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Yasuda on Tokenization

保田氏がトークン化について語る

September 15th 2025

BlackRock Opens New Era with ETF Tokenization Plans Following Bitcoin Fund Success

  • BlackRock is exploring tokenizing exchange-traded funds tied to real-world assets such as stocks and bonds, marking a pivotal shift in how the world's largest asset manager with $10.5 trillion under management views blockchain infrastructure. This initiative builds on the remarkable success of BlackRock's Bitcoin ETF, which attracted over $20 billion in its first year, demonstrating institutional appetite for blockchain-based investment products. The move signals that tokenization is graduating from pilot projects to core strategic initiatives at the highest levels of traditional finance.
  • The implications for market structure are profound and immediate. When BlackRock tokenizes ETFs, it validates blockchain rails as suitable for mainstream investment products, not just alternative assets. This development directly addresses the liquidity and accessibility challenges that have historically limited tokenized products to niche markets. By bringing one of Wall Street's most successful investment vehicles onto blockchain infrastructure, BlackRock creates a bridge between the $10 trillion global ETF market and the emerging tokenization ecosystem, potentially unlocking trillions in new capital for blockchain-based assets.
  • For wealth managers and investment advisors, this represents a fundamental shift in how you'll distribute products to clients. Soon you'll be able to offer clients 24/7 trading of familiar ETF products with instant settlement, fractional ownership down to dollar amounts, and seamless integration with other tokenized assets in unified portfolios. Investment managers should recognize this as the starting gun for widespread fund tokenization—if BlackRock is tokenizing ETFs, every asset manager must now develop a tokenization strategy or risk being left behind in the most significant distribution innovation since the creation of ETFs themselves.
  • The competitive response will reshape the asset management industry within 18 months. Watch for announcements from Vanguard, State Street, and Fidelity as they race to match BlackRock's tokenization capabilities. Traditional fund administrators and transfer agents will need to rapidly evolve or face obsolescence as blockchain-based infrastructure offers superior efficiency and transparency. By late 2026, we expect tokenized ETFs to represent over $500 billion in assets, fundamentally changing how global markets operate and creating unprecedented opportunities for those positioned to capitalize on this transformation.

China's Ant Group Tokenizes $8 Billion in Energy Infrastructure, Proving Enterprise Scale

  • Ant Group's digital technology arm has successfully tokenized over $8 billion in power and energy infrastructure assets on its blockchain platform, demonstrating that tokenization can handle industrial-scale real-world assets. This achievement represents the largest known tokenization of infrastructure assets by a single entity, proving that blockchain technology can manage complex, regulated assets that form the backbone of modern economies. The project encompasses renewable energy facilities, power generation assets, and transmission infrastructure across multiple Chinese provinces.
  • This development shatters the perception that tokenization is limited to small-scale pilots or simple assets. When a technology giant successfully tokenizes $8 billion in critical infrastructure, it validates blockchain's ability to handle the complexity, compliance requirements, and operational demands of industrial assets. The energy sector's adoption is particularly significant because these assets generate predictable cash flows, require transparent ownership records, and benefit from fractional investment—exactly the characteristics that make tokenization valuable for institutional investors seeking yield-generating real assets.
  • For institutional investors and wealth managers, Ant Group's success opens a new asset class: tokenized infrastructure with the backing of one of Asia's largest technology conglomerates. You can now envision offering clients exposure to renewable energy projects, power generation facilities, and critical infrastructure through tokenized instruments that provide liquidity, transparency, and fractional ownership previously impossible with traditional infrastructure funds. Investment managers should study this model carefully, as it demonstrates how to structure, tokenize, and distribute large-scale infrastructure investments to both institutional and retail investors globally.
  • The ripple effects will accelerate infrastructure tokenization worldwide within the next 24 months. Expect announcements from major infrastructure funds, sovereign wealth funds, and development banks exploring similar tokenization initiatives. The combination of global infrastructure investment needs—estimated at $94 trillion through 2040—and proven tokenization capabilities creates an enormous market opportunity. Watch for partnerships between technology platforms, infrastructure operators, and financial institutions as they collaborate to tokenize everything from toll roads to renewable energy projects, fundamentally democratizing access to infrastructure investments.

