與SEC的貝萊德文件一起創建了新類別的數字分類帳技術共享類別

BlackRock向美國SEC提交，以創建新的數字分類帳技術份額。該應用程序強調了華爾街日益增加的區塊鏈的擁抱。

BlackRock has filed with the U.S. Securities and Exchange Commission (SEC) to create a new category of digital ledger technology (DLT) shares. These shares will be tied to the BLF Treasury Trust Fund (TTTXX), offering institutional investors enhanced ownership transparency. While the shares remain untokenized, they demonstrate a significant step toward integrating blockchain solutions into legacy asset management. The proposal also signals BlackRock’s broader readiness to leverage blockchain for improved fund management.

BlackRock已向美國證券交易委員會（SEC）提交，以創建新的數字賬本技術（DLT）股份。這些股票將與BLF財政信託基金（TTTXX）相關，從而為機構投資者提供了增強的所有權透明度。儘管股票仍未使用，但它們展示了將區塊鏈解決方案集成到舊資產管理中的重要一步。該提案還表示，貝萊德的更廣泛準備就緒，以利用區塊鏈來改善基金管理。

How do DLT shares differ from fully tokenized assets?

DLT股票與完全代幣化的資產有何不同？

Instead of facilitating on-chain trading or settlement, these shares will provide a mirrored blockchain record. BlackRock plans to use this ledger system, which will be maintained by The Bank of New York Mellon. This approach signals a cautious adoption of distributed ledger technology rather than a complete asset tokenization.

這些股份不會促進鏈接交易或結算，而是提供鏡像區塊鏈記錄。 BlackRock計劃使用此分類帳系統，該系統將由紐約梅隆銀行維護。這種方法標誌著分佈式分類帳技術的謹慎採用，而不是完整的資產令牌化。

Investors will still benefit from a familiar risk profile, as the fund holds over $150 million in U.S. Treasury bills. No ticker symbol or fee details have been released yet, suggesting that these initiatives remain in early development.

投資者仍將從熟悉的風險狀況中受益，因為該基金持有超過1.5億美元的美國財政賬單。尚未發布股票符號或費用細節，這表明這些舉措仍處於早期發展。

This initiative differs from BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL), a fully tokenized offering. The DLT shares aim to enhance ownership transparency without altering traditional ledgers. BlackRock digital shares won’t replace official records but serve as a supplemental blockchain-based tool. The firm emphasized that BNY will use blockchain solely to support, rather than supplant, the primary ownership ledger.

該計劃與BlackRock的USD機構數字流動性基金（BUIDL）不同，該基金是一種完全令牌的產品。 DLT股票旨在提高所有權透明度而不改變傳統分類帳。 BlackRock Digital Share不會取代官方記錄，而是用作基於補充區塊鏈的工具。該公司強調，BNY將僅使用區塊鏈來支持而不是取代的主要所有權分類帳。

A minimum $3 billion investment is required, indicating that the product is targeted at institutional clients rather than retail investors. By maintaining existing infrastructures, the approach minimizes operational disruptions for fund administrators.

至少需要進行30億美元的投資，這表明該產品針對機構客戶而不是零售投資者。通過維護現有的基礎架構，該方法可以最大程度地減少基金管理員的運營中斷。

How is blockchain changing the way institutions invest?

區塊鏈如何改變機構投資方式？

BlackRock digital shares reflect broader shifts within financial markets. Recently, Fidelity applied for an Ethereum-based OnChain share class tied to its $80 million Fidelity Treasury Digital Fund. This parallel move highlights stronger institutional faith in blockchain ownership.

BlackRock數字股份反映了金融市場內的更大變化。最近，Fidelity申請了基於以太坊的OnChain股份階級，與其耗資8000萬美元的Fidelity國庫數字基金相關。這種平行的舉動突出了區塊鏈所有權方面的製度信仰。

Although awaiting regulatory approval, Fidelity’s planned May launch implies growing momentum. Institutional enthusiasm for tokenized funds underscores blockchain’s expanding role in traditional investments. As major asset managers integrate blockchain solutions, next-generation fund structures gain mainstream credibility. These developments collectively signal a significant industry pivot toward next-generation asset structures.

儘管等待監管機構的批准，但富達計劃的計劃可能會發起，這意味著增長的勢頭。對令牌資金的機構熱情強調了區塊鏈在傳統投資中的不斷擴展的作用。隨著主要資產管理人員整合區塊鏈解決方案，下一代基金結構獲得了主流信譽。這些事態發展統一指出了針對下一代資產結構的重要行業。

Graph 1, market caps of blockchain-based Treasuries, published on rwa.xyz, April 30, 2025

圖1，基於區塊鏈的國債的市值，於2025年4月30日在rwa.xyz上發布

The change to BlackRock digital shares is a sign of the rise of blockchain in finance and the growing interest in treasury tokenization. According to Graph 1, Tokenized Treasuries now exceed $6.16 billion in market value. BlackRock’s BUIDL dominates with $2.55 billion in holdings, while Franklin Templeton’s BENJI fund follows with over $700 million managed. This growth showcases the adoption of blockchain for tangible financial instruments rather than speculative tokens. Offering greater liquidity, efficiency, and broadened market access, treasury tokenization is transforming institutional finance.

