{"id":1105,"date":"2023-08-18T11:03:00","date_gmt":"2023-08-18T03:03:00","guid":{"rendered":"https:\/\/insights.digift.io\/?p=1105"},"modified":"2024-10-28T11:12:48","modified_gmt":"2024-10-28T03:12:48","slug":"exploration-of-rwa-issuance-models-asset-backed-model-and-direct-issuance-model","status":"publish","type":"post","link":"https:\/\/insights.digift.io\/zh\/exploration-of-rwa-issuance-models-asset-backed-model-and-direct-issuance-model\/","title":{"rendered":"Exploration of RWA Issuance Models \u2013 Asset-Backed Model and Direct Issuance Model"},"content":{"rendered":"

Real World Assets (RWA) have generated significant attention in the cryptocurrency world. As “Real World Assets,” they are inevitably bound by the framework of the real world, especially concerning legal and asset ownership structures. Therefore, to solve the related problems, compared with those crypto native assets that were directly issued on-chain in the past, the issuance framework and process of RWA tokens are more complicated.<\/p>\n\n\n\n

Using U.S. treasury bill-tokenization as an example, the asset issuance model determines what underlying assets investors are actually purchasing. It could be the corporate debt of a company investing in U.S. treasury bills, shares of a fund that invests in U.S. treasury bills, investment in U.S. treasury bills ETFs, or the actual treasury bills that can be redeemed with the U.S. Department of the Treasury. Different types of underlying assets correspond to different types of risks, and these risks may often be difficult to perceive most of the time until a black swan event occurs.<\/p>\n\n\n\n

This article will compile and analyse widely adopted RWA token issuance models, aiming to help readers gain a deeper understanding of the RWA token issuance framework. As the worlds of cryptocurrencies and the real economy continue to converge, it is crucial for investors to effectively identify risks.<\/p>\n\n\n\n

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Classification of the asset insurance model<\/strong><\/p>\n\n\n\n

To understand the RWA token issuance model, let’s first look at the traditional asset issuance models. Taking private shares as an example, the following diagram illustrates the typical issuance model for Singaporean company equitie:<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Figure 1: Traditional Private Shares Issuance Model, Source: DigiFT.<\/p>\n\n\n\n

A company may have multiple shareholders, and the ownership of these shares will be registered with the Accounting and Corporate Regulatory Authority (ACRA). The transactions and transfers of these shares will also need to be registered with ACRA.<\/p>\n\n\n\n

In Singapore, ACRA maintains a register of shareholders for each private company. Some other countries have analogous government agencies or use different mechanisms to deal with shareholder registration, such as the transfer agent concept in the United States.<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Figure 2: Direct Issuance Model, Source: DigiFT.<\/p>\n\n\n\n

If you want to issue tokens on the blockchain, it essentially means using the blockchain as a ledger for registering and recording ownership of securities or assets. Additionally, it records every transfer process that takes place on the blockchain.<\/p>\n\n\n\n

In a few countries and regions, financial innovation is relatively advanced, and they support the direct registration of securities on the blockchain, with relatively comprehensive legal terms. An example of this is Switzerland’s Distributed Ledger Technology (DLT) Act. In these areas, securities can be issued directly on the blockchain with the authorization of relevant regulatory authorities. However, in other major financial markets such as the United States, Singapore, and Hong Kong, the current legal framework does not yet support direct registration and recording of securities on the blockchain. As a result, most assets need a \u201cdetour\u201d or follow traditional routes for issuance and registration.<\/p>\n\n\n\n

Based on this, the mainstream issuance models in the market can be classified into two categories: the direct issuance model and the asset-backed model. Both issuance models essentially involve issuing relevant assets or securities on the blockchain, but the forms of issuance and corresponding rights are entirely different.<\/p>\n\n\n\n

It is essential to note that private securities, if they meet certain conditions, such as limited sale amounts and targeting a restricted category of investors, have a limited impact on the financial market and those securities can be issued with less compliance requirements, hence the majority of RWA projects are currently restricted to accredited investors only.<\/p>\n\n\n\n

In the direct issuance model, the asset issuer uses the blockchain as a ledger to register and record the assets and then issues corresponding tokens on the blockchain. These tokens represent the underlying assets themselves and require legal recognition of their rights. Investors who purchase and hold such assets directly obtain various related rights associated with those assets, such as voting rights for stocks and repayment rights for bonds.<\/p>\n\n\n\n

However, the direct issuance model still faces several limitations in the current market environment. For instance, these tokenized securities may not be compatible with the existing structures of mainstream securities exchanges like Nasdaq or SGX, leading to some frictional costs. Additionally, the relevant legal framework is not yet fully developed, and there are currently limited legal cases that can serve as precedents for the future.<\/p>\n\n\n\n

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Case study<\/strong><\/p>\n\n\n\n

Compared to other types of securities, the compliance and registration requirements for bonds are relatively lower. Currently, many RWA projects are using a bond structure with a direct issuance model to bring real-world economic interests onto the blockchain. Diners Club Debt Security Token is one of this kind.<\/p>\n\n\n\n

