重庆文理学院学报（社会科学版）2026，Vol.45Issue(5)：43-55,13.DOI:10.19493/j.cnki.issn1673-8004.2026.05.005
人民币国际化视角下的RWA通证化制度与跨境治理
Institutional Design and Cross-border Governance of RWA Tokenization from the Perspective of RMB Internationalization
摘要
Abstract
The institutional design of RMB-denominated real-world assets(RWA)tokenization is a key part of building a new digital financial order and a new path to promote RMB internationalization.Based on the institutional nesting theory,this paper analyzes the institutional logic,governance structure and internationalization path of RMB RWA tokenization.International comparisons show that the U.S.focuses on market-oriented expansion of RWA tokenization,while the EU adheres to prior legislation and regulation.Hong Kong,China and Singapore mainly carry out policy pilots and technological innovation.These models provide distinct references for the institutional development of RMB RWA.RWA has dual attributes:it can improve liquidity but also accelerate risk transmission.It boasts advantages including efficient right confirmation,high transaction transparency and convenient cross-border settlement,yet it also faces risks such as imperfect legal adaptation,fragmented supervision and liquidity illusion.The institutional design of RMB RWA can realize dynamic balance under the dual mechanism of"central bank leadership and market driving".The central bank sets the sovereign credit anchor and macroprudential boundaries,and guides the market to release innovation potential within a compliance framework.By improving the rules for right confirmation,contract performance and settlement,and building a consortium blockchain structure and cross-chain supervision mechanism,we can elevate institutional security and operational efficiency.Through coordinated institutional innovation and risk governance,RMB-denominated RWA is expected to become a core vehicle for boosting RMB internationalization and reshaping the digital financial order.关键词
人民币RWA/制度设计/制度嵌套/联盟链/跨境监管/数字金融治理Key words
RMB-denominated RWA/institutional design/institutional nesting/consortium blockchain/cross-border supervision/digital financial governance分类
管理科学引用本文复制引用
陶然,张长全,夏予安..人民币国际化视角下的RWA通证化制度与跨境治理[J].重庆文理学院学报（社会科学版）,2026,45(5):43-55,13.基金项目
安徽省教育厅哲学社会科学重大项目"国有企业高质量发展的创新驱动机制与实现路径研究"(2024AH040316) （2024AH040316）
安徽省职业与成人教育学会教育教学研究项目"'双高计划'背景下高职院校金融管理专业'工匠精神'培养研究"(AZCJ2024134). （AZCJ2024134）