Vietnam Launches Comprehensive Five-Year Digital Asset Framework, Leading Southeast Asian Innovation

  • Vietnam has approved a groundbreaking five-year cryptocurrency pilot program through Resolution 5/2025/NQ-CP, establishing comprehensive regulations for digital asset issuance, marketing, and custody until 2030. This framework positions Vietnam as Southeast Asia's most progressive jurisdiction for digital assets, requiring service providers to meet specific capital requirements, implement robust AML procedures, and maintain asset-backing standards. The program creates legal certainty for both domestic and international participants, transforming Vietnam from a crypto-curious nation to a regulated digital asset hub.
  • The strategic timing of Vietnam's framework capitalizes on the region's digital transformation momentum while other nations remain hesitant. By establishing clear rules for tokenization, custody, and trading, Vietnam positions itself to capture a significant share of Southeast Asia's rapidly growing digital asset market, projected to reach $650 billion by 2030. The framework specifically encourages blockchain innovation in real estate, trade finance, and supply chain management—sectors where Vietnam already demonstrates competitive advantages. This regulatory clarity will likely trigger capital inflows from institutional investors who have been waiting on the sidelines for precisely this type of comprehensive framework.
  • For international wealth managers and fund operators, Vietnam's pilot program creates an attractive new market for tokenized product distribution. You now have regulatory clarity to offer tokenized real estate, structured products, and digital securities to Vietnamese institutions and high-net-worth individuals, accessing a market with over 70% cryptocurrency awareness and a rapidly growing millionaire population. Investment managers should consider Vietnam as a priority jurisdiction for Asian expansion, particularly given its strategic location, young tech-savvy population, and government support for digital innovation.
  • The next 12 months will see accelerated adoption as major financial institutions establish operations under Vietnam's new framework. Watch for partnerships between international tokenization platforms like Securitize or Tokeny (both established players in the tokenization space according to industry data) and Vietnamese financial institutions. Other Southeast Asian nations, particularly Thailand and Philippines, will likely announce similar frameworks by mid-2026, creating a harmonized regional approach to digital assets. This regulatory competition will benefit all market participants through improved standards, reduced compliance costs, and enhanced cross-border interoperability.

Western Union Partners with dLocal to Transform Latin American Payments with Crypto Rails

  • Western Union has partnered with fintech platform dLocal to revolutionize cross-border payments across Brazil, Mexico, Argentina, Colombia, and Chile, integrating cryptocurrency-powered remittances and digital payment infrastructure. This collaboration between a 170-year-old money transfer giant and a leading Latin American payment processor signals the mainstream adoption of blockchain technology for international remittances, a market worth over $150 billion annually in Latin America alone. The partnership will enable instant, low-cost transfers using stablecoin rails while maintaining the regulatory compliance and consumer protection standards both companies are known for.
  • This development fundamentally changes the economics of cross-border wealth transfer and investment in Latin America. Traditional remittance costs averaging 6-8% have long prevented efficient capital flows and wealth accumulation in the region. By leveraging blockchain infrastructure, this partnership reduces transfer costs to under 1%, enabling diaspora communities to send more money home and facilitating cross-border investment in tokenized assets. The integration of established payment networks with crypto rails creates the missing link between traditional finance and digital assets, making tokenized investments accessible to millions of Latin Americans who rely on remittances.
  • For wealth managers serving Latin American clients or diaspora communities, this partnership unlocks unprecedented opportunities to facilitate cross-border wealth management and investment. You can now help clients seamlessly move funds between traditional and tokenized assets, access international markets, and build diversified portfolios without the friction of traditional banking relationships. Investment managers should recognize Latin America as a prime market for tokenized products, particularly those that can be purchased with stablecoins and offer dollar-denominated returns to hedge against local currency volatility.
  • The implications extend far beyond remittances to reshape Latin America's entire financial landscape. Expect major regional banks and payment providers to announce similar blockchain integrations within the next year, creating a competitive environment that will drive innovation and reduce costs. The combination of improved payment infrastructure, growing cryptocurrency adoption (Latin America represents 9% of global crypto transaction volume), and increasing demand for dollar-denominated assets positions the region for explosive growth in tokenized asset adoption. Watch for announcements of tokenized real estate platforms, digital bond issuances, and structured products specifically designed for Latin American investors by early 2026.

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