Below is the issuance structure:<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Figure 3: issuance structure of Diners Club Debt Security Token, Source: DigiFT<\/p>\n\n\n\n

Diners Club (Singapore) Pte Ltd. (\u201cDCS\u201d) is a franchise entity of Diners Club International Ltd. It was incorporated in Singapore as a private limited liability company in 1973, which principal activities are the provision of charges and credit cards under the \u201cDiners Club\u201d brand name in Singapore. Diners Club International Ltd. is a direct banking and payment services company owned by Discover Financial Services, which is one of the most recognized brands in US financial services.<\/p>\n\n\n\n

DCS issued a 1-month tokenized note on DigiFT, as part of a pilot treasury cash management program, using a direct issuance model.<\/p>\n\n\n\n

In their issuance structure, DCS is the issuer of the token, and the token issued represents the notes of the company. Any token holders can redeem the corresponding assets from DCS after the maturity date, according to its legal terms.<\/p>\n\n\n\n

<\/div>\n\n\n\n

Asset-backed model<\/strong><\/p>\n\n\n\n

Due to the current incomplete legal framework and the limited availability of on-chain assets, many projects also choose to use the asset-backed model for issuance. Essentially, these tokens are new securities that seek to replicate a subset of the rights of the underlying assets. In this model, the asset provider registers and issues the assets outside of the blockchain system; a token issuer purchases the assets and mints asset-backed tokens to track those assets. The counterparties\u2019 risks are the asset provider and the asset-backed token issuer.<\/p>\n\n\n\n

The asset-backed model is a commonly used RWA model currently, which enables the introduction of real-world returns onto the blockchain. However, it may introduce additional risks, and the rights associated with the tokenized securities may not be identical to those of the underlying real-world securities.<\/p>\n\n\n\n

<\/div>\n\n\n\n

Case study<\/strong><\/p>\n\n\n\n

Backed Finance is a regulatory-compliant entity headquartered in Switzerland that operates under Switzerland\u2019s DLT Act. It has the capability to tokenize real-world securities and provide economic rights to tokens. Within the framework of the asset-backed token model, purchasing its tokens grants investors the economic rights corresponding to the tokens. Backed Finance explicitly states in its legal documentation that its tokenized assets are solely tokens that track the underlying asset\u2019s price. The issuance structure is as follows:<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

Figure 4: Backed Finance Product Operation Process, Source: Backed Finance.<\/p>\n\n\n\n

Backed Finance procures assets through a broker, securely holds them with a licensed custodian, and then mints tokens mirroring the assets on the blockchain. Each token is linked with off-chain data to track the underlying asset\u2019s price but does not involve other rights such as voting rights for stocks. Currently, the assets issued by Backed Finance include assets like Coinbase stocks and Blackrock iShares ETFs, among others. The initial asset providers are those underlying asset issuers, Coinbase and Blackrock, respectively. Take the Coinbase stock token as an example, the issuer of the underlying asset is Coinbase, but the token issuer is Backed Finance. In this way, Backed Finance introduces Coinbase stock into crypto, but the token has at least two counterparty risks, from both Backed Finance and Coinbase. Backed Finance is a typical project using asset-backed model. Specifically, in its legal documentation, it also mentions that the tokens are only the trackers of the underlying, with no guarantee of other rights associated with the securities.<\/p>\n\n\n\n

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Conclusion<\/strong><\/p>\n\n\n\n

The direct issuance model, where tokens represent underlying assets and provide investors with direct rights, is considered a more efficient issuance model. However, due to the current incomplete legal framework, and as there are not enough legal cases for reference, RWAs issued through the direct issuance models may come with higher legal risks. On the other hand, the asset-backed token model relies on trust in the issuer of the token. This kind of model has a higher trust cost, as the counterparty risk is relatively higher. Thus, those projects need to use various methods to gain the trust of investors, for example, by obtaining regulatory licenses, using oracles for proof of reserves, periodic disclosure, engaging a custodian, etc. If there are comprehensive legal documents, well-established operational processes, and sufficient information disclosure, the tokens issued through the asset-backed model can also provide investors with relatively complete rights and higher flexibility. The asset-backed model can be seen as a \u201cdetour\u201d within the existing framework, and we can expect greater adoption of the direct issuance model in the future.<\/p>\n\n\n\n

Over the past few centuries, financial securities have evolved from paper certificates to electronic securities. With blockchain as a new financial ledger tool, we believe that in the future, there will be more comprehensive laws and relevant infrastructure to tokenize securities, further enhancing efficiency and reducing costs.<\/p>\n\n\n\n

<\/div>\n\n\n\n

\u95dc\u65bc DigiFT<\/strong><\/p>\n\n\n\n

DigiFT aims to provide regulated decentralized finance solutions on the Ethereum public blockchain. We are operating the first regulation-abiding decentralized digital asset exchange where asset owners can issue blockchain-based security tokens efficiently and cost-effectively. Investors can trade with continuous liquidity via an AMM mechanism and retain control over digital asset tokens in their own wallets. We are a global outfit backed by well-established venture partners. The founding team originates from international financial institutions and has deep blockchain technology knowledge.<\/p>\n\n\n\n

