英国银行完成首批基于代币化存款的跨行转账

英国大型银行完成代币化存款初始转账，迈向可行结算方式

英国最大的银行已经完成了在银行间进行的代币化存款初始转账，这使得基于区块链的银行货币超越了实验阶段，更接近于代币化资产的可行结算方法。这意味着代币化存款将与稳定币竞争或在稳定币旁运行。

两笔抵押贷款交易和一笔市场支付

这些交易是在英国金融协会（UK Finance）的“大英代币化存款项目”框架下完成的。劳埃德银行集团、国民威斯敏斯特银行（NatWest）和巴克莱银行进行了两笔再抵押交易，而包括汇丰银行在内的三家银行执行了一笔模拟在线市场购买的客户对客户支付交易。

在该实验中，可编程存款持有买方的资金，并在货物交付后才释放资金。虽然没有交换实物商品，但该实验说明了代币化银行货币如何有助于减少欺诈，同时让银行间的交易得以发生，而不是停留在不相关的银行系统内。

试点项目涵盖了市场支付、再抵押和数字资产结算。参与该试点的组织包括巴克莱银行、汇丰银行、劳埃德、Monzo、国民威斯敏斯特银行、全国建筑协会和桑坦德银行，Quant、安永（EY）和富视达律师行（Linklaters）为该项目提供支持。

According to Jana Mackintosh, general manager of payments and innovation at the British Finance Institute, the project has attracted international attention.

Over the past 12 months, other jurisdictions have seriously discussed with us what we are doing. -- Jana Mackintosh, General Manager of Payments and Innovation at the British Financial Institute, Reuters

Why bank liabilities rather than stablecoins

Tokenized deposits and stablecoins are not only different on the technical level, but also different in the meaning of the relevant currency.

According to the International Monetary Fund (IMF) definition, tokenized deposits can be defined as bank liabilities transmitted on blockchain or other distributed ledger technology. Therefore, changes in technology affect the way deposits are transmitted, not the nature of the deposits themselves.

Stability is different. They are separate liabilities, issued by private companies, and based on reserve assets. According to Reuters, the Bank of England would prefer to see banks issue tokenized deposits rather than use privately issued stablecoins.

The Bank for International Settlements (BIS) also made this view, claiming that tokenized deposits are more in line with the current dual-tier currency system.

Bank of England Governor Andrew Bailey described tokenization as a means to modernize current forms of money rather than a complete replacement.

We are now working with banks to design and implement the introduction of so-called tokenized currencies. -- Andrew Bailey, Governor of the Bank of England, Bank of England Speech

This does not mean that stablecoins have become irrelevant. Vice President Sarah Breeden elaborated on the concept of a "multi-currency" system in which traditional deposits, tokenized deposits and regulated systemic stablecoins can coexist and be easily exchanged at face value.

Canada and the United States are building the same trajectory

The same transformation is taking place outside the UK. In June, major U.S. banks backed the on-chain funds network operated by The Clearing House, which aims to connect tokenized commercial bank currencies with payment rails already used by the financial system, including RTP and CHIPS.

Mark Monaco of Bank of America stated this as follows:

This initiative combines innovation in digital finance with the trust, scale and settlement certainty of a given bank's payment infrastructure.

Canada seems to be moving in the same direction. Its six major banks are working together to develop a Canadian dollar tokenized deposit track. On September 10, when the Financial Services Regulatory Authority of Canada (OSFI) announced, the regulatory aspects surrounding the initiative were clarified:

The underlying technology of a financial product or service does not determine its legal nature.

Cryptopolitan also reported that SWIFT has 17 banks from six continents lined up to participate in the tokenized cross-border payment trial.

Target: Trillion-dollar settlement issues

The markets these banks want to settle could become very large.

花旗研究院预测，在其基准情景中，到2030年代币化金融资产将达到5.5万亿美元，在牛市情景中将达到8.2万亿美元，相比之下，稳定币的基准情景为1.9万亿美元。

Binance Research数据显示，截至9月15日，真实世界资产（RWA）的资产管理规模（AUM）上链金额为341.8亿美元，年初至今增长85.2%，而只有约12%的被追踪代币化资本活跃部署在流动性、借贷或抵押市场中。

代币化存款与稳定币：8.2万亿美元市场竞赛中的关键数据

银行已经具备了规模优势。麦肯锡估计，全球主要银行每年通过代币化存款基础设施移动超过4万亿美元的资金。英国参与者还准备在2027年第一季度推出三只数字债券，这些债券可以使用代币化存款进行交易和结算。

对于加密货币而言，问题不再是银行是否会使用区块链，而是银行货币是否会占据原本可能流向稳定币的结算量，或者成为帮助代币化证券和真实世界资产扩展的可信现金腿。英国金融协会将于10月6日举行项目网络研讨会。