[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-bis-tokenization-real-value-payments-zh":3,"article-related-bis-tokenization-real-value-payments-zh":33,"series-industry-cda191d4-e7a3-451c-a85f-7c9ca1acb8b1":83},{"id":4,"slug":5,"title":6,"content":7,"summary":8,"source":9,"source_url":10,"author":11,"image_url":12,"cover_image":12,"category":13,"language":14,"translated_content":11,"related_article_id":15,"keywords":16,"key_takeaways":25,"views":29,"created_at":30,"published_at":31,"topic_cluster_id":32},"cda191d4-e7a3-451c-a85f-7c9ca1acb8b1","bis-tokenization-real-value-payments-zh","BIS 把代幣化搬進真實支付","\u003Cp data-speakable=\"summary\">BIS 要把 Project Agorá 從模擬測試，推進到用真實資金的跨境支付試驗。\u003C\u002Fp>\u003Cp>說真的，這次不是紙上談兵。\u003Ca href=\"https:\u002F\u002Fwww.bis.org\u002F\" target=\"_blank\" rel=\"noopener\">BIS\u003C\u002Fa> 要把 \u003Ca href=\"https:\u002F\u002Fwww.bis.org\u002Fabout\u002Fbisih.htm\" target=\"_blank\" rel=\"noopener\">Project Agorá\u003C\u002Fa> 從 prototype 拉到 live payment。它已經串起 7 家央行，外加 40 多家金融機構。下一步直接上真錢，不再只是 synthetic test。\u003C\u002Fp>\u003Cp>這件事很有意思。因為跨境支付卡很久了。手續慢、對帳麻煩、合規流程又重。BIS 這次想測的，是 tokenization 能不能真的進到銀行日常流程，不是只在簡報裡好看。\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>指標\u003C\u002Fth>\u003Cth>數值\u003C\u002Fth>\u003Cth>意義\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>參與央行\u003C\u002Ftd>\u003Ctd>7\u003C\u002Ftd>\u003Ctd>代表公部門背書夠廣\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>金融機構\u003C\u002Ftd>\u003Ctd>40+\u003C\u002Ftd>\u003Ctd>代表私部門流量夠大\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>原型階段\u003C\u002Ftd>\u003Ctd>Atomic settlement 完成\u003C\u002Ftd>\u003Ctd>下一步是 live money，不是模擬\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>報告頁數\u003C\u002Ftd>\u003Ctd>97 頁\u003C\u002Ftd>\u003Ctd>顯示這不是玩票，是完整系統檢視\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>下一個觀察點\u003C\u002Ftd>\u003Ctd>2026 年中更新\u003C\u002Ftd>\u003Ctd>那時才知道能不能撐到規模化\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch2>Project Agorá 到底測了什麼\u003C\u002Fh2>\u003Cp>先講白話版。Project Agorá 想解的，是跨境支付太慢這件老問題。它測的是，\u003Ca href=\"\u002Fnews\u002Fdtcc-stellar-tokenized-securities-plumbing-zh\">代幣化\u003C\u002Fa>的商業銀行存款，能不能跟代幣化的央行準備金，在同一個平台上完成結算。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780141683590-qo7e.png\" alt=\"BIS 把代幣化搬進真實支付\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>關鍵在 atomic settlement。意思就是，所有條件都到位，才一次結清。只要有一段失敗，整筆交易就不動。這種設計很適合跨境支付，因為它少掉很多半套成交和人工補件。\u003C\u002Fp>\u003Cp>BIS 的說法也很直接。原型可以把原本要幾天的流程，壓到幾秒。這句話很猛，但也合理。因為真正難的不是把資料上鏈，而是把合規、最終性、法律差異一起處理掉。\u003C\u002Fp>\u003Cul>\u003Cli>結算從多段流程，變成單一步驟。\u003C\u002Fli>\u003Cli>合規檢查直接留在支付流程內。\u003C\u002Fli>\u003Cli>設計可接 \u003Ca href=\"https:\u002F\u002Fwww.swift.com\u002F\" target=\"_blank\" rel=\"noopener\">SWIFT\u003C\u002Fa> 和 \u003Ca href=\"https:\u002F\u002Fwww.iso20022.org\u002F\" target=\"_blank\" rel=\"noopener\">ISO 20022\u003C\u002Fa>。\u003C\u002Fli>\u003Cli>它不是要幹掉銀行，而是改銀行底層流程。\u003C\u002Fli>\u003C\u002Ful>\u003Ch2>為什麼 BIS 沒想砍掉銀行\u003C\u002Fh2>\u003Cp>這裡很值得看。很多加密支付專案，喜歡把銀行講成舊世界。BIS 反而很保守。它在 97 頁報告裡，直接把 correspondent banking 稱作全球支付的 backbone。