Monty Metzger（Toto Finance 董事長）：代幣化，為人類帶來資本

0:00加密貨幣的未竟夢想

0:00我們為什麼會在這裡？加密貨幣最初的夢想是什麼？我們想要改變金錢、改變所有權、改變資本市場的運作方式。但從 2008 年到現在，快 20 年過去了，大部分現實世界的資產還沒上鏈。我們承諾過無需許可的金錢、無中介的所有權、無國界的市場、無機構的信任，但我們還沒觸及數十億人，也還沒讓金融真正開放、全球化，更沒把中間人移除。現實世界的所有權還沒真正上鏈，這個願景還沒完成，這也是我們今天聚在這裡的原因。Why are we all here? What was the original dream of crypto? To change money, to change ownership, to change how capital markets are moving? But almost 20 years later, from 2008, most of the real world has not been put on chain. We promised money without permission. We promised ownership without intermediaries. We promised markets without borders. We promised trust without institutions. But we have not reached billions of people. We have not made finance truly open and global, and we have not removed the middleman. We have not moved ownership of the real world on-chain as the original dream. So the vision is still unfinished, but that's why we are here today.

1:06代幣化：為人類帶來資本

1:06我想談談代幣化，以及為人類帶來的資本。當前的加密貨幣市場規模已達三兆美元。而未來的成長，不會來自下一個迷因幣或另一個功能型代幣，而是來自於現實世界資產以及代幣化。目前，這三兆美元中有57%是由Bitcoin所驅動，其餘則是其他功能型代幣。因此，我們有機會在接下來的幾年內成長十倍，真正產生影響，真正實現加密貨幣的願景。這也是我寫這本書《Tokenization Capital for Humanity》的原因，這本書將於下週在 tokenizationbook.com 上推出。And I want to talk about tokenization, capital for humanity. The current cryptocurrency market is at three trillion dollars today. And the growth here won't be coming from the next meme coin or another utility token. It will come from real-world assets and tokenization. Currently, 57% of the three trillion is driven by Bitcoin. And the rest is all the other utility tokens. So we have an opportunity to go 10x in the next couple of years and truly have an impact, truly making the vision of crypto a reality. And that's why I wrote this book, Tokenization Capital for Humanity, and it's coming out next week at tokenizationbook.com.

1:59這是一本非常個人的書，因為我加入了過去二十五年或更久以來，我創業旅程中的故事、遇到的人、導師。但我同時也放入了許多關於什麼是代幣化的想法。And it's a very personal book because I put in stories from my entrepreneurial journey from the last 25 years or more, people I met, mentors. But I also put in a lot of thoughts about what is tokenization.

2:14為了做到這一點，我需要告訴你們，我有一個非常特別的習慣。我喜歡在餐巾紙上畫草圖和寫下想法。我創辦過的一些最賺錢的公司，就是從餐巾紙上的一個草圖和一個想法開始的。正如Victoria所說，自1998年以來，我一直在創建公司，從網路公司、數位公司，到現在已經超過十年，我全心投入在加密貨幣領域。我創立了LCX，成為歐洲的領導者。作為一家受監管的加密貨幣交易所，我們現在正在DeFi領域打造一個生態系統。最近我們在平台上推出了一個新的RWA交易介面。但我現在所相信的下一步，就是我們正在與Toto Finance一起打造的東西。這是我最新的創業項目，代表著全面代幣化（Total Tokenization）。And to do that, I need to tell you that I have a very special habit. I'd like to draw sketches and ideas on napkins. And some of my most profitable companies I've built had been started with a sketch and an idea on a napkin. So I've been building companies, as Victoria said, since 1998, internet companies, digital companies, and now since more than 10 years, I'm fully doubled down on crypto. I've started LCX as a European leader. As a regulated crypto exchange, now we are building an ecosystem in DeFi. Just launched a new RWA trading interface at our platform. But the next thing I'm believing is what we are building now with Toto Finance. That's my new venture, stands for Total Tokenization.

