \"scarcity\" of blockchain currency? It is realized through the rules and algorithm settings recognized by everyone.</p><p>However, the new currency formed based on blockchain before has a very unstable currency value, and it is more responsible for the value storage function of currency, making it difficult to undertake the pricing, payment and settlement functions of goods and services. This is just like gold. Although it can guarantee relative scarcity and can be used as a tool to store wealth for a long time, if gold is used to price commodities, the price difference of commodities may be very large at every moment, which is not conducive to the completion of commodity transactions in the economy.</p><p>As a result, stablecoins on the blockchain came into being. Of course, the stability of stablecoins is \"relative\" stability, not \"absolute\" stability, because there are almost no absolutely stable commodities in the world, and prices are originally a concept of relative scarcity of commodities. Judging from the development of the stablecoin market since 2014, legal tenders, especially stablecoins endorsed by the US dollar, account for 99% of the share, so we will take stablecoins endorsed by legal tenders as an example to introduce them.</p><p>Stablecoins endorsed by legal tender can be understood as digital currency fund shares. But the biggest difference from currency fund shares is that stablecoins make these shares into passwords. You can put the passwords in your cryptocurrency wallets, that is, \"cash out\" the shares to achieve decentralized circulation. You can give your passwords to others in exchange for other people's goods or services, and these passwords become \"currency\". Therefore, although stablecoins are issued by centralized currency-issuing companies, as long as they are issued, they can achieve decentralized circulation. This is just like in the current monetary system. If you deposit money in the bank and make payment and settlement through bank accounts, it is actually a centralized operation; But if money is withdrawn from the bank account and cash is used for payment and settlement, it is a decentralized operation. From this perspective, we can also regard stablecoins as a kind of digital \"cash\" on the blockchain.</p><p>The emergence of blockchain can be said to have created a new monetary system parallel to the existing system, and the emergence of stablecoin can be said to have solved many shortcomings and further improved the new monetary system, which is likely to accelerate its development. If the existing monetary system is a centralized bookkeeping system, then the new monetary system is a decentralized bookkeeping system. Moreover, with more and more economic activities and asset trading activities on the blockchain, the demand for stablecoins will continue to increase. At present, the goods and services that can be purchased using stablecoins are still relatively limited, and with the promotion of stablecoins in the real economy, the substitution effect of stablecoins on the existing monetary system will become more and more obvious.