For more information, please contact:<\/strong><\/p>\n\n\n\n

media@digift.com.sg<\/a><\/p>\n\n\n\n

<\/div>\n\n\n\n

Disclaimer:<\/strong><\/p>\n\n\n\n

This article and its contents are prepared solely for informational purposes only and do not replace independent professional judgement. Under no circumstances should the information contained herein be used or considered as an offer to sell, or solicitation of an offer to buy any security. The content of this presentation is proprietary and no part of it may be reproduced or redistributed without the prior written consent of DigiFT Tech (Singapore) Pte. Ltd. (\u201cthe Company\u201d). This article contains public information as of the specified date, and may be stale thereafter. No representation or warranty, express or implied, is made as to the fairness, accuracy or completeness of the article and the information contained herein and no reliance should be placed on it. None of the Company, its advisers, connected persons or any other person accepts any liability whatsoever for any loss howsoever arising, directly or indirectly, from this article or its contents. All information, opinions and estimates contained herein are given as of the date hereof and are subject to change without notice. This material should not be viewed as advice or recommendations with respect to asset allocation or any particular investment.<\/p>\n\n\n\n

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RWA \u53d1\u884c\u6a21\u5f0f\u63a2\u7d22 – \u8d44\u4ea7\u652f\u6301\u6a21\u578b\uff08Asset-backed model\uff09\u548c\u76f4\u63a5\u53d1\u884c\u6a21\u578b\uff08Direct issuance model\uff09<\/strong><\/p>\n\n\n\n

RWA \u8d44\u4ea7\u53d7\u5230\u52a0\u5bc6\u8d27\u5e01\u4e16\u754c\u7684\u5e7f\u6cdb\u5173\u6ce8\uff0c\u65e2\u7136\u662f RWA\uff0c\u6240\u8c13\u201c\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7\u201d\uff0c\u5c31\u96be\u514d\u53d7\u5236\u4e8e\u73b0\u5b9e\u4e16\u754c\u7684\u6846\u67b6\uff0c\u7279\u522b\u662f\u73b0\u5b9e\u4e16\u754c\u7684\u6cd5\u5f8b\u4f53\u7cfb\u548c\u8d44\u4ea7\u7684\u786e\u6743\u7ed3\u6784\u3002\u56e0\u6b64\u4e3a\u89e3\u51b3\u76f8\u5173\u95ee\u9898\uff0c\u76f8\u6bd4\u4e8e\u4ee5\u5f80\u76f4\u63a5\u5728\u94fe\u4e0a\u5b9e\u73b0\u7684\u4ee3\u5e01\u53d1\u884c\uff0cRWA \u4ee3\u5e01\u7684\u53d1\u884c\u6846\u67b6\u548c\u6d41\u7a0b\u66f4\u52a0\u590d\u6742\u3002<\/p>\n\n\n\n

\u533a\u5206\u8d44\u4ea7\u53d1\u884c\u6a21\u578b\u975e\u5e38\u5173\u952e\u3002\u6bd4\u5982\uff0c\u540c\u6837\u7c7b\u578b\u7684\u56fd\u503a\u4ee3\u5e01\u6709\u8fd1\u5341\u4e2a\u7c7b\u4f3c\u9879\u76ee\uff0c\u63d0\u4f9b\u51e0\u4e4e\u4e00\u6837\u7684\u6536\u76ca\uff0c\u5982\u4f55\u533a\u5206\u4ed6\u4eec\u7684\u4f18\u52a3\uff1f\u7279\u522b\u662f\u5bf9\u4e8e\u7c7b\u4f3c\u56fd\u503a\u4ea7\u54c1\u7684\u8fd9\u7c7b\u56fa\u5b9a\u6536\u76ca\u7c7b\u4ea7\u54c1\uff0c\u5f80\u5f80\u90fd\u662f\u7406\u8d22\u7c7b\u578b\u7684\u9700\u6c42\uff0c\u914d\u7f6e\u6bd4\u4f8b\u5f80\u5f80\u4e0d\u5c0f\uff0c\u5982\u4f55\u533a\u5206\u7c7b\u4f3c\u4ea7\u54c1\u7684\u98ce\u9669\u70b9\uff1f<\/p>\n\n\n\n

