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我认为代币化就像一列货运列车，无法阻挡，
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最终它会
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吞噬整个金融系统。但稳定币是一种代币化的现实资产，
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当我
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向人们解释为什么要把股票代币化，而已经有传统股票时，
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有时通过类比更易理解，
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比如在美国，稳定币被视为获取美国资产的最佳方式。
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这是
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推动我们所谓美元在海外主导地位的方式。但美元长期以来，
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一直是全球储备资产，
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但竞争激烈。
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我们希望领先的一种方式，是让它成为获取
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数字加密领域美元的默认方式。所以这也是为什么
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稳定币在美国如此重要。
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如果你拥有美元稳定币，那就是最基本的代币化资产。
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稳定币是一篮子美元的代币，
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你可以用类似方式代币化股票、房地产和其他现实资产，
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包括私募股权，这是我特别感兴趣的。
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我认为这将成为美国以外获取美国股票默认的方式，
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这就是它令人兴奋的原因。
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那么，这会多久实现呢？我们谈论代币化房地产。
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彭博今天报道，
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红杉资本有代币化房地产的想法。第一，这可行吗？多久实现？
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下一步是什么？
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代币化房地产在操作上很像代币化私企。
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基本上，你购买一处或多处物业，
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然后把这个公司代币化，就像你给OpenAI或SpaceX发行代币一样。
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这并不比代币化股票复杂。
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房地产会不会更复杂？这两者我们都已经实践过，
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股票现在在欧盟已经上线，
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唯一剩下的复杂点是确保在多个司法区拥有合规执照和监管明晰，
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但我相信这会实现。
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这始于欧洲，未来将扩展到全球。
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遗憾但现实的是，美国可能会落后于欧洲，
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但美国
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可能是最后几个完全实现代币化的经济体之一。
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不过我认为这对美国来说也不可避免。
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I think tokenization is like a freight train, it can't be stopped and
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eventually it's going to
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eat the entire financial system. But a stablecoin is a tokenized real world
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asset. And when I
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explain to people what's the benefit of tokenizing a stock when you have a
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traditional stock,
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I think sometimes it's helpful to reason by analogy and say, you know, for
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stablecoins in the US,
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we talk about it as this is going to be the best way to get exposure to US
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assets. And it's
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going to further what we call US dollar dominance abroad. But there's a lot of
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talk about how the
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US dollar has been for a long time, the global reserve asset. But there's a lot
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of competition.
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And you know, one way that we'd like to stay ahead is by making it the default
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way to get access to
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dollars in the digital in the digital crypto realm. So that's why, you know,
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stablecoins have been
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such a priority in the US. And if you do own a dollar stablecoin, it's sort of
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like the most
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basic tokenized asset. So in the same way, that stablecoins are a bucket of
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dollars
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that you men had burned tokens against, you can do that with stocks, you can do
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that with real estate
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and other real world assets, private stocks, which I really am interested in as
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well. And I think
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it'll become the default way to get exposure to US stocks outside the US. I
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think that's what makes
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it so exciting. Which is how soon will that happen? We talk about tokenizing
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real estate.
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Yeah. And Blumberg ran the story today about how the red cops had this idea of
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tokenizing
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present from real estate. One, how feasible, how soon can that happen? And
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where do you go from there?
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Yeah, tokenizing real estate mechanically looks very much like tokenizing a
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private company.
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You essentially buy, you know, one property or a collection of properties in a
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company that you
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tokenize that company, much like, you know, you would tokenize a open AI or
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SpaceX.
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It's not more complicated than tokenizing stocks. When it comes to real estate,
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is there a greater
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complexity? I mean, both of these things we've demonstrated and in the case of
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stocks, it's live
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right now in the EU. So the only complexity remaining is really making sure
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that you have the
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appropriate licensure and the regulatory clarity in many jurisdictions. But I
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think that'll come.
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I think you'll, it'll, it started in Europe, but it'll expand to the rest of
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the world.
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And unfortunately, but realistically, U.S. will probably be somewhat behind
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definitely Europe,
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but U.S. will probably be among the last economies to actually fully tokenize.
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But I think it's inevitable in the U.S. as well.
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