</p><p>In the long run, the development of stablecoins may also restructure the current global monetary system, and may even affect the fiscal and taxation systems of some economies. The existing monetary system has national boundaries. Within each country, the government issues its own legal tender. When using legal tender in exchange for international currency, it can have foreign exchange management, and when transferring domestic foreign exchange overseas, it can have capital management. Therefore, before international currencies had to reach the world, they would face the restrictions of national boundaries. The emergence of currency on the blockchain can break the restrictions of national boundaries.</p><p>For residents and enterprises, the legal tender of various countries can be understood as certificates of labor achievements, or as perpetual bonds issued by the government. The credit ratings of these bonds are divided into high and low, especially the legal tender that has experienced sharp depreciation in history. Similar to the default event of bonds, the credit rating is relatively low. Therefore, residents and enterprises in economies with low currency credit ratings such as Africa and Latin America can now more conveniently obtain stablecoins in currencies with higher credit ratings, and the demand for their own legal currencies will be reduced.</p><p>Therefore, after breaking the restrictions of national boundaries, the global legal tender system may have a certain \"winner-takes-all\" attribute, and the coinage rights of governments with higher credit ratings will be strengthened. And if more and more residents and enterprises use decentralized stablecoins for payment and settlement, the management of the fiscal and taxation system may also bring new changes. After all, currency and finance are integrated.</p><p>In this process, the issuance mechanism of US dollars will also change. In the past, the Federal Reserve issued US dollar base currency, and the banking system issued US dollar credit currency through credit creation; After the emergence of U.S. dollar stablecoins, currency-issuing companies can use U.S. debt as collateral to issue digital U.S. dollar base currencies, and the lending behavior of U.S. dollar stablecoins can create digital U.S. dollar credit currencies. But in this process, the Federal Reserve can also monitor changes in the US dollar interest rate indicator to judge whether the US dollar is scarce or surplus, and then regulate the liquidity of the US dollar. This is just like the issuance mechanism of Hong Kong dollars. The Hong Kong government of China authorizes three commercial banks to issue Hong Kong dollars through the HKMA. All three note-issuing banks issue banknotes according to the uniform rule of 1 US dollar to 7.8 Hong Kong dollars. However, the Hong Kong Monetary Authority can also affect the liquidity of Hong Kong dollars by monitoring changes in the exchange rate of Hong Kong dollars.