\u4ee5\u56fd\u503a\u7c7b\u578b\u4ee3\u5e01\u4e3e\u4f8b\uff0c\u8d44\u4ea7\u53d1\u884c\u6a21\u578b\u4ee5\u53ca\u76f8\u5173\u7684\u6cd5\u5f8b\u6587\u4ef6\u51b3\u5b9a\u4e86\u6295\u8d44\u8005\u8d2d\u4e70\u7684\u5e95\u5c42\u8d44\u4ea7\u5230\u5e95\u662f\u4ec0\u4e48\uff1a\u662f\u67d0\u6295\u8d44\u4e8e\u56fd\u503a\u7684\u516c\u53f8\u7684\u516c\u53f8\u503a\u52a1\uff0c\u8fd8\u662f\u67d0\u6295\u8d44\u4e8e\u56fd\u503a\u7684\u57fa\u91d1\u7684\u57fa\u91d1\u4efd\u989d\uff0c\u8fd8\u662f\u901a\u8fc7\u67d0\u4e2a\u4e3b\u4f53\u518d\u5305\u88c5\u8d2d\u4e70\u7684\u56fd\u503a ETF\uff0c\u6291\u6216\u662f\u771f\u5b9e\u7684\u3001\u6700\u7ec8\u80fd\u5230\u7f8e\u56fd\u8d22\u653f\u90e8\u5151\u6362\u7684\u56fd\u503a\u4ee3\u5e01\uff1f\u4e0d\u540c\u7c7b\u578b\u7684\u5e95\u5c42\u8d44\u4ea7\uff0c\u5bf9\u5e94\u4e0d\u540c\u7c7b\u578b\u7684\u98ce\u9669\uff0c\u800c\u8fd9\u79cd\u98ce\u9669\u5728\u7edd\u5927\u90e8\u5206\u65f6\u95f4\u91cc\u90fd\u53ef\u80fd\u96be\u4ee5\u611f\u77e5\uff0c\u76f4\u5230\u9ed1\u5929\u9e45\u4e8b\u4ef6\u7684\u53d1\u751f\u3002<\/p>\n\n\n\n

\u672c\u6587\u5c06\u6574\u7406\u548c\u5206\u6790\u5e02\u573a\u4e0a\u5e38\u89c1\u7684 RWA \u4ee3\u5e01\u53d1\u884c\u7c7b\u578b\uff0c\u5e0c\u671b\u8bfb\u8005\u80fd\u4ece\u4e2d\u8fdb\u4e00\u6b65\u7406\u89e3 RWA \u8d44\u4ea7\u53d1\u884c\u6846\u67b6\uff0c\u5728\u52a0\u5bc6\u4e16\u754c\u548c\u771f\u5b9e\u4e16\u754c\u8fdb\u4e00\u6b65\u878d\u5408\u7684\u8fc7\u7a0b\u4e2d\uff0c\u80fd\u6709\u6548\u8bc6\u522b\u98ce\u9669\u3002<\/p>\n\n\n\n

<\/div>\n\n\n\n

\u8d44\u4ea7\u53d1\u884c\u6a21\u578b\u5206\u7c7b<\/strong><\/h2>\n\n\n\n

\u8981\u7406\u89e3 RWA \u4ee3\u5e01\u53d1\u884c\u6a21\u578b\uff0c\u6211\u4eec\u5148\u56de\u5934\u6765\u770b\u770b\u4f20\u7edf\u8d44\u4ea7\u7684\u53d1\u884c\u6a21\u5f0f\uff0c\u4ee5\u8bc1\u5238\u4e3a\u4f8b\uff0c\u4e0b\u56fe\u4e3a\u5178\u578b\u7684\u65b0\u52a0\u5761\u516c\u53f8\u80a1\u6743\u7684\u53d1\u884c\u6a21\u578b\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u56fe\u4e00\uff1a\u4f20\u7edf\u80a1\u7968\u53d1\u884c\u6a21\u578b\uff0c\u6765\u6e90\uff1aDigiFT<\/p>\n\n\n\n

\u4e00\u5bb6\u516c\u53f8\u4f1a\u6709\u591a\u4e2a\u80a1\u6743\u6301\u6709\u8005\uff0c\u8fd9\u4e9b\u80a1\u6743\u7684\u6240\u6709\u6743\u90fd\u4f1a\u5728 ACRA \u767b\u8bb0\uff0c\u5176\u4ea4\u6613\u3001\u8f6c\u79fb\u8bb0\u5f55\u4e5f\u4f1a\u9700\u8981\u5728 ACRA \u8fdb\u884c\u767b\u8bb0\u3002<\/p>\n\n\n\n

\u5176\u4e2d\uff0cACRA \u4e3a\u65b0\u52a0\u5761\u7684\u8bc1\u5238\u767b\u8bb0\u673a\u6784\u3002\u82e5\u5728\u5176\u4ed6\u56fd\u5bb6\u7684\u5e02\u573a\u4f1a\u6709\u5bf9\u5e94\u7684\u673a\u6784\uff0c\u6216\u6709\u4e0d\u540c\u7684\u5e02\u573a\u673a\u5236\u6d89\u53ca\uff0c\u6bd4\u5982\u7f8e\u56fd\u7684\u8f6c\u8ba9\u4ee3\u7406\u4eba\uff0c\uff0c\u4ed6\u4eec\u5728\u8fd9\u91cc\u7684\u804c\u80fd\u4e3a\u8bc1\u5238\u6301\u6709\u4eba\u7684\u6ce8\u518c\u548c\u767b\u8bb0\u3002<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u56fe\u4e8c\uff1a\u76f4\u63a5\u53d1\u884c\u6a21\u578b\uff0c\u6765\u6e90\uff1aDigiFT<\/p>\n\n\n\n

