Удосконалення типології токенізованих фінансових інструментів

The object of research is the process of issuance and circulation of tokenized real-world assets (RWA), as the basis for the formation of digital financial instruments. The problem is the gaps in the typology of digital financial instruments, as a basis for expanding their issuance and circulation. Methods of content analysis of scientific literature and descriptive statistics of panel data, as well as methods of comparison and synthesis, typology and clustering serve as the methodological basis of this research, implemented on the basis of statistical data from the Statista and Market cap databases. The dynamics and changes in the structure of the tokenized real assets market are analyzed, clusters of related theoretical studies are identified. The rapid growth of the tokenized digital financial instruments market, which is moving from the “acceptance” stage to the “formation” stage, is substantiated. Two classes are distinguished in their structure: payment and investment. Payments are undergoing a stage of exponential growth and have already overtaken traditional payment systems in terms of total turnover. Investment is only being introduced in the financial market. The generalization of theoretical research allowed to identify the following contours of tokenization of real assets: legal, technological, informational. This became the basis for the allocation of the stages of emission and circulation of tokenized real assets and the formation of their topology. The practical significance of the results lies in determining the typology of tokenized RWA, which allows for their standardization, the formation of a regulatory framework and the personalization of financial instruments and payment services. The proposed typology connects real assets of different classes, takes into account the legal features of the functioning of financial markets, technological standards and identifies key participants in digital ecosystems. This approach allows to adapt/synchronize key elements of the formed digital financial architecture and regulatory and normative support.