Superstate 共同創辦人 Jim Hiltner：代幣化的下一個瓶頸是分銷

0:00代幣化卡在1985年

0:00代幣化現在就像卡在1985年一樣。我知道我們現在是在TOKEN2049這個活動現場。我們已經有數十億美元的穩定幣，擁有24/7的即時結算網路。代幣化的發展曲線持續往上，但它其實還停留在數十年前的狀態。Tokenization is stuck in 1985. I know we're at TOKEN2049. We have billions of dollars of stablecoins. We have instant settlement, 24/7 networks. Tokenization is up and to the right, and it's not stopping anytime soon, but it is stuck multi-decades before we are where we are today.

0:31讓我們回到1985年。那時候你想投資一檔基金，你會怎麼做？你得拿起電話打給你的經紀人，希望他會接電話。接通後，你會說：『我想買這檔基金的一百股。』你能投資的選項很有限，只能根據你和經紀人之間的關係來決定。So let's take you back to 1985. You wanted to invest in a fund. What did you do? You pick up the phone, you call your broker. Hopefully they would pick up. When they did, you'd say, Hey, I want to buy 100 shares of this fund. You would only have a limited menu of options that you were aware of that you would be able to invest in based off of the relationships that you had.

0:58這個過程中，經紀人會收一筆不小的手續費。結算時間是T+5，然後你會收到一張紙本的收據或證書，代表你持有這檔基金。這就是現在代幣化的樣子——極度分散、各自為政，投資人必須主動找上門。Now, part of that transaction was a pretty big hefty fee for the broker that was picking up the phone. Settlement took just about T plus five, and you would actually get a receipt, a certificate in the mail representing what you held in the fund. That's what tokenization looks like today. Extremely fragmented, disparate access points, and investors have to come to you.

1:25傳統金融如何解決分散問題

1:25Superstate 是一個把全球最大資產管理公司帶上鏈的平台，但即使如此，分銷還是非常分散——不管是Superstate自己的入口還是其他管道，投資人要找到產品的過程就像1985年一樣。過去40年，傳統金融建立了更好的基礎設施，產品也隨著這些管道一起進化，而真正推動金融市場發展的就是分銷。Superstate is a platform that brings the largest asset managers on the planet on-chain, and yet. Distribution is still highly fragmented to Superstate's portal, to various other channels, and the discovery process for investors looks a lot like 1985. Now, in 40 years, from 1985 to 2025, TradFi built way better pipes than what we knew 40-plus years ago. The products have evolved alongside these pipes, but really distribution is what brought the financial markets to where we stand today.

2:061986年時，有個叫Fundserv的平台，每天只有大約15筆交易，這個平台基本上就是把我剛剛描述的流程自動化。現在每天有30萬筆交易。Schwab推出OneSource，把各種基金放在同一個入口，最初一年成交量16億美元，30年後成長到每年2,000億美元。90年代初，只有三分之一美國家庭持有基金，現在超過一半人口都有，這些資產管理巨頭正是靠著更好的分銷管道崛起。So back in '86, there was like 15 transactions happening on a daily basis in a platform called Fundserv, which basically automated what I described earlier. To now, we're sitting at about 300,000 transactions a day. Schwab built OneSource, basically a shelf of many different funds in a single aggregate portal, and that started out at $1.6 billion of transactions or volume every year, and rose very rapidly over the 30 years thereafter to supporting $200 billion of annual volume. Back in the early '90s, only about a third of American households held funds. That has increased to over half of the population today, and throughout all of that made the asset management giants that we all know and love in today's modern era, the giants.

3:05這些巨頭之所以能成長，是因為有更好的管道把投資人帶到發行方。這些都是很辛苦的基礎建設，但代幣化現在還停留在紙本時代，還沒跟上。這不是一夕之間就能成功的事。That they became because of the better pipes that brought investors to all of those issuers, which is a lot of hard work that was developed, and tokenization is still stuck in this electronic, or in this paper-based system today. So, not an overnight success.

3:25加密市場的分銷困境

3:25在加密市場也是一樣，現在還是得靠一對一推廣，投資人要自己來找我們。Superstate有很漂亮的入口網站，歡迎大家去看看。我們合作的資產管理人產品很棒，也用區塊鏈基礎設施來觸及投資人，但整個過程還是很手動、很繁瑣。In the crypto markets, it's very much the same, as I mentioned. Hand-to-hand combat. Investors have to go and find us. Superstate has a beautiful, elegant portal. You should all go and check it out. And the asset managers that we work with have fantastic products. They're highly sophisticated and use blockchain rails to be able to reach investors. But it is still very much a manual, hand-to-hand combat process.