\u82e5\u8981\u5728\u533a\u5757\u94fe\u4e0a\u53d1\u884c\u4ee3\u5e01\uff0c\u5b9e\u9645\u4e0a\u662f\u4ee5\u533a\u5757\u94fe\u4f5c\u4e3a\u8d26\u672c\u8fdb\u884c\u80a1\u6743\u6240\u6709\u6743\u7684\u6ce8\u518c\u548c\u767b\u8bb0\uff0c\u5e76\u5bf9\u6bcf\u4e00\u7b14\u8f6c\u79fb\u8fc7\u7a0b\u8fdb\u884c\u8bb0\u5f55\u3002<\/p>\n\n\n\n

\u5728\u5c11\u6570\u56fd\u5bb6\u548c\u5730\u533a\uff0c\u91d1\u878d\u521b\u65b0\u76f8\u5bf9\u524d\u5217\uff0c\u4ed6\u4eec\u652f\u6301\u5728\u533a\u5757\u94fe\u4e0a\u5bf9\u8bc1\u5238\u8fdb\u884c\u76f4\u63a5\u767b\u8bb0\uff0c\u5982\u745e\u58eb\u7684 DLT \u6cd5\u6848\uff0c\u56e0\u6b64\u5728\u8fd9\u4e9b\u5730\u533a\u548c\u56fd\u5bb6\uff0c\u8bc1\u5238\u53ef\u4ee5\u901a\u8fc7\u76f8\u5173\u6388\u6743\u673a\u6784\u4ee5\u533a\u5757\u94fe\u4f5c\u4e3a\u8d26\u672c\u76f4\u63a5\u53d1\u884c\u3002\u800c\u76ee\u524d\u5728\u5176\u4ed6\u4e3b\u8981\u7684\u91d1\u878d\u5e02\u573a\uff0c\u5982\u7f8e\u56fd\u3001\u65b0\u52a0\u5761\u3001\u9999\u6e2f\u7b49\uff0c\u76f8\u5173\u6cd5\u5f8b\u6682\u65f6\u4e0d\u652f\u6301\u94fe\u4e0a\u5bf9\u8bc1\u5238\u8fdb\u884c\u76f4\u63a5\u7684\u6ce8\u518c\u548c\u767b\u8bb0\uff0c\u56e0\u6b64\u5927\u90e8\u5206\u8d44\u4ea7\u9700\u8981\u201c\u7ed5\u8def\u201d\u3002<\/p>\n\n\n\n

\u7531\u6b64\uff0c\u76ee\u524d\u5e02\u573a\u4e0a\u4e3b\u6d41\u7684\u53d1\u884c\u6a21\u578b\u53ef\u4ee5\u5f52\u7c7b\u4e3a\u4e24\u7c7b\uff1a\u76f4\u63a5\u53d1\u884c\u6a21\u578b\uff08Direct issuance model\uff09\u548c\u8d44\u4ea7\u652f\u6301\u6a21\u578b\uff08asset backed model\uff09\u3002\u672c\u8d28\u4e0a\u4e24\u79cd\u53d1\u884c\u6a21\u5f0f\u90fd\u662f\u5728\u94fe\u4e0a\u53d1\u884c\u76f8\u5173\u503a\u5238\uff0c\u4f46\u53d1\u884c\u7684\u5f62\u5f0f\u548c\u5bf9\u5e94\u7684\u6743\u76ca\u5b8c\u5168\u4e0d\u540c\u3002<\/p>\n\n\n\n

\u8981\u6ce8\u610f\u7684\u662f\uff0c\u79c1\u4eba\u8bc1\u5238\u82e5\u6ee1\u8db3\u4e00\u5b9a\u6761\u4ef6\uff0c\u6bd4\u5982\u6709\u9650\u7684\u51fa\u552e\u91d1\u989d\uff0c\u9762\u5bf9\u6709\u9650\u7684\u6295\u8d44\u4eba\u7c7b\u578b\uff0c\u5bf9\u91d1\u878d\u5e02\u573a\u9020\u6210\u7684\u5f71\u54cd\u975e\u5e38\u6709\u9650\uff0c\u4e5f\u53ef\u4ee5\u5728\u5408\u89c4\u7684\u524d\u63d0\u4e0b\u53d1\u884c\u3002\u8fd9\u4e5f\u662f\u76ee\u524d\u5927\u591a\u6570 RWA \u9879\u76ee\u4ec5\u9488\u5bf9\u5408\u683c\u6295\u8d44\u4eba\u7684\u539f\u56e0\u3002<\/p>\n\n\n\n

<\/div>\n\n\n\n

\u76f4\u63a5\u53d1\u884c\u6a21\u578b Direct issuance model<\/strong><\/p>\n\n\n\n

