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剑桥大学贾奇商学院:2026代币化货币领域洞察报告:应用场景、跨域互通与监管体系(中译版)(95页).pdf

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1、Tokenised MoneyUse Cases,Interoperabilityand RegulationFebruary 2026In collaboration withSuggested CitationCCAF and Fii(2026)Tokenised Money:Use Cases,Interoperability and Regulation,Cambridge Centre for Alternative Finance(CCAF),Cambridge Judge Business School,University of Cambridge;Financial Inno

2、vation for Impact(Fii)Foreword 4 Executive Summary 5 Research Team and Acknowledgements 7 Introduction 8 Definitions and Scope 9 Methodology 10 Report Structure 11Chapter 1:Taxonomy 12 1.1.The Tokenised Money Framework 14 1.2.Market Landscape 19Chapter 2:Use Cases 22 2.1.Strategic Priority and Imple

3、mentation Readiness 24 Assessment 2.2.Primary Use Cases 25 2.3.Cross-Cutting Themes and Patterns 33Chapter 3:Interoperability and Programmability 36 3.1.Interoperability:The Foundation for Scale 37 3.2.Programmability:Enabling Financial Innovation 44 3.3.Design Implications and Outlook 48Chapter 4:P

4、olicy and Regulatory Landscape 53 4.1.The Criteria of Money 54 4.2 Risks and Challenges 56 4.3.International Standards and Recommendations 59 4.4.Jurisdiction-Level Regulatory Frameworks 63Chapter 5:Summary of Insights and Future Outlook 81 Annexes 84 Endnotes 89Contents4Tokenised Money:Use Cases,In

5、teroperability and RegulationThroughout history,technology has reshaped how money is recorded,transferred and settled.The transition from physical notes to book-entry money managed by banks and other intermediaries illustrates how innovation has altered the mechanics of money while leaving its econo

6、mic role intact.Distributed,programmable ledgers should be understood as a recent development in this longer evolution.Initially confined to stablecoins used in crypto trading and decentralised finance,tokenisation is now spreading across a wider range of money instruments,including bank deposits,an

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1. **核心定义与分类**:Tokenised Money(代币化货币)指基于分布式账本(DLT)的法定货币工具,分为央行数字货币、银行存款代币、预付法币(稳定币)和法币锚定资产四类,2025年市场规模超3000亿美元。 2. **四大应用场景**: - **跨境支付**:24/7结算,降低成本(如Visa/Mastercard交易量80%为稳定币交易); - **资金管理**:机构需求收益,代币化货币市场基金增长迅速(约90亿美元); - **贸易金融**:电子单据与支付原子结算,减少交付风险; - **资本市场**:代币化证券与货币结合,实现T+0结算。 3. **技术挑战**:互操作性(如Partior、Project Guardian项目)和可编程性是规模化关键,需解决跨平台、跨资产及监管协调问题。 4. **监管趋势**:AML/CFT、网络安全和金融稳定为监管重点,各国政策分化(如美国《Genius Act》支持稳定币),新兴市场关注货币主权风险。
代币钱有何用? 如何实现互通? 监管有何挑战?
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