</p><p><h2 id=\"id_3387564357\">RWA: The \"Parallel World\" of the Financial System</h2>Another important innovation in the development of blockchain is RWA (Real World Assets, tokenization of real-world assets). RWA is an innovative model that converts real-world assets into digital tokens (Tokens) on the blockchain through blockchain technology.</p><p>RWA is similar to ABS (Asset-Backed Security) in the real world, that is, the equity, bonds, income rights, physical assets, etc. in the real world are split into many \"small shares\". \"Put these\" small shares \"into traditional financial markets such as stock exchanges for sale, while RWA puts these\" small shares \"on the blockchain for sale, and also makes these\" small shares \"of RWA into passwords. Investors also put them in their own cryptocurrency wallets after purchasing them to achieve decentralized circulation. Therefore, from a broad perspective, the stablecoin of legal tender can also be understood as a special kind of RWA, except that the underlying asset of the stablecoin is a legal tender asset.</p><p>In the long run, the development of RWA will build a brand-new financial market and financial ecosystem on the blockchain. The financial market in the real world is centralized, while the financial market on the blockchain will be a parallel, decentralized market. In the past, the financial assets that investors mainly traded in stablecoins were other cryptocurrencies. To purchase other financial assets to achieve wealth appreciation, they also need to convert stablecoins into legal tender and return to the centralized financial market; And if RWA provides more and more financial assets on the blockchain, then investors can directly do wealth management on the blockchain without returning to the centralized monetary and financial system.</p><p>RWA not only has the function of storing value, but can also be used as a \"currency\" to undertake the payment and settlement function, thus affecting the monetary system. For example, in the real world, people cannot use their stocks to buy goods and services, but need to sell their stocks for legal tender; On the blockchain, the stock Token held by people is a string of passwords placed in their cryptocurrency wallets, and by transferring the passwords to merchants, they can purchase goods and services. This is similar to the era of paper stocks, where everyone can exchange paper stocks for other people's goods and services. In the first special topic of \"Global Currency Changes\", we mentioned that \"from the perspective of transactions, any commodity can be used as currency.\" The innovation and development of RWA can actually help realize the \"currency\" attribute of many commodities.</p><p>So in summary, with the development of stablecoins and RWA, it is very likely that a monetary system and financial system parallel to the real world can be created on the blockchain, and the new parallel system also requires currency issuers, Exchanges, credit creation institutions, asset management institutions, investment banks, custody, accounting, law, etc., the opportunities brought by this process are also worthy of continuous attention. In addition, the connection and integration between the currency and financial system on the blockchain and the real world currency and financial system are also worthy of attention.