\u76f4\u63a5\u53d1\u884c\u6a21\u578b\uff08Direct issuance model\uff09\u7531\u8d44\u4ea7\u53d1\u884c\u65b9\u5c06\u533a\u5757\u94fe\u4f5c\u4e3a\u8bb0\u8d26\u5de5\u5177\uff0c\u5bf9\u8d44\u4ea7\u8fdb\u884c\u6ce8\u518c\u767b\u8bb0\uff0c\u5e76\u53d1\u884c\u5bf9\u5e94\u7684\u4ee3\u5e01\u5728\u94fe\u4e0a\u3002\u5176\u4e2d\uff0c\u4ee3\u5e01\u5373\u4e3a\u5e95\u5c42\u8d44\u4ea7\u672c\u8eab\u3002\u6295\u8d44\u8005\u8d2d\u4e70\u5e76\u6301\u6709\u6b64\u7c7b\u8d44\u4ea7\uff0c\u80fd\u591f\u76f4\u63a5\u83b7\u5f97\u5f52\u5c5e\u4e8e\u8be5\u8d44\u4ea7\u5bf9\u5e94\u7684\u5404\u9879\u76f8\u5173\u6743\u76ca\uff0c\u5982\u80a1\u7968\u7684\u6295\u7968\u6743\uff0c\u503a\u5238\u7684\u507f\u8fd8\u6743\u7b49\u3002<\/p>\n\n\n\n

\u4f46\u76f4\u63a5\u53d1\u884c\u6a21\u5f0f\u5728\u5f53\u524d\u7684\u5e02\u573a\u73af\u5883\u4e0b\u8fd8\u6709\u5f88\u591a\u9650\u5236\uff0c\u5982\u8be5\u7c7b\u8bc1\u5238\u662f\u4ee3\u5e01\u5316\u7684\uff0c\u548c\u5f53\u524d\u7684\u4e3b\u6d41\u8bc1\u5238\u4ea4\u6613\u6240\u7ed3\u6784\uff08Nasdaq\uff0cSGX \u7b49\uff09\u65e0\u6cd5\u517c\u5bb9\uff0c\u6216\u6709\u4e00\u5b9a\u7684\u6469\u64e6\u6210\u672c\u3002\u76ee\u524d\uff0c\u76f8\u5173\u6cd5\u5f8b\u7ed3\u6784\u4e5f\u5e76\u4e0d\u5b8c\u5584\uff0c\u4e5f\u6682\u65f6\u6ca1\u6709\u8db3\u591f\u7684\u6cd5\u5f8b\u6848\u4ef6\u53ef\u4ee5\u4f5c\u4e3a\u672a\u6765\u5224\u4f8b\u7684\u53c2\u8003\u3002<\/p>\n\n\n\n

<\/div>\n\n\n\n

\u6848\u4f8b\u5206\u6790<\/strong><\/p>\n\n\n\n

\u5f53\u524d\u8bf8\u591a RWA \u9879\u76ee\u4e5f\u662f\u76f4\u63a5\u53d1\u884c\u6a21\u578b\uff0c\u6bd4\u5982\u91c7\u7528\u503a\u5238\u7684\u5f62\u5f0f\uff0c\u6765\u5c06\u73b0\u5b9e\u4e16\u754c\u7684\u7ecf\u6d4e\u6743\u76ca\u5f15\u5165\u94fe\u4e0a\u3002\u6b64\u524d\uff0cDigiFT \u53d1\u884c\u7684 Diners Club Debt Security Token \u5c31\u662f\u5176\u4e2d\u4e00\u4e2a\u6848\u4f8b\u3002<\/p>\n\n\n\n

\u5176\u53d1\u884c\u7ed3\u6784\u5982\u4e0b\uff1a<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u56fe\u4e09\uff1aDiners Club Debt Security Token \u53d1\u884c\u7ed3\u6784 \uff0c\u6765\u6e90\uff1aDigiFT<\/p>\n\n\n\n

Diners Club International Ltd. \u662f Discover Financial Services \u65d7\u4e0b\u7684\u76f4\u63a5\u94f6\u884c\u548c\u652f\u4ed8\u670d\u52a1\u516c\u53f8\uff0c\u662f\u7f8e\u56fd\u91d1\u878d\u670d\u52a1\u9886\u57df\u4e2d\u6700\u77e5\u540d\u7684\u54c1\u724c\u4e4b\u4e00\u3002<\/p>\n\n\n\n

Diners Club (Singapore) Pte Ltd. (\u201cDCS\u201d) \u662f Diners Club International Ltd. \u7684\u7279\u8bb8\u7ecf\u8425\u5b9e\u4f53\uff0c\u6210\u7acb\u4e8e 1973 \u5e74\uff0c\u662f\u4e00\u5bb6\u5728\u65b0\u52a0\u5761\u6ce8\u518c\u7684\u6709\u9650\u8d23\u4efb\u79c1\u4eba\u516c\u53f8\uff0c\u5176\u4e3b\u8981\u4e1a\u52a1\u662f\u5728\u65b0\u52a0\u5761\u4ee5 \u201cDiners Club\u201d \u54c1\u724c\u540d\u4e49\u63d0\u4f9b\u4fe1\u7528\u5361\u548c\u501f\u8bb0\u5361\u670d\u52a1\u3002DCS \u5728 DigiFT \u4e0a\u53d1\u884c\u4e86\u4e3a\u671f\u4e00\u4e2a\u6708\u7684\u4ee3\u5e01\u5316\u7968\u636e\uff0c\u4f5c\u4e3a\u5176\u8d22\u52a1\u7ba1\u7406\u8ba1\u5212\u7684\u4e00\u6b21\u5c1d\u8bd5\uff0c\u91c7\u7528\u4e86\u76f4\u63a5\u53d1\u884c\u6a21\u578b\u3002<\/p>\n\n\n\n