\u003C\u002Fp>\u003Cp>這代表\u003Ca href=\"\u002Fnews\u002Fwhy-defi-technologies-still-speculation-not-core-holding-zh\">什麼\u003C\u002Fa>？代表 BIS 不是要做平行金融系統。它要的是，讓現有系統跑快一點，少一點人工轉手，少一點操作風險。講白了，就是升級，不是重開一套。\u003C\u002Fp>\u003Cp>這種路線也比較符合監理邏輯。因為制裁篩檢、AML、KYC，這些東西不會因為你用了 \u003Ca href=\"\u002Ftag\u002Ftoken\">token\u003C\u002Fa> 就消失。\u003Ca href=\"https:\u002F\u002Fwww.bis.org\u002F\" target=\"_blank\" rel=\"noopener\">BIS\u003C\u002Fa> 這次是把這些控制點留在流程裡，不是硬拔掉。\u003C\u002Fp>\u003Cblockquote>“Once you know you have everything to run the transaction, you settle it in one go,” Andrea Maechler, Deputy General Manager of the BIS, said.\u003C\u002Fblockquote>\u003Cp>這句話很有畫面。它講的不是理想，而是工程思維。先把條件補齊，再一次結清。這比很多只會喊 on-chain 的方案務實多了。\u003C\u002Fp>\u003Cp>我覺得這也是 BIS 跟很多 stablecoin 方案最大的差別。後者常想繞開 correspondent banking。前者是保留它，再把底層換得更順。\u003C\u002Fp>\u003Ch2>參與名單為什麼重要\u003C\u002Fh2>\u003Cp>Project Agorá 的名單，不是拿來湊數的。它有 \u003Ca href=\"https:\u002F\u002Fwww.bankofcanada.ca\u002F\" target=\"_blank\" rel=\"noopener\">Bank of Canada\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fwww.bankofengland.co.uk\u002F\" target=\"_blank\" rel=\"noopener\">Bank of England\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fwww.newyorkfed.org\u002F\" target=\"_blank\" rel=\"noopener\">Federal Reserve Bank of New York\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fwww.boj.or.jp\u002Fen\u002F\" target=\"_blank\" rel=\"noopener\">Bank of Japan\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fwww.banque-france.fr\u002Fen\" target=\"_blank\" rel=\"noopener\">Banque de France\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fwww.snb.ch\u002Fen\u002F\" target=\"_blank\" rel=\"noopener\">Swiss National Bank\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fwww.banxico.org.mx\u002F\" target=\"_blank\" rel=\"noopener\">Bank of Mexico\u003C\u002Fa>，還有 \u003Ca href=\"https:\u002F\u002Fwww.bok.or.kr\u002Feng\u002Fmain\u002Fcontents.do?menuNo=400069\" target=\"_blank\" rel=\"noopener\">Bank of Korea\u003C\u002Fa>。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780141674842-llrg.png\" alt=\"BIS 把代幣化搬進真實支付\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>私部門這邊，則由 \u003Ca href=\"https:\u002F\u002Fwww.iif.com\u002F\" target=\"_blank\" rel=\"noopener\">Institute of International Finance\u003C\u002Fa> 協調。這很重要。因為跨境支付的問題，通常不是單一機構內部出錯，而是卡在機構之間的縫。\u003C\u002Fp>\u003Cp>所以這種試驗，不能只看技術。你得看法律、流程、清算、風控，還有每家銀行自己的作業習慣。少一個環節，整個系統就會卡住。\u003C\u002Fp>\u003Cul>\u003Cli>7 家央行一起上，代表地緣範圍夠廣。\u003C\u002Fli>\u003Cli>40+ 機構參與，代表真實流程有機會被測到。\u003C\u002Fli>\u003Cli>公私部門一起跑，比單點 demo 更接近實戰。\u003C\u002Fli>\u003Cli>2026 年中更新，會是第一個大考點。\u003C\u002Fli>\u003C\u002Ful>\u003Ch2>跟華爾街的 tokenization 有什麼差別\u003C\u002Fh2>\u003Cp>這題很多人會混在一起。其實差很大。\u003Ca href=\"https:\u002F\u002Fwww.dtcc.com\u002F\" target=\"_blank\" rel=\"noopener\">DTCC\u003C\u002Fa> 在推的是\u003Ca href=\"\u002Fnews\u002Fdtcc-stellar-tokenization-stocks-into-tokens-zh\">股票\u003C\u002Fa>、ETF、Treasury 的代幣化結算。\u003Ca href=\"https:\u002F\u002Fwww.nasdaq.com\u002F\" target=\"_blank\" rel=\"noopener\">Nasdaq\u003C\u002Fa> 和 \u003Ca href=\"https:\u002F\u002Fwww.ice.com\u002F\" target=\"_blank\" rel=\"noopener\">ICE\u003C\u002Fa> 也在做 tokenized equities 的基礎設施。