3:05有時候，一張餐巾紙是不夠的。這也是為什麼我把好幾張餐巾紙收錄在我這本書裡。而今天我也帶來了這些原始的餐巾紙，我想在今天的演講中，向大家展示其中最重要的幾張。And sometimes one napkin is not enough. And that's why I put several of the napkins in my book over here. And today I also brought the original napkins, and I want to show you the most important ones in my talk today.

3:23什麼是代幣化？三波浪潮

3:23首先，什麼是代幣化？代幣化就是把所有權轉化成可編程的數位資產，像資訊一樣自由流動，從「資訊網路」進化到「價值網路」。但 RWA 不是單一類別，每種資產有不同權利、風險、基礎設施，不是所有 RWA 都能用同一方式上鏈，所以必須區分。在我的書裡，我提出了代幣化的三波浪潮：Money（錢）、Markets（市場）、Matter（實體）。前兩波已經帶來數兆美元規模，但第三波才是改變世界的關鍵。First one, what is tokenization? Tokenization is the transformation of ownership into a programmable digital asset that can move as freely as information, truly coming from the internet of information to the internet of value. But RWA is not RWA. There are many differences. There are different rights, different risks, different infrastructure. So real-world assets are not one category. Not all RWAs move on-chain the same way. That's why you need to differentiate. And in my book, I laid out the three waves of tokenization: money, markets, matter. These are the three waves, and the first two move trillions, but the last one is really the biggest one moving the world.

4:14第一波是 Money，也就是穩定幣。現在穩定幣的市值大約三千億美元，主要集中在兩大發行商，過去已經轉移超過 33 兆美元，這比 Visa 和 Mastercard 加起來還多。但美元本身沒變，變的是底層的轉帳軌道。第二波是 Markets，像是代幣化股票、債券等金融資產，這也是現在大家討論最多的主題。過去 12 個月，代幣化股票市值成長超過 400%，連紐約證交所等傳統機構也開始擁抱這些技術。但我們並沒有真的取代所有中間人，反而看到中間人跳進來，所以我們要小心，不要把我們的願景和想法全交給他們。First, money. These are the stablecoins. We're now at $300 billion market cap, right, like assets under management in mostly two large stablecoin providers. They moved more than $33 trillion. That's more than Visa and Mastercard combined. But the dollar did not change. It really become—the rail that changed. The second wave is what I call markets. So these are tokenized stocks, bonds, all the financial assets. And this is what we are talking on these floors right now a lot. And what we've seen is the tokenized stock has been growing tremendously, over 400% in market cap in the last 12 months only. And just the New York Stock Exchange, also these incumbents had been coming, embracing these technologies. And that's what I mean with the original vision. We did not really replace all the middlemen. I've seen rather middlemen jumping into what we are doing. So we should be careful not giving everything of our vision and ideas away to them.

5:25第三波：Meta 實體資產的巨大機會

5:25第三波是 Matter，也就是實體資產。這一波可能是最大、最令人興奮的。現在代幣化商品市場主要是黃金，像 Tether Gold、Pax Gold 上鏈的總市值約 50 億美元，但整體潛在市場高達 25 兆美元，目前滲透率只有 0.02%，機會真的非常大。Meta 是代幣化的第三波，也是最大的一波。And the third wave, this is Meta. Probably the biggest and most exciting wave of them all. Here we're talking about, like if you look at the current tokenized commodities market, it's mainly gold. We have Tether Gold, Pax Gold on-chain with $5 billion. But the overall opportunity is $25 trillion, which could potentially be tokenized. So currently we have only a market share of 0.02%. So the opportunity is truly massive. So Meta is the third and the biggest wave of tokenization.