\u5176\u4e2d\uff0cDCS \u4e3a\u8d44\u4ea7\u7684\u53d1\u884c\u65b9\uff0c\u53d1\u884c\u7684\u4ee3\u5e01\u5373\u4e3a\u5176\u516c\u53f8\u7684\u7968\u636e\u3002\u4efb\u4f55\u6301\u6709\u8be5\u4ee3\u5e01\u7684\u7528\u6237\u80fd\u591f\u5728\u5230\u671f\u4e4b\u540e\u5728 DCS \u5904\u8d4e\u56de\u5bf9\u5e94\u7684\u8d44\u4ea7\u3002<\/p>\n\n\n\n

<\/div>\n\n\n\n

\u8d44\u4ea7\u652f\u6301\u6a21\u578b Asset-Backed Model<\/strong><\/p>\n\n\n\n

\u7531\u4e8e\u5f53\u524d\u6cd5\u5f8b\u7684\u4e0d\u5b8c\u5584\uff0c\u5e76\u4e14\u94fe\u4e0a\u8d44\u4ea7\u975e\u5e38\u6709\u9650\u7684\u60c5\u51b5\uff0c\u4e0d\u5c11\u9879\u76ee\u4e5f\u9009\u62e9\u91c7\u7528\u8d44\u4ea7\u652f\u6301\u6a21\u578b\u8fdb\u884c\u53d1\u884c\u3002\u672c\u8d28\u4e0a\uff0c\u8be5\u7c7b\u4ee3\u5e01\u662f\u4e00\u4e2a\u65b0\u7684\u8bc1\u5238\uff0c\u6765\u4ee3\u8868\u5e95\u5c42\u8d44\u4ea7\u7684\u7ecf\u6d4e\u6743\u76ca\u3002\u8d44\u4ea7\u53d1\u884c\u65b9\u5c06\u8d44\u4ea7\u53d1\u884c\u548c\u767b\u8bb0\u5728\u533a\u5757\u94fe\u4ee5\u5916\u7684\u7cfb\u7edf\uff0c\u7531\u7b2c\u4e09\u65b9\u8d2d\u4e70\u8d44\u4ea7\u540e\uff0c\u6309\u7167\u5bf9\u5e94\u7684\u6bd4\u4f8b\u5173\u7cfb\u53d1\u884c\u4ee3\u5e01\uff0c\u5bf9\u624b\u65b9\u98ce\u9669\u4e3a\u8d44\u4ea7\u53d1\u884c\u65b9\uff08asset issuer\uff09\u548c\u4ee3\u5e01\u65b9\uff08asset-backed  token issuer\uff09\u3002<\/p>\n\n\n\n

\u8d44\u4ea7\u652f\u6301\u6a21\u578b\u662f\u76ee\u524d\u6bd4\u8f83\u5e38\u89c1\u7684 RWA \u6a21\u578b\uff0c\u80fd\u591f\u5c06\u771f\u5b9e\u4e16\u754c\u7684\u6536\u76ca\u5f15\u5165\u94fe\u4e0a\uff0c\u4f46\u4f1a\u5f15\u5165\u989d\u5916\u7684\u98ce\u9669\uff0c\u5e76\u4e14\u53d1\u884c\u7684\u4ee3\u5e01\u867d\u7136\u80fd\u591f\u5305\u542b\u5e95\u5c42\u8bc1\u5238\u8d44\u4ea7\u7684\u7ecf\u6d4e\u4ef7\u503c\uff0c\u4f46\u6743\u76ca\u548c\u771f\u5b9e\u7684\u8bc1\u5238\u6743\u76ca\u53ef\u80fd\u6709\u6240\u5dee\u5f02\u3002<\/p>\n\n\n\n

