本論文旨在探討真實世界資產（RWA）代幣化的全球發展軌跡，並評估其對台灣銀行業的策略性影響。隨著全球金融基礎設施從傳統資料庫轉向可編程的分佈式帳本，代幣化已成為提升流動性與減少結算摩擦的關鍵驅動力。本研究方法採用雙軌並進的方式：一方面綜合梳理行業領先的研究成果，另一方面對貝萊德（BlackRock）的美元機構數位流動性基金（BUIDL）進行定量回歸分析。實證結果表明，與傳統債券 ETF 相比，代幣化國債基金展現出更優異的回報穩定性（σ = 0.05）以及顯著的市場中性（β ≈ 0）。這些結果指出，RWA 資產不論在機構或零售投資組合中，皆可作為有效的市場中性投資工具。基於上述發現，本研究為台灣的商業銀行提供了具體可行的實施策略，重點聚焦於財富管理多元化、財務營運優化，並與國家推動的「亞洲資產管理中心」（AAMC）政策倡議保持戰略協調。

This thesis examines the global trajectory of Real-World Asset (RWA) tokenization and evaluates its strategic implications for Taiwan’s banking sector. As the global financial infrastructure evolves from legacy databases to programmable distributed ledgers, tokenization has emerged as a critical driver for enhancing liquidity and reducing settlement frictions. The methodology adopts a two-fold approach: a synthesis of industry-leading research and a quantitative regression analysis of BlackRock’s USD Institutional Digital Liquidity Fund (BUIDL). The empirical findings suggest that tokenized treasury funds exhibit superior return stability (σ = 0.05) and significant market neutrality (β≈0) compared to traditional bond ETFs. These results indicate that RWA assets can serve as effective market-neutral investment tools for both institutional and retail portfolios. Building on these findings, the study provides actionable strategies for Taiwanese commercial banks, with a focus on wealth management diversification, treasury optimization, and alignment with the "Asian Asset Management Center" (AAMC) initiative.

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