6:00我需要告訴你們，為什麼這件事真的很重要，特別是如果我們正在討論這波 AI 熱潮以及我們所處的 AI 時代。因為如果你要建一座 AI 資料中心，光是一兆瓦的資料中心，你就需要多達 50 噸的銅。所以對我來說，銅真的成為我們這個時代的關鍵金屬。每一兆瓦，每一吉瓦，你需要 50,000 噸的銅，原因就在於這些冷卻單元完全是用純銅打造的。現在美國已經開始建設了。好，下一張投影片。已經宣布了數千座 AI 資料中心。特別是 Stargate，那座有 11 太瓦。AWS 和 Meta，其中一些是最大的，Meta 達到 43 太瓦。And I need to tell you why this really matters, especially if we're talking about this AI boom and the age of AI we are in. Because if you build an AI data center, for only one megawatt of the data center, you need up to 50 tons of copper. So for me, copper becomes really the defining metal of our time. For one megawatt, for one gigawatt, you need 50,000 tons of copper, and the reason is over there these cooling units are built by pure copper. And now the U.S. has started to build. Okay, next slide. Announced thousands of AI data centers. So especially the Stargate one with 11 terawatt. The AWS and Meta, some of the largest one, Meta is 43 terawatt.

6:54所以，簡單加總一下，他們需要25萬噸的銅。而現在銅的缺口至少有200萬噸。目前在美國的庫存和倉庫裡，只有15萬噸，也就是比他們所需的還要少。所以你可以想像，現在正發生著一場嚴重的銅短缺。而在接下來的20年裡，我們需要開採的銅量，將超過過去一萬年的總和。但這個產業的運作方式卻非常過時又落後。So just adding this up, they need 250,000 ton of copper. And there's a gap of at least 2 million tons of copper right now. In the stores, in the warehouses in the U.S. right now, there's only 150,000 tons, so less than what they require. So you can imagine there's a big copper crunch happening right now. And in the next 20 years, we need to mine more copper than in the past 10,000 years. But the way the industry works is outdated and retarded.

7:27區塊鏈解決資源產業痛點

7:27我們日常用的東西，從無人機、電動車到風力發電機，都需要各種不同的原物料。銅現在最熱門，但像鈧、鐳這些稀土元素也是關鍵礦產，對美國來說更是國安議題。這個產業規模巨大，卻還在用過時的結構、紙本文件，結算要 30 天，還要寄送貿易文件，資金流轉有很大缺口。大家都知道區塊鏈能解決這些問題，不能再用舊方法解決新問題，像銅荒這種現象，必須靠區塊鏈和加密技術來處理。And for all our, like, things we use, from drones, electric cars, wind turbines, we need a variety of different commodities out there. Copper is probably the most interesting right now, but also scandium, radium, these, like, rare earths are critical minerals. And it's for the U.S. a matter of national security to secure that. So the industry is massive, but they still run on outdated structures, paper documents, 30 days settlement times, and literally sending trade documents from A to B, settling these trades, and there's a trade financing gap. So you all know what blockchain can do. We can solve this gap, and we cannot solve today's problem like the copper crunch with the past solution. We need the blockchain and crypto technology to do that.

8:22所以我一直在談「資本的四大自由」：存取、流動、型態、去中介。任何人都能存取、價值能像資訊一樣快速流動、資產型態可編程、可以直接點對點轉移。這就是我提出的「礦場到市場」代幣化循環，也是我今天要分享的最後一張餐巾紙。這個模型很關鍵，因為我們不只可以把倉庫裡的實體資產代幣化，連還在地底、未來才要交付的資產也能代幣化，真正做到礦場到市場。So that's why I've been talking about the four freedom of capital, core elements of what blockchain can do with access, movement, form, and gatekeepers. So anybody can have access. We can move value and the speed of information, and we can program it to make the form different, to have programmable assets on chain, and we can move it directly. This is the mind-to-market model, the circle of tokenization, my last napkin of today. But it's a critical one because we can actually not only tokenize the assets which are in physical warehouses, but also the ones which are still in the ground and to be delivered in a short time frame, a mine-to-market model.

9:09去中介化的亞馬遜時刻

9:09這讓我想到 Amazon 的時刻。Jeff Bezos 做的不只是開網路書店，他把讀者直接連到作者，把買家直接連到書本，中間人全都被移除。現在商品市場也一樣，我們把生產者和全球買家直接連結，去除中介，並在像 Toto Finance 這樣的平台上創造可追蹤、可驗證的數位資產。這些資產可以結算、交易、借貸、融資，效率大幅提升。And this brings me to the Amazon moment. You know what Jeff Bezos really did? It was not only e-commerce shop. He brought the buyer to the books and the reader to the author, he cut out all these middlemen. And the same is now true for the commodity market. We're bringing the producers and the global buyers together. We're cutting out the middlemen, and we're creating a traceable, verifiable digital asset on a digital asset commodity platform like Toto Finance. So it can settle, it can trade, it can be loaned, and also financed in a much better way.