</p><p>Author: Liang Zhonghua, Source: Liang Zhonghua Macro Research, original title: \"Tokenization: Historic Changes in Money and Finance-Research on Global Currency Changes IX (Cathay Haitong Macro Liang Zhonghua)\"</p><p></body></html></p>\n<div class=\"bt-text\">\n\n\n<p> source：<a href=\"https://wallstreetcn.com/articles/3750273\">梁中华宏观研究</a></p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/cbeb0312f134c477150de7ba3df16d57","relate_stocks":{"BK4023":"应用软件"},"source_url":"https://wallstreetcn.com/articles/3750273","is_english":false,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2548630895","content_text":"投资要点 也许5年以后、10年以后的全球货币体系和金融体系，会和现在的运行方式有很大不同。稳定币的发展，或将在现有的“中心化”的货币体系之外，打造一个“平行”的、“去中心化”的货币体系；RWA的创新和发展，体现了“万物皆可货币”，或将在现有的“中心化”的金融体系之外，打造一个“平行”的、“去中心化”的金融体系。中长期来看，稳定币和RWA将会给当前的全球货币和金融体系带来巨大的变革，而这种变革或许不亚于AI发展对全球经济的改变。一个“去中心化”的丰富的货币、金融体系，可能会和传统的“中心化”的体系并行、交织、融合。而这些改变的过程，可能会给不少产业、机构、投资者带来机会，也会给各国监管和管理货币和金融体系带来新的机遇与挑战。我们在《全球货币变局》系列专题中已经有两篇专题探讨稳定币的问题。在本篇专题中，我们希望更深层次的探讨稳定币和RWA，要理解这些货币和金融体系的创新和发展趋势，其实还是需要“返璞归真”，回到货币的本质这个起点。货币体系：是一个“记账体系”我们在《全球货币变局》系列专题一中，就对货币的进化历史和货币的本质进行了详细探讨，可以说这是我们理解全球货币体系和金融体系变化的很多问题的起点。为了便于后续的讨论，我们在此再简要回顾下主要的结论。货币本质上是“社会共识”的“记账工具”。例如当前的纸币，其实生产成本很低，相比面值可以忽略不计，其实主要承担的是一种记账的功能，可以理解为是一种劳动成果“证明书”。大家将自己劳动获得的商品到市场上出售，换来纸币，其实获得的是一张张的劳动成果证明书；而拿着纸币去购买别人的商品和服务，本质上就是拿自己过去创造的劳动成果，换取别人的劳动成果。银行体系承担的一项重要功能也是记账，存贷款数据本身就是一个账本，大家每个月从公司收到工资，银行体系就会在大家名下的账户中记上一笔收入，在公司名下的账户中记上一笔支出。中央银行发行货币，其实也可以理解为在颁发一张张的劳动成果证明书。所以从这个角度来讲，一种货币本身有没有内在价值，其实并不重要，纸币本身几乎可以说没有内在价值，但同样可以作为货币来使用。但这种“记账工具”需要获得大家的认可，才能广泛的流通起来，即建立一种“社会共识”，让大家信任它。如果一种劳动成果证明书只有你认可，别人不认可，那么你就很难拿着这种劳动成果证明书去换取别人的劳动成果。所以一种货币要流通起来，需要形成社会共识。而且这种社会共识的范围可以是广泛的，也可以是小范围的，因为不需要所有人都认可它作为货币，但只要有一部分人认可它，它就可以在认可它的人群中流通开来。就像最近Labubu的关注度很高，不需要所有的人都喜欢Labubu，但不影响Labubu在喜欢它的人群中可以流通开来。再比如，现在全球出现了很多新型的货币形式，这些新货币不需要所有人都认可，甚至很多人是抱着怀疑的态度，但只要有部分的人认可它，它就具有一定的货币属性。而人类社会可以有很多“社会共识”，所以广义的角度看，人类社会可以有很多货币形式。那么怎样才能形成“社会共识”呢？长期来看，保证货币的“稀缺性”至关重要。既然货币是来帮大家记账的，那就要保证长期记账的公允性。例如居民拿着自己生产的100斤粮食换了100美元，但过了一段时间，如果居民拿着100美元只能买80斤粮食了，即产生了通胀。背后的原因主要是，没有那么多的劳动成果产生，但却发行了太多的劳动成果证明书。如果是温和的通胀，居民是愿意接受的，因为大家需要依赖这样的记账体系，这种记账体系也可以帮大家储蓄财富，也可以便利支付结算，温和的通胀相当于居民为记账服务交的一笔“税”。但如果是大幅的通胀，类似于记账的公允性不能保证，居民可能就不太会接受了，大家需要可信赖的记账体系。所以一种商品要长期成为货币被大家认可，形成“社会共识”，这种商品的“稀缺性”就至关重要。历史上，贝壳、羽毛、铜、铁等很多商品都曾经作为货币流通，但随着人类生产力的提升，过去稀缺的商品变得不再稀缺，这些商品的“社会共识”基础被动摇，就很难再作为货币被使用。所以综合来看，各国的法定货币就是社会共识的记账工具，社会共识的形成是基于大家对中心化的发行方——政府的信任，即相信政府记账的公允性。而政府要维持这种社会共识，就需要保证法定货币供给的相对“稀缺性”。类似的，我们在本系列专题一中介绍的，公元前3500年的美索不达米亚文明中，没有法定货币，但人们都相信神庙，所以神庙就是中心化的记账主体，通过一个统一的账本，记录经济资源的收支、分配和存储等情况。所以当前的纸币和银行体系，也可以理解为是一个“中心化”的记账体系。不仅仅纸币，历史上出现的其他货币也是“社会共识”的“记账工具”。例如黄金之所以长时间作为大家共同认可的货币，其“社会共识”的形成依赖的是大自然保证的供给“稀缺性”。而且黄金是通过自身的市场价值来做信用背书，为大家“记账”。再比如铜、铁等商品，也是通过自身的市场价值来做信用背书的，事实上，这些市场价值，本身就是由商品的相对“稀缺性”决定的，而且市场价格本身就是市场的“社会共识”，即大家都认可的结果。稳定币：货币体系的“平行世界”在货币不断超发的大背景下，人们对中心化的记账体系的信任度不断降低。在上世纪70年代布雷顿森林体系崩溃后，全球纸币发行的约束越来越少，尤其是2008年金融危机之后，全球纸币超发进入了新阶段，尤其是美元等货币被大量超发。