BlackRock數字股票的變化表明，財務區塊鏈的興起以及對國庫令牌化的興趣日益增長。根據圖1，標記的國債現在超過61.6億美元的市場價值。貝萊德（BlackRock）的Buidl擁有25.5億美元的股份，而富蘭克林·鄧普頓（Franklin Templeton）的本吉基金會（Benji Fund）則以超過7億美元的管理。這種增長展示了針對有形金融工具而不是投機令牌的區塊鏈的採用。提供更大的流動性，效率和擴大市場獲取，國庫令牌化正在改變機構融資。

Is the future of finance revolving around tokenization?

金融的未來是否圍繞著令牌化？

BlackRock CEO Larry Fink has strongly championed transformations like the BlackRock digital shares move. In his annual investor letter, Fink stated that tokenization could reshape investing through instant settlements and no market closures. He noted that billions of dollars are currently stuck in slow settlement processes and could be redeployed. This capital release may enhance efficiency and spur wider economic growth. By freeing idle funds, tokenization promises more fluid markets and greater investor opportunities. Fink believes that seamless transactions could operate outside traditional settlement windows. He highlighted that tokenization will unlock new capital deployment strategies across global markets.

BlackRock首席執行官拉里·芬克（Larry Fink）強烈倡導了諸如BlackRock Digital Shares Move之類的轉型。 Fink在他的年度投資者信中指出，令牌化可以通過即時定居點進行重塑投資，而沒有市場關閉。他指出，目前數十億美元陷入了緩慢的和解過程中，可以重新部署。這種資本釋放可能會提高效率並刺激更廣泛的經濟增長。通過釋放空閒資金，令牌化承諾將提供更多的流暢市場和更多的投資者機會。 Fink認為，無縫交易可以在傳統的定居窗口之外運行。他強調，令牌化將解鎖全球市場的新資本部署策略。

Fink emphasized that tokenization can democratize investing by enabling fractional ownership and digitally protecting shareholder rights across markets. This vision aligns with BlackRock’s broader efforts to expand access to financial tools through continuous innovation. The BlackRock CEO cautioned that current tokenized systems lack adequate identity verification infrastructure for truly secure transactions. Without a robust verification framework, tokenized assets will remain constrained despite their vast potential. He also warned that until these verification gaps are addressed, few people will use or want to use tokenized assets. He urged improvements to infrastructure before tokenization can achieve mainstream adoption.

Fink強調，令牌化可以通過啟用分數所有權並在市場上保護股東權利來使投資民主化。這種願景與貝萊德（BlackRock）的更廣泛努力相吻合，以通過連續創新擴大對財務工具的訪問權限。貝萊德首席執行官警告說，當前的令牌化系統缺乏足夠的身份驗證基礎架構來實現真正的安全交易。如果沒有強大的驗證框架，儘管具有巨大的潛力，也會將標記資產仍然受到限制。他還警告說，在解決這些驗證差距之前，很少有人會使用或想使用令牌化資產。他敦促對基礎設施進行改進，然後再實用可以實現主流採用。

Why are companies embracing digital shares?

為什麼公司擁抱數字股份？

Global financial heavyweights like JPMorgan, State Street, and Franklin Templeton are increasingly integrating blockchain technology into their operations, launching cutting-edge initiatives to tokenize traditional assets and boost fund transparency through distributed-ledger technology. These institutions are highlighting the varied benefits of blockchain, extending beyond cryptocurrencies to include compliance, rapid settlement, risk management, and investor protection. Their engagement lends credibility to a sector once viewed as fringe or speculative.

摩根大通，州街和富蘭克林·鄧普頓（Franklin Templeton）等全球金融重量級人物越來越多地將區塊鏈技術整合到他們的運營中，啟動了尖端計劃，以通過分佈式LEDGER技術來引起傳統資產並提高基金透明度。這些機構強調了區塊鏈的各種好處，擴展了超越加密貨幣，包括合規性，快速解決，風險管理和投資者保護。他們的參與使一個行業的信譽曾經被視為邊緣或投機性。

As DLT shares and related innovations gain momentum, asset management strategies are evolving toward a more transparent, efficient future. These projects transform traditional fund operations and strengthen stakeholder trust in digital ecosystems.

隨著DLT股票和相關創新的勢頭，資產管理策略正在發展朝著更加透明，有效的未來發展。這些項目改變了傳統的基金運營，並加強了數字生態系統中利益相關者的信任。

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