3:53投資人要先發現產品，然後還要自己找想要的投資標的，接著進行註冊、錢包白名單、跨鏈資產轉移，還要在不同鏈上持有資產。整個流程要經過五六個步驟，每個步驟都會有投資人流失，摩擦非常大。這就是1985年的狀態，也是現在代幣化的現況。Investors have to discover. They have to say, I'm looking for this particular type of investment. They have to onboard. That onboarding is not entirely streamlined in a very broad, highly accessible manner. They have to whitelist their wallets. They've got to bridge assets from one chain to another. They've got to hold those assets on, you know, various blockchains. And, you know, it takes five hops to get there. And throughout each one of those different hops is a point in the chain where demand drops off. The attrition is extremely high, and the friction is extremely, extremely high. That's 1985. That's where tokenization is today.

4:31供給端已經準備好，分銷才是關鍵

4:31現在供給端已經不是問題。幾年前大家還在問，全球最大的資產管理公司、銀行、機構會不會在乎代幣化？這個問題現在已經解決了。Superstate和Invesco、Bitwise、Coinbase Asset Management等多家資產管理公司合作。放眼整個產業，BlackRock、Fidelity、Apollo、WisdomTree、Goldman Sachs等金融巨頭都意識到金融服務正在發生平台級的轉變，走向上鏈。Now, supply is a done deal. I think if you look back a few years ago, the question was, Will the largest asset managers on the planet, the largest banks, the largest institutions, will they care about tokenization? Well, that's largely been solved. Superstate partners with Invesco, with Bitwise, with Coinbase Asset Management, and many other asset managers. But if you look across the space, BlackRock, Fidelity, Apollo, WisdomTree, Goldman Sachs, the largest financial institutions are realizing that there's a major platform shift in financial services going on-chain.

5:16所以供給端已經到位，這些發行人知道有機會觸及全球投資人，可以優化產品設計和分銷方式。那接下來呢？分銷還是卡在40年前。產品已經有了，像是代幣化國庫券、信貸基金、股票，幾乎所有資產類別都在上鏈，滿足國際投資人和代幣化帶來的效益。但整體還是很分散，投資人還是要自己去找各種平台和產品。And so the supply side has largely been sorted. Those issuers realize that there is opportunity to reach investors all around the globe. To optimize the products that they build and to change the way that they manufacture and distribute products. So now that they're all here, what happens next? The distribution, you know, in tokenization is still stuck 40 years ago. Products have been built. Tokenized treasuries, credit funds, stocks, you name it. Basically every asset class is coming on chain to meet the demand for international investors and the utility that tokenization provides. But it's entirely scattered. You have disparate access all over the place with the platforms and the products basically making investors come to them.

6:11未來的分銷模式與傳統金融借鏡

6:11未來不會是這樣運作的，我們已經看到傳統金融40年來的經驗：基礎設施建好後，產品自然會找到投資人，而不是投資人主動找產品。現在雖然有很多產品，但還沒有一個真正的『貨架』，缺乏統一的入口。傳統金融有很多守門人，像是理財顧問、模型投資組合、機構配置者，他們現在還在摸索什麼是代幣化，也還沒辦法像管理其他資產一樣無縫接觸這些產品。That will not be the way that the future operates. And we've already seen this play out. For 40 years in traditional finance, the pipes got built, and the products found themselves on their way to investors versus the other way around. So there's really no shelf. There's a lot of products that exists, but the storefront is still lacking. And the gatekeepers in traditional markets, there's a lot of gatekeepers, whether it's the financial advisors, the model portfolios, the institutional allocators. They're all still really trying to understand what is tokenization. They don't have access to these in a very streamlined, embedded way that they would expect for all of their assets.

6:55所以我們需要改變這一點。這裡有兩條平行的路徑正在發生，你可以看到已經有一些代幣化產品，建立了非常可行的方式，將資產管理人帶到鏈上。我認為的第一條路徑是，加密貨幣會變得越來越大。你會看到在加密市場中有非常大型且成熟的產品，比如說全球的 MetaMask、Phantom，Robinhood 也正在建立鏈上應用，Anchorage、BitGo、Coinbase、OKX、Kraken，所有這些大型金融應用都在建立與代幣化產品的連結。And so we need to change that. There's two parallel paths that are happening here, and you look at tokenized products that have built, you know, very viable ways of bringing asset managers on chain. So the path one that I view, that I see, is that crypto just gets bigger and bigger. You have very large established products in the crypto markets, call it the MetaMasks of the world, the Phantoms of the world, Robinhood is building on-chain, Anchorage, BitGo, Coinbase, OKX, Kraken, all these large financial applications are building connectivity to tokenized products.