\u003C\u002Fp>\u003Cp>那是市場效率路線。重點是更快交割、更少中介、更多資產類型能上鏈。BIS 這邊則更保守。它要的是跨境支付更快，但監理框架別壞掉。\u003C\u002Fp>\u003Cp>這兩種路線都在講 tokenization，但目標完全不同。前者偏資本市場。後者偏支付清算。前者想改資產流通方式。後者想改銀行之間怎麼把錢送過去。\u003C\u002Fp>\u003Cul>\u003Cli>Wall Street 路線，重點是市場效率。\u003C\u002Fli>\u003Cli>BIS 路線，重點是跨境支付速度。\u003C\u002Fli>\u003Cli>Stablecoin 路線，常想降低對 correspondent banking 的依賴。\u003C\u002Fli>\u003Cli>Project Agorá 則是保留舊架構，再把底層升級。\u003C\u002Fli>\u003C\u002Ful>\u003Cp>這裡還有一個現實差異。華爾街可以先做局部試點，再慢慢擴大。央行系統不行。它一旦出包，影響的是跨國支付和監理信任。所以 BIS 會這麼小心，完全合理。\u003C\u002Fp>\u003Ch2>這次試驗放在什麼產業脈絡裡\u003C\u002Fh2>\u003Cp>先看大環境。全球支付市場一直在找更低成本的路。跨境匯款的費用，對個人和企業都不便宜。銀行之間的對帳、合規、清算，都是成本來源。這也是為什麼 tokenization 一直有人喊，但真正能落地的很少。\u003C\u002Fp>\u003Cp>另一個背景是，ISO 20022 和各種新支付標準已經在普及。銀行不是沒工具，而是工具很多，流程卻還是碎的。BIS 這次的價值，在於它把這些工具串起來看。\u003C\u002Fp>\u003Cp>我自己的看法很直接。這種案子成不成，不看簡報，看整合。只要它能在真實金流、真實法規、真實作業時間下跑通，才算數。否則就是又一個漂亮 demo。\u003C\u002Fp>\u003Ch2>接下來要盯什麼\u003C\u002Fh2>\u003Cp>接下來最重要的是 2026 年中那次更新。那會是第一個真正能看出系統韌性的時間點。因為真錢進場後，所有邊角問題都會跑出來。\u003C\u002Fp>\u003Cp>如果這套模型能撐住，央行和銀行會多一個跨境支付模板。若撐不住，教訓也很清楚：tokenization 也許能解決部分效率問題，但法律和作業銜接，還是最難的地方。\u003C\u002Fp>\u003Cp>我會繼續盯三件事。第一，真實交易量有多少。第二，失敗率和回滾機制怎麼設。第三，是否真的能接進既有銀行流程，而不是只在封閉環境裡跑。這三個答案，會比任何口號都重要。\u003C\u002Fp>","BIS 要把 Project Agorá 從模擬測試，推進到用真實資金的跨境支付試驗。","crypto.news","https:\u002F\u002Fcrypto.news\u002Fbis-tokenization-moves-to-real-value-payments\u002F",null,"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780141683590-qo7e.png","industry","zh","f63e5608-780c-4ec4-9988-cdbd40bcd8d1",[17,18,19,20,21,22,23,24],"BIS","Project Agorá","tokenization","跨境支付","央行","金融機構","atomic settlement","live payments",[26,27,28],"BIS 要把 Project Agorá 從原型測試，推進到真實資金的跨境支付試驗。","這套設計保留 correspondent banking，重點是升級流程，不是重做金融系統。","2026 年中的更新，會是判斷 tokenization 能否進入實務的第一個大考點。",5,"2026-05-30T11:47:33.897597+00:00","2026-05-30T11:47:33.882+00:00","0d414536-6cd5-43c2-937a-4aea05b80237",{"tags":34,"relatedLang":42,"relatedPosts":46},[35,36,38,40,41],{"name":19,"slug":19},{"name":17,"slug":37},"bis",{"name":18,"slug":39},"project-agorá",{"name":20,"slug":20},{"name":21,"slug":21},{"id":15,"slug":43,"title":44,"language":45},"bis-tokenization-real-value-payments-en","BIS moves tokenization into live payments","en",[47,53,59,65,71,77],{"id":48,"slug":49,"title":50,"cover_image":51,"image_url":51,"created_at":52,"category":13},"69002c63-177a-4723-9e63-d28506f08edd","openai-ads-sensitive-chats-policy-zh","OpenAI把廣告擋在敏感對話外是對的","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781051578409-en02.png","2026-06-10T00:32:23.404084+00:00",{"id":54,"slug":55,"title":56,"cover_image":57,"image_url":57,"created_at":58,"category":13},"ea98a8c9-ebe1-4258-8a2b-b0d82b25deed","ai-bootlegs-streaming-royalties-stick-figure-zh","AI bootlegs 正在抽走串流版稅","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781050681742-3rdh.png","2026-06-10T00:17:31.017287+00:00",{"id":60,"slug":61,"title":62,"cover_image":63,"image_url":63,"created_at":64,"category":13},"20d0b5fc-a363-481d-86b2-e30276a49e92","amd-microsoft-windows-ml-acceleration-zh","AMD 與 