2026年10月8日，新加坡举行的Token2049大会上，与会者们正在聆听发言。此次加密货币大会将持续至今日。摄影：Ore Huiying/彭博社， 。
纳斯达克首席执行官阿德娜·弗里德曼表示，资产代币化有望释放全球金融体系中被用作抵押品的资产所锁定的数百亿美元资金。
Attendees at the Token2049 conference in Singapore, on Thursday, Oct. 8, 2026. The crypto conference runs through today. Photographer: Ore Huiying/Bloomberg via Getty Images Bloomberg | Bloomberg | Getty Images Tokenization could free up tens of billions of dollars in capital tied up in assets used as collateral across the global financial system, Nasdaq CEO Adena Friedman said.
在新加坡举办的Token2049大会上，弗里德曼向CNBC的亚太区数字新闻主编乔安娜·奥斯辛格介绍道，将国债、股票及货币市场基金等资产以及资金流动过程代币化，能够提升抵押品的流动性。
Tokenizing assets such as Treasurys, equities and money market funds, along with the flow of money, could make collateral more liquid, Friedman told CNBC's Joanna Ossinger managing editor and head of APAC Digital News, at the TOKEN2049 conference in Singapore.
“倘若将所有这些金融工具以及资金流动过程都代币化，那么抵押品就会变得极具流动性，”弗里德曼说道。
"If you tokenize all those instruments along with the flow of money, then the collateral becomes very fluid," Friedman said.
所谓资产代币化，即借助区块链技术将股票、债券等金融资产转化为可转让的数字代币。
Tokenization involves representing financial assets, such as stocks and bonds, as digital tokens that can be transferred using blockchain technology.
弗里德曼指出，过去一年间机构对代币化的兴趣日益浓厚，美国《天才法案》的通过便是例证——该法案为稳定币确立了监管框架。
Friedman said institutional interest in tokenization has grown over the past year, pointing in part to the passage of the Genius Act in the U.S., which established a regulatory framework for stablecoins.
“只要我们能将货币代币化，就能实现资本流动的代币化，”她说道。
"If we can tokenize money, then we can tokenize the flow of capital," she said.
据弗里德曼介绍，这种日益增长的机构需求与散户投资者的需求形成了呼应；长期以来，散户一直渴望实现全天候交易。她表示，零售市场的发展步伐“比机构市场领先了约十年”。迈向全天候交易机制弗里德曼称，实现完全全天候交易对金融行业而言是一项艰巨的任务。“其中最容易的部分就是交易所基础设施的建设，”她说道。
That growing institutional interest is converging with demand from retail investors, who have long sought the ability to trade around the clock, according to Friedman. The retail ecosystem "has been about 10 years ahead," she said. The push toward 24/7 trading Moving to a fully 24/7 market would be a major undertaking for the financial industry, Friedman said. "The easiest part is the exchange infrastructure," she said.
传统上，金融机构会在市场休市期间更新系统并管控风险。但要实现全天候运营，包括风险管理和抵押品管理在内的各项流程都必须持续进行。“所有环节都必须实现实时运作，”她强调道。
Friedman said that financial institutions have traditionally had periods when markets are closed to update systems and manage risk. But operating around the clock would require those processes, including risk and collateral management, to take place continuously. "Everything has to be real time all the time," she said.
人工智能有望助力金融机构顺利完成这一转型。弗里德曼介绍称，纳斯达克已在其风险管理平台中推出一系列数字代理程序，这些程序目前主要负责提供相关建议。
Artificial intelligence could help financial institutions manage that transition. Nasdaq has launched a series of digital agents within its risk management platform that initially provide recommendations, Friedman said.
她补充道，随着时间推移，各家银行可借助这些代理程序来执行更为直接的操作。“人工智能对于实现全天候运营至关重要，”弗里德曼说道。
Over time, banks could use those agents to take more direct action, she added. "AI is critical for 24/7," Friedman said.
连接加密货币与传统金融领域 加密货币交易所Kraken的联席首席执行官阿琼·塞蒂向CNBC表示，美国以外的企业正对代币化技术以及进入美国资本市场的途径表现出浓厚兴趣。
Bridging crypto and traditional finance Companies outside the U.S. are showing interest in tokenization and access to American capital markets, Arjun Sethi, co-CEO of cryptocurrency exchange Kraken, told CNBC.
塞蒂举例称，有一家年收入约2500万美元的企业正在探索进入资本市场的途径；此外，不少大型跨国企业也对代币化技术及在美国上市抱有兴趣。他表示，代币化技术有助于全球各类企业更便捷地进入资本市场。不过，弗里德曼指出，全天候交易模式未必适用于所有资产类型。“并非所有资产的流动性都足以支撑全天候交易环境，”她说道。
Sethi pointed to a company generating roughly $25 million in revenue that was exploring ways to access capital markets, as well as larger international companies interested in tokenization and U.S. public listings. He said tokenization could help expand access to capital markets for companies around the world. However, round-the-clock trading may not be suitable for everything, according to Friedman. "Not every asset is liquid enough to support a 24/7 environment," she said.
尽管如此，弗里德曼认为，全球金融体系的互联互通仍有望让部分投资者获得以往难以涉足的资产类别。
Still, greater connectivity across the global financial system could also open up access to asset classes that were previously out of reach for some investors, Friedman said.