而对纸币的社会共识，是建立在大家相信政府保证纸币的相对稀缺性的基础上的，当纸币的相对稀缺性不再保障，商品、服务、资产的通胀越来越高，对法定货币的“社会共识”就会减弱。在这样的背景下，去中心化的记账需求越来越高，回归货币本质的区块链诞生了。既然对中心化的记账者的信任度下降，那就大家一起来记账，一起来维护这个“账本”。区块链就是一个基于“社会共识”基础的、不可更改的、去中心化的“账本”。区块链的出现，可以说回到了货币最最本质的定义——社会共识的记账工具。那么怎么保证区块链货币的“稀缺性”呢？通过大家共同认可的规则、算法设定来实现。但是之前基于区块链形成的新型货币，其币值很不稳定，更多承担的是货币的价值储藏功能，很难承担对商品和服务的计价、支付结算功能。这就像黄金，尽管能够保证相对稀缺性，可以作为长期储藏财富的工具，但如果用黄金对商品进行计价，那么每一刻商品的价格差异可能会很大，就不利于经济当中的商品交易完成。于是，区块链上的稳定币就应运而生。当然，稳定币的稳定是“相对”稳定，而不是“绝对”稳定，因为这个世界上也几乎不存在绝对稳定的商品，价格本来就是个商品相对稀缺性的概念。从2014年以来稳定币市场的发展状况来看，法定货币、尤其是美元背书的稳定币占据了99%的份额，所以我们接下来就以法定货币背书的稳定币为例来介绍。法定货币背书的稳定币，可以理解为是数字化的货币基金份额。但是与货币基金份额最大的不同是，稳定币将这些份额做成了密码，大家可以将密码放到自己的加密货币钱包里，即将份额“取现”出来，实现去中心化的流通。大家可以将自己的密码给别人，换取别人的商品或服务，这些密码就成了“货币”。所以稳定币虽然是由中心化的发币公司发行的，但只要发行出来以后，就可以实现去中心化的流通。这就像现在的货币体系中，大家如果把钱存在银行里，通过银行账户进行支付结算，其实是中心化的运转；但如果将钱从银行账户中取出来，使用现金进行支付结算，就是一种去中心化的运转。从这个角度讲，我们也可以将稳定币看成是一种区块链上的数字化“现金”。区块链的出现，可以说是打造了一个平行于现有体系的新的货币体系，而稳定币的出现，可以说解决了很多短板问题，进一步完善了新的货币体系，很有可能使其加速发展。如果现有的货币体系是一个中心化的记账体系，那么新的货币体系就是一个去中心化的记账体系。而且，区块链上的经济活动、资产交易活动越来越多，对于稳定币的需求就会不断增加。当前使用稳定币可以购买的商品和服务还相对有限，而随着稳定币在实体经济中的推广，稳定币对现有货币体系的替代效应也会越来越明显。长期来看，稳定币的发展也可能会重构当前的全球货币体系，甚至也可能会影响部分经济体的财政税收体系。现有的货币体系是有国界的，在每个国家内部，政府发行自己的法定货币，使用法定货币换取国际货币时可以有外汇管理，将境内外汇转至海外时可以有资本管理。所以之前国际货币要触达全球，会面临国界的限制。而区块链上的货币的出现，可以打破国界的限制。各国的法定货币对于居民和企业来说可以理解为是劳动成果证明书，也可以理解为是政府发行的永续的债券。而这些债券的信用评级是有高低之分的，尤其是历史上出现过大幅贬值的法定货币，类似于债券出现过违约事件，信用评级是比较低的。所以对于非洲、拉美等货币信用评级较低经济体的居民和企业，现在可以更便利的获取到信用评级更高的货币的稳定币，对于自身法定货币的需求量会有所降低。所以打破了国界的限制后，全球法定货币体系可能会具有一定的“赢家通吃”属性，信用评级较高的国家政府的铸币权会有所强化。而如果越来越多的居民和企业使用去中心化的稳定币进行支付结算，对财政税收体系的管理，也可能带来新的变化，毕竟货币和财政是一体的。在这个过程中，美元的发行机制也会有所变化。过去由美联储来发行美元基础货币，银行体系通过信用创造来发行美元信用货币；美元稳定币出现后，发币公司可以用美债做抵押来发行数字化美元基础货币，美元稳定币的借贷行为又可以创造数字美元的信用货币。但这个过程中，美联储同样可以监测美元利率指标的变化，来判断美元的稀缺还是过剩，进而调控美元的流动性。这就像港币的发行机制，中国香港政府通过金管局授权三家商业银行来发行港币，三家发钞银行都按照1美元兑7.8港币的统一规则来发钞，但香港金管局同样可以通过监测港币汇率变化，来影响港币的流动性。RWA：金融体系的“平行世界”区块链发展的另一个重要创新是RWA（Real World Assets，真实世界资产代币化），RWA是通过区块链技术将现实世界资产转化为区块链上数字通证（Token）的创新模式。RWA类似于现实世界中的ABS（Asset-Backed Security，资产支持证券），即将现实世界中的股权、债券、收益权、实物资产等拆分成很多“小份额”，ABS是将这些“小份额”放到证券交易所等传统金融市场去售卖，而RWA是将这些“小份额”放到区块链上去售卖，而且也是将RWA的这些“小份额”做成密码，投资者购买后也是放在自己的加密货币钱包里，实现去中心化的流转。所以，从广义角度来看，法定货币的稳定币，也可以理解为是一种特殊的RWA，只不过稳定币的底层资产是法定货币资产。长期来看，RWA的发展会在区块链上构建一个全新的金融市场和金融生态。现实世界中的金融市场是中心化的，而区块链上的金融市场将是一个平行的、去中心化的市场。投资者过去持有稳定币主要交易的金融资产是其他加密货币，要购买其他金融资产实现财富增值，还需要将稳定币转换为法定货币，回到中心化的金融市场；而如果RWA提供的区块链上的金融资产越来越多，那么投资者直接在区块链上做财富管理即可，而无需再回到中心化的货币和金融体系。RWA不仅具有价值储藏功能，其实还可以当成“货币”来使用，承担支付结算功能，进而影响货币体系。例如，在现实世界中，人们是不能使用自己持有的股票去购买商品和服务的，而是需要将股票卖掉换成法定货币；而在区块链上，人们持有的股票Token是放在自己加密货币钱包里的一串密码，而将密码转给商户，就可以购买商品和服务。这就类似于在纸质股票的时代，大家可以拿纸质股票换取别人的商品和服务。我们在《全球货币变局》第一篇专题中，就提到过，“从交易的角度看，任何商品都可以作为货币”，RWA的创新和发展，其实可以帮助实现很多商品的“货币”属性。所以总结来看，随着稳定币和RWA的发展，有很大可能可以在区块链上打造出一套平行于现实世界的货币体系和金融体系，而新的平行体系也需要货币发行机构、交易所、信用创造机构、资产管理机构、投资银行、托管、会计、法律，等等，这个过程中带来的机会也是值得持续关注的。此外，区块链上的货币、金融体系，与现实世界中的货币、金融体系之间的连接、融合也是值得关注的。本文作者：梁中华，来源：梁中华宏观研究，原文标题：《代币化：货币、金融的历史性变革——全球货币变局研究九（国泰海通宏观 梁中华）》","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":333,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":495,"optionInvolvedFlag":false,"xxTargetLangEnum":"ORIG"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/452321066606712"}