Microsoft 把 Windows ML 推進 GPU 與 N…","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781047980407-vd5p.png","2026-06-09T23:32:31.304436+00:00",{"id":66,"slug":67,"title":68,"cover_image":69,"image_url":69,"created_at":70,"category":13},"9a0692ba-a9c5-42eb-823d-8a0e6e6ae3fc","openai-ipo-filing-turns-hype-into-scrutiny-zh","OpenAI IPO 讓神話變審核","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781042614962-bj12.png","2026-06-09T22:03:04.524304+00:00",{"id":72,"slug":73,"title":74,"cover_image":75,"image_url":75,"created_at":76,"category":13},"40d4f012-36b6-4b8f-b470-30242a0b8483","skatteetaten-public-sector-ai-should-be-judged-by-outcomes-zh","Skatteetaten 證明公部門 AI 應該看成果，不是看噱頭","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781038986405-p8cf.png","2026-06-09T21:02:32.1198+00:00",{"id":78,"slug":79,"title":80,"cover_image":81,"image_url":81,"created_at":82,"category":13},"f937e16b-7b3c-4ec8-b9f6-2b6031c6892c","openai-ipo-filing-wall-street-test-zh","OpenAI IPO 登場，華爾街先看這 5 件事","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781032675072-oq1m.png","2026-06-09T19:17:23.187013+00:00",[84,89,94,99,104,109,114,119,124,129],{"id":85,"slug":86,"title":87,"created_at":88},"ee073da7-28b3-4752-a319-5a501459fb87","ai-in-2026-what-actually-matters-now-zh","2026 AI 真正重要的事","2026-03-26T07:09:12.008134+00:00",{"id":90,"slug":91,"title":92,"created_at":93},"83bd1795-8548-44c9-9a7e-de50a0923f71","trump-ai-framework-power-speech-state-preemption-zh","川普 AI 框架瞄準電力、言論與州權","2026-03-26T07:12:18.695466+00:00",{"id":95,"slug":96,"title":97,"created_at":98},"ea6be18b-c903-4e54-97b7-5f7447a612e0","nvidia-gtc-2026-big-ai-announcements-zh","NVIDIA GTC 2026 重點拆解","2026-03-26T07:14:26.62638+00:00",{"id":100,"slug":101,"title":102,"created_at":103},"4bcec76f-4c36-4daa-909f-54cd702f7c93","claude-users-spreading-out-and-getting-better-zh","Claude 用戶更分散，也更會用","2026-03-26T07:22:52.325888+00:00",{"id":105,"slug":106,"title":107,"created_at":108},"bd903b15-2473-4178-9789-b7557816e535","openclaw-raises-hard-question-for-ai-models-zh","OpenClaw 逼問 AI 模型價值","2026-03-26T07:24:54.707486+00:00",{"id":110,"slug":111,"title":112,"created_at":113},"eeac6b9e-ad9d-4831-8eec-8bba3f9bca6a","gap-google-gemini-checkout-fashion-search-zh","Gap 把結帳搬進 Gemini","2026-03-26T07:28:23.937768+00:00",{"id":115,"slug":116,"title":117,"created_at":118},"0740e53f-605d-4d57-8601-c10beb126f3c","google-pushes-gemini-transition-to-march-2026-zh","Google 把 Gemini 轉換延到 2026 年 3…","2026-03-26T07:30:12.825269+00:00",{"id":120,"slug":121,"title":122,"created_at":123},"e660d801-2421-4529-8fa9-86b82b066990","metas-llama-4-benchmark-scandal-gets-worse-zh","Meta Llama 4 分數風波又擴大","2026-03-26T07:34:21.156421+00:00",{"id":125,"slug":126,"title":127,"created_at":128},"183f9e7c-e143-40bb-a6d5-67ba84a3a8bc","accenture-mistral-ai-sovereign-enterprise-deal-zh","Accenture 攜手 Mistral AI 賣主權 AI","2026-03-26T07:38:14.818906+00:00",{"id":130,"slug":131,"title":132,"created_at":133},"191d9b1b-768a-478c-978c-dd7431a38149","mistral-ai-faces-its-hardest-year-yet-zh","Mistral AI 迎來最硬的一年","2026-03-26T07:40:23.716374+00:00"]