9:48這個模式真的很顛覆，因為我上週才在美國科羅拉多礦業論壇發表這本書，現場觀眾平均年齡超過 60 歲，思維還停在 80 年代。這個市場非常適合被區塊鏈顛覆，我們能帶來的價值巨大。就像 Uber、Airbnb、Axie Infinity 這些平台，他們不擁有底層資產，但靠平台建立用戶關係。Toto Finance 也是在做這件事，未來市場規模可能更大。And there you have to understand why this is so mind-blowing and really revolutionary, because I'd been presenting this book at the Mining Forum Americas just last week in Colorado Springs. The audience was double your age, 60 years plus. They are operating with the thinking and the mindset of the 80s. So the market is ripe for disruption, and the value we can bring with blockchain is tremendous. We have seen companies like Uber, Airbnb, and Ax who are not owning the underlying asset, but they've built platforms to build up the relationship with the clients. That's what Toto Finance is building. But the market ultimately might be even much, much bigger.

10:40Toto Finance 的產品與基礎建設

10:40我們正在打造這個解決方案，並會推出三個重點產品。第一個是 Copper Now，這是倉庫裡的實體銅，像 25 噸一批的 LME A 級工業用銅，品質最頂尖，AI 資料中心、國防科技、電網公司都需要。第二個是 Copper in the Future，品質一樣，但交貨時間在未來，這就是礦場到市場的模式，從地底挖出來，六個月、一年、兩年、三年後交貨，創造新的礦場融資和銅收益模式。持有這些代幣，未來有很多應用機會。So we are building the solution for this, and we are launching with three particular products. One is over here, Copper Now. So this is warehouse copper, like stored in warehouses, physical copper. You can imagine. Like 25 ton lots of grade A LME industrial used copper in the best quality, what companies like AI data centers, defense tech, or electric grid really needs. Then we're building copper in the future. This is, in theory, the same quality, but not delivered right now, but in the future. So this is the mine-to-market model where we take the copper from in the ground, with delivery in six months, one year, two years, three years, and ultimately creating a new way of financing these mines and copper yield. So if you have the tokens, there are many opportunities coming up.

11:33我們已經建立完整基礎設施，有數位資產層、支付倉儲費用的功能層，底層則是合規的區塊鏈層，把市場參與者和應用場景串聯起來。下一波 RWA 的成長浪潮會來自這裡，甚至整個加密貨幣市場的下一波成長也會來自 RWA。現在加密市場雖然很大，但代幣化資產帶來的機會更大。We've built a whole infrastructure with the digital asset layer, a utility layer to pay the warehouse. Fi is and the blockchain layer underneath with compliance built in. So we're connecting the market participants and the use cases. So the next growth wave of RWA will come, or the next growth wave of crypto will come from RWA. And today's crypto market is large, but with the opportunities we have had with tokenized assets is far, far larger.

12:08願景與結語：資本為人類服務

12:08這也是我寫這本書的原因，10 天內就會上市，歡迎到 tokenizationbook.com 購買。最後，我想留給大家我的願景：如果我們真的想創造影響，實現 Satoshi 關於所有權、金錢、資產上鏈的願景，我們必須走得更遠、想得更大。從 3 兆美元成長到 30 兆美元，10 倍成長完全有可能。資本為人類而生，這個時代屬於大家。謝謝！And that's why I wrote this book. It's coming out in the next 10 days, and it's available at tokenizationbook.com. So with that, I want to leave you with my overall vision. If we want to create the true impact and to make Satoshi's vision of ownership and money and assets, bringing them on the chain, we need to go much farther and we need to think much, much bigger than before. To really go from the 10 or 3 trillion dollars to the 30 trillion dollars, we can do a 10x. From here. So with that, I want to leave you and say capital for humanity is here for everybody. Thank you very much.