The Tokenization Paradox: Why Faster Isn’t Always Safer
研究了代币化基金因即时结算与底层资产慢结算不匹配导致的稀释风险，极端情况下可使剩余资产净值损失超10%，对基金发起人和投资者有重要警示。
Tokenized funds promise reduced risk by providing ‘atomic’ or near instant transaction settlement 24/7 on a blockchain. However, the very speed of fund settlement introduces a new risk when the fund holds slower settling assets like stocks, bonds, and currency. In this hybrid tokenized structure, the fund pays the redeeming investor immediately, while the proceeds funding that payment have market exposure. The result is dilution risk for fund investors and impaired net asset value (NAV) integrity for fund sponsors. The effect is levered in the presence of fund flows: large redemptions concentrate the risk on a smaller remaining shareholder base. Impacts can be more than 10% of remaining NAV in extreme scenarios. We call this phenomenon the “tokenization paradox.” Regulatory, risk management, and fund governance frameworks have not yet incorporated this particular risk, the impact of which is often most acute during fund launch. The current crop of tokenized funds are not affected, they hold near-cash instruments with short settlement windows or have incorporated the gated interval fund redemption cycle into the token layer. Neither protection carries into the expected wave of tokenized equities and fixed-income fund launches. These risks can be managed at minimal cost with derivative hedges, broker financing, or aligning tokenization settlement with underlying assets. However, these measures should be implemented prior to launch.