7:37這對我們所有在加密產業的人來說，是一個非常令人興奮的機會，能夠接觸到投資人，並將傳統產品帶入那些直到最近才出現的管道。That is an extremely exciting opportunity for all of us in the crypto industry, to be able to reach investors and bring traditional products into those channels that, by and large, did not exist until very recently.

7:53傳統金融與加密世界的融合

7:53另一條路是傳統世界，那裡有數兆美元的資金在傳統券商帳戶、捐贈基金、退休金、銀行和券商手上。這些機構也開始把加密產品嵌入自己的平台。像Schwab、Robinhood都已經開放加密交易，Nasdaq、DTCC、紐約證交所等也都在建立與區塊鏈的連結。The other path is the traditional world. That's where trillions and trillions of dollars sit in traditional brokerage accounts and endowments and pensions and big banks and broker-dealers. And they're all starting to embed crypto products into them, into their platforms as well too. Schwab allows people to trade crypto. Robinhood allows people to trade crypto. There's a number of interesting opportunities that folks like the Nasdaq and the DTCC and the New York Stock Exchange are all building connectivity to blockchain rails for traditional assets.

8:29我的看法是，這兩條路會逐漸融合，代幣化產品和傳統資本市場的基礎設施會交會。對在場的各位加密原生玩家來說，無論哪條路勝出，我們都會是贏家。只要加密分銷平台繼續壯大，傳統產品就能進入這些新管道；如果傳統管道開始支援代幣化資產，分銷才是金融服務和所有市場的關鍵。我認為這兩條路會同時發生，無論如何，代幣化都會勝出。And so my view is that there are two parallel paths, but there's convergence amongst the rails and the products in the tokenized space with traditional capital markets. Now, the good news for everybody that's here who are most likely extremely crypto native, either way, we win. And that means it doesn't matter if the crypto distribution platforms continue to get bigger. That means that traditional products can go into those channels. If the traditional products and channels get, you know, connectivity to tokenized assets, distribution is what matters in financial services and in basically every market. And most likely, I think both of these are happening at once. But regardless, either way, tokenization will win.

9:20主動出擊，別等投資人上門

9:20唯一會輸的做法，就是還以為自己活在1985年，等著投資人自己找上門。你應該主動把產品帶到客戶面前。過去40年，傳統金融一條管道一條管道慢慢建，從電話經紀人到現在口袋裡的超級App。40年很長，但加密產業沒那麼多時間，我們要在4年內做到，因為我們不是在發明新劇本，而是直接照著跑。The only losing move is acting like it's not 1985 and waiting for investors to come to you, and instead go bring your products to customers. So, talked about this timescale, 40 years. There was a lot of work that was done, one pipe at a time. TradFi built better rails. From the broker on the phone to the super app that's now in your pocket. I mean, 40 years is a very long time. We don't get to have 40 years in crypto. We're going to do this in four. And it's because we're not inventing the playbook. We're just going to run it. We've seen it. We know how it works, and—

10:04我們有機會把傳統金融市場40年走過的路，濃縮在加密產業的短短幾年內完成。加密產業本來就節奏超快，我相信我們會用更短的時間建立連結。我的呼籲是：不要再等投資人來找你，你在這個會場也找不到他們。你要主動為他們打造產品，為管道而建，直接接入資本已經存在的地方，不要等著資本自己上鏈。There is an opportunity to compress the timeline that traditional financial markets took in crypto to a lot shorter timescale. Crypto loves to be, you know, extremely fast and high velocity, and I think we will also build a connectivity in a much more compressed timeline than the traditional markets did historically. So. Here's my ask. For everybody that's here, stop waiting for investors to find you. You're not going to find them walking around this room. You need to go out and build for them. You need to go build for the pipes. You need to plug into where the capital already lives. And don't wait for it to come on chain.

10:46融合兩大世界，開啟新一輪財富解鎖

10:46你要打造能嵌入全球最大分銷管道的體驗，把產品帶進這些市場，也要把傳統金融資產帶進現有的加密應用。這兩條路最終會融合成一個上鏈的金融體系。上一次分銷被解鎖（1985到2025），解放了數兆美元的資產。這一切即將再次發生，而在場的每一位都能決定誰來打造這個新時代。讓我們一起走出1985年，謝謝大家！Build experiences that are embedded inside of the largest distribution channels on the planet and bring products into those markets. Bring traditional financial assets into the existing applications in crypto today as well too. That convergence. These are two parallel paths that will ultimately result in one financial system on-chain. And, you know, the last time that distribution was unlocked from 1985 to 2025, trillions of dollars got unlocked. It's about to happen again, and everybody here in this room gets to decide who builds it. Let's get out of 1985. Thank you for your time.