商品权属通证化:第三类标准化资产市场的形成逻辑与演化路径——以黄金数字凭证体系为切入点 Commodity Ownership Tokenization: Formation Logic and Evolution Path of the Third Category of Standardized Asset Market — A Perspective from the Digital Gold Voucher System

@misc{郭2026商品权属通证化第三类标准化资产市场的形成逻辑与演化路径以黄金数字凭证体系为切入点,
  title = {{商品权属通证化:第三类标准化资产市场的形成逻辑与演化路径——以黄金数字凭证体系为切入点 Commodity Ownership Tokenization: Formation Logic and Evolution Path of the Third Category of Standardized Asset Market — A Perspective from the Digital Gold Voucher System}},
  author = {洋洋 郭},
  howpublished = {Zenodo},
  year = {2026},
  month = oct,
  doi = {10.5281/zenodo.23500874},
  url = {https://zenodo.org/records/23500874},
  note = {CC BY 4.0},
}

TY  - UNPB
TI  - 商品权属通证化:第三类标准化资产市场的形成逻辑与演化路径——以黄金数字凭证体系为切入点 Commodity Ownership Tokenization: Formation Logic and Evolution Path of the Third Category of Standardized Asset Market — A Perspective from the Digital Gold Voucher System
AU  - 洋洋 郭
PY  - 2026
DA  - 2026/10/20
PB  - Zenodo
DO  - 10.5281/zenodo.23500874
UR  - https://zenodo.org/records/23500874
AB  - 研究领域:金融科技、货币经济学、大宗商品市场  Research Fields: Fintech, Monetary Economics, Commodity Markets  作者:郭洋洋  Author: Guo Yangyang  ORCID:0009-0006-6669-1790  Contact email:[email protected]  Publication Type: Preprint  Submission Date: October 20, 2026  Version: v1.0 Final Bilingual Edition  Preprint DOI: 10.5281/zenodo.23500874  Open Access License: CC BY 4.0  摘要  Abstract  数字经济背景下,以比特币为代表的无许可加密资产快速兴起,在满足跨主权储值与点对点流转需求的同时,也因缺乏实物信用锚定、监管缺位等问题对主权货币体系形成冲击。与此同时,传统金融体系中股票市场与期货市场分别承担股权融资与风险对冲职能,但现货大宗商品的权属流转始终存在效率低下、权益与实物割裂的结构性断层。  Against the backdrop of the digital economy, permissionless crypto assets represented by Bitcoin have risen rapidly. While meeting the demand for cross-sovereign value storage and peer-to-peer transfer, they have also exerted impacts on sovereign monetary systems due to the lack of physical credit anchors and regulatory oversight. Meanwhile, in the traditional financial system, the stock market and futures market undertake equity financing and risk hedging functions respectively, yet there exists a long-standing structural gap in the ownership transfer of spot commodities: low efficiency and the separation between equity interests and physical assets.  本文基于交易成本理论、货币分层理论与金融市场演化逻辑,提出商品权属通证化将形成继股票、期货之后的第三类标准化资产市场形态,其核心特征是原生绑定现货实物权属、无到期约束、可颗粒化拆分与即时流转,并支持随时行权实物交割,本质是打通了“权益持有”与“实物交割”的市场断层,实现功能层面的效率跃迁。  Based on transaction cost theory, monetary hierarchy theory and the evolution logic of financial markets, this paper proposes that commodity ownership tokenization will give rise to the third category of standardized asset market, following the stock and futures markets. Its core features include native binding to spot physical ownership, no maturity constraint, granular divisibility, instant transferability, and on-demand physical delivery. In essence, it bridges the market gap between "equity holding" and "physical delivery" and realizes efficiency leap at the functional level.  本文以黄金作为初始适配标的,构建了“标准筑基—网络成型—零售扩容—全品类扩展”的四阶段演化路径,并从主权博弈视角论证了该体系的内生推进动力:主权国家可通过构建“法币稳定币+贵金属数字凭证”的二元数字资产体系,补全数字时代的货币职能版图,实现对无监管加密资产的合规替代,同时重构大宗商品的定价权与流转效率。最后,本文探讨了该体系的风险约束与监管框架,为后续实践与理论研究提供顶层分析框架。  Taking gold as the initial applicable asset, this paper constructs a four-stage evolution path: "standard foundation — network formation — retail expansion — full-category extension". From the perspective of sovereign game, it demonstrates the endogenous driving force of the system: sovereign states can complement the monetary function map in the digital era by building a dual digital asset system of "fiat-backed stablecoins + precious metal digital vouchers", realize compliant substitution of unregulated crypto assets, and reshape the pricing power and circulation efficiency of bulk commodities. Finally, this paper discusses the risk constraints and regulatory framework of the system, providing a top-level analytical framework for subsequent practice and theoretical research.  关键词:实物资产通证化;商品权属凭证;第三类资产市场;黄金数字化;货币主权;分布式交割网络  Keywords: Real-World Asset Tokenization; Commodity Ownership Voucher; Third Category of Asset Market; Gold Digitization; Monetary Sovereignty; Distributed Delivery Network
ER  -