<\/div>\n\n\n\n

\u6848\u4f8b\u5206\u6790<\/strong><\/p>\n\n\n\n

Backed Finance \u662f\u603b\u90e8\u4f4d\u4e8e\u745e\u58eb\u7684\u53d7\u76d1\u7ba1\u673a\u6784\uff0c\u5728\u745e\u58eb\u7684 DLT \u6cd5\u6848\u4e0b\uff0c\u80fd\u591f\u5c06\u73b0\u5b9e\u4e16\u754c\u7684\u8bc1\u5238\u901a\u8fc7\u5305\u88c5\u7684\u5f62\u5f0f\u4e0a\u94fe\uff0c\u8d4b\u4e88\u4ee3\u5e01\u7ecf\u6d4e\u6743\u76ca\u3002\u5728\u8d44\u4ea7\u652f\u6301\u6a21\u578b\u7684\u6846\u67b6\u4e0b\uff0c\u8d2d\u4e70\u5176\u4ee3\u5e01\u4ec5\u80fd\u83b7\u5f97\u4ee3\u5e01\u5bf9\u5e94\u7684\u7ecf\u6d4e\u6743\u76ca\uff0cBacked Finance \u5728\u5176\u6cd5\u5f8b\u6587\u4ef6\u4e2d\u4e5f\u8868\u660e\uff0c\u5176\u4ee3\u5e01\u5316\u8d44\u4ea7\u4ec5\u662f\u8ffd\u8e2a\u5e95\u5c42\u8d44\u4ea7\u4ef7\u683c\u7684\u4ee3\u5e01\uff0c\u800c\u4e0d\u5305\u542b\u5305\u62ec\u6295\u7968\u6743\u7b49\u4e00\u7cfb\u5217\u4f20\u7edf\u8bc1\u5238\u6240\u62e5\u6709\u7684\u6743\u76ca\u3002\u5176\u53d1\u884c\u7ed3\u6784\u5982\u4e0b:<\/p>\n\n\n\n

\"\"\/<\/figure>\n\n\n\n

\u56fe\u56db\uff1aBacked Finance \u4ea7\u54c1\u8fd0\u884c\u6d41\u7a0b\uff0c\u6765\u6e90\uff1aBacked Finance<\/p>\n\n\n\n

Backed Finance \u901a\u8fc7\u7b2c\u4e09\u65b9\u673a\u6784\u4e70\u5165\u5bf9\u5e94\u7684\u8d44\u4ea7\uff0c\u5728\u6301\u724c\u7684\u6258\u7ba1\u673a\u6784\u6258\u7ba1\u540e\uff0c\u901a\u8fc7 Backed Finance \u53d1\u884c\u5bf9\u5e94\u7684\u4ee3\u5e01\uff0c\u6bcf\u4e00\u4e2a\u4ee3\u5e01\u901a\u8fc7\u94fe\u4e0a\u94fe\u4e0b\u7684\u6570\u636e\u6253\u901a\u8ffd\u8e2a\u5e95\u5c42\u8d44\u4ea7\u7684\u4ef7\u683c\uff0c\u4f46\u4e0d\u4f1a\u6d89\u53ca\u80a1\u7968\u6295\u7968\u6743\u7b49\u5176\u4ed6\u6743\u76ca\u3002\u76ee\u524d\u5176\u53d1\u884c\u7684\u8d44\u4ea7\u5305\u62ec\u5982 Coinbase \u80a1\u7968\uff0c\u548c Blackrock iShares ETF \u7b49\u8d44\u4ea7\u3002 \u5176\u4e2d\u8d44\u4ea7\u53d1\u884c\u65b9\u4e3a\u5e95\u5c42\u8d44\u4ea7\u5bf9\u5e94\u7684\u53d1\u884c\u65b9\uff0c\u5982 Coinbase \u7684\u80a1\u7968\uff0c\u53d1\u884c\u65b9\u5373\u4e3a Coinbase\uff0c\u4ee3\u5e01\u53d1\u884c\u65b9\u4e3a Backed Finance\uff0c\u5728\u8fd9\u91cc\u5c31\u6709\u81f3\u5c11\u4e24\u5c42\u5bf9\u624b\u65b9\u98ce\u9669\uff0c\u5206\u522b\u6765\u81ea\u4e8e Coinbase \u548c Backed Finance\u3002Backed Finance \u662f\u5178\u578b\u7684\u91c7\u7528\u8d44\u4ea7\u652f\u6301\u6a21\u578b\u53d1\u884c\u5bf9\u5e94\u4ee3\u5e01\u7684\u9879\u76ee\uff0c\u5176\u5728\u6cd5\u5f8b\u6587\u4ef6\u4e2d\u4e5f\u660e\u786e\u8868\u660e\uff0c\u8be5\u4ee3\u5e01\u4ec5\u4ec5\u8ffd\u8e2a\u5e95\u5c42\u8d44\u4ea7\u7684\u4ef7\u683c\uff08tracker of the underlying\uff09\uff0c\u800c\u5e76\u6ca1\u6709\u6301\u6709\u8bc1\u5238\u7684\u5176\u4ed6\u6743\u76ca\u3002<\/p>\n\n\n\n

<\/div>\n\n\n\n

\u603b\u7ed3<\/strong><\/p>\n\n\n\n

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<\/div>\n\n\n\n

\u5173\u4e8e DigiFT<\/strong><\/h2>\n\n\n\n

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\u66f4\u591a\u4fe1\u606f\uff0c\u8bf7\u8054\u7cfb:<\/strong><\/p>\n\n\n\n

media@digift.com.sg<\/a><\/p>\n\n\n\n

<\/div>\n\n\n\n

\u514d\u8d23\u58f0\u660e:<\/strong><\/h2>\n\n\n\n

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