{"id":12622,"date":"2026-05-03T21:57:07","date_gmt":"2026-05-03T14:57:07","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/03\/token-hoa-tin-dung-buoc-di-cua-mike-cagney-nham-tai-cau-truc-ha-tang-tai-chinh\/"},"modified":"2026-05-03T21:57:07","modified_gmt":"2026-05-03T14:57:07","slug":"token-hoa-tin-dung-buoc-di-cua-mike-cagney-nham-tai-cau-truc-ha-tang-tai-chinh","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/03\/token-hoa-tin-dung-buoc-di-cua-mike-cagney-nham-tai-cau-truc-ha-tang-tai-chinh\/","title":{"rendered":"Token h\u00f3a t\u00edn d\u1ee5ng: B\u01b0\u1edbc \u0111i c\u1ee7a Mike Cagney nh\u1eb1m t\u00e1i c\u1ea5u tr\u00fac h\u1ea1 t\u1ea7ng t\u00e0i ch\u00ednh"},"content":{"rendered":"
\n

Token h\u00f3a t\u00edn d\u1ee5ng \u0111ang tr\u1edf th\u00e0nh t\u00e2m \u0111i\u1ec3m trong h\u00e0nh tr\u00ecnh \u0111\u1ea7y tham v\u1ecdng c\u1ee7a Mike Cagney \u2013 c\u1ef1u CEO c\u1ee7a SoFi \u2013 t\u1ea1i Figure Technology Solutions (FIGR). Sau khi ghi nh\u1eadn c\u1ed9t m\u1ed1c h\u01a1n 1 t\u1ef7 USD gi\u00e1 tr\u1ecb kho\u1ea3n vay \u0111\u01b0\u1ee3c kh\u1edfi t\u1ea1o h\u00e0ng th\u00e1ng v\u00e0o th\u00e1ng 3 v\u1eeba qua, Figure kh\u00f4ng ch\u1ec9 \u0111\u01a1n thu\u1ea7n l\u00e0 m\u1ed9t c\u00f4ng ty fintech, m\u00e0 \u0111ang th\u1ef1c s\u1ef1 n\u1ed7 l\u1ef1c \u0111\u1ec3 tr\u1edf th\u00e0nh “h\u1ec7 th\u1ed1ng \u1ed1ng n\u01b0\u1edbc” m\u1edbi cho th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh to\u00e0n c\u1ea7u. B\u1eb1ng c\u00e1ch \u1ee9ng d\u1ee5ng c\u00f4ng ngh\u1ec7 blockchain, Cagney \u0111ang t\u00ecm c\u00e1ch lo\u1ea1i b\u1ecf s\u1ef1 c\u1ed3ng k\u1ec1nh c\u1ee7a c\u00e1c kh\u00e2u trung gian, t\u1eeb \u0111\u00f3 \u0111\u1ecbnh ngh\u0129a l\u1ea1i c\u00e1ch th\u1ee9c v\u1eadn h\u00e0nh c\u1ee7a c\u00e1c th\u1ecb tr\u01b0\u1eddng t\u00edn d\u1ee5ng v\u00e0 ch\u1ee9ng kho\u00e1n trong k\u1ef7 nguy\u00ean s\u1ed1.<\/p>\n

\n \"Token
\u1ea2nh t\u1eeb ngu\u1ed3n: coindesk.com<\/em><\/figcaption><\/figure>\n

B\u1ea3n ch\u1ea5t c\u1ee7a cu\u1ed9c c\u00e1ch m\u1ea1ng t\u1eeb token h\u00f3a t\u00edn d\u1ee5ng<\/h2>\n

Vi\u1ec7c Figure \u0111\u1ea1t t\u1edbi con s\u1ed1 1 t\u1ef7 USD trong c\u00e1c kho\u1ea3n vay kh\u1edfi t\u1ea1o h\u00e0ng th\u00e1ng kh\u00f4ng ph\u1ea3i l\u00e0 m\u1ed9t s\u1ef1 ng\u1eabu nhi\u00ean, m\u00e0 l\u00e0 minh ch\u1ee9ng cho s\u1ee9c m\u1ea1nh c\u1ee7a vi\u1ec7c t\u1ed1i \u01b0u h\u00f3a quy tr\u00ecnh th\u00f4ng qua blockchain. Mike Cagney kh\u1eb3ng \u0111\u1ecbnh, m\u1ee5c ti\u00eau c\u1ed1t l\u00f5i c\u1ee7a \u00f4ng l\u00e0 x\u00e2y d\u1ef1ng m\u1ed9t th\u1ecb tr\u01b0\u1eddng n\u01a1i t\u00edn d\u1ee5ng c\u00f3 th\u1ec3 lu\u00e2n chuy\u1ec3n hi\u1ec7u qu\u1ea3 m\u00e0 kh\u00f4ng c\u1ea7n \u0111\u1ebfn nh\u1eefng t\u1ea7ng l\u1edbp trung gian truy\u1ec1n th\u1ed1ng v\u1ed1n \u0111\u00e3 b\u00e1m r\u1ec5 s\u00e2u v\u00e0o h\u1ec7 th\u1ed1ng t\u00e0i ch\u00ednh h\u00e0ng ch\u1ee5c n\u0103m qua. Token h\u00f3a t\u00edn d\u1ee5ng kh\u00f4ng ch\u1ec9 l\u00e0 vi\u1ec7c \u0111\u01b0a t\u00e0i s\u1ea3n l\u00ean chu\u1ed7i, \u0111\u00f3 l\u00e0 qu\u00e1 tr\u00ecnh thay \u0111\u1ed5i b\u1ea3n ch\u1ea5t c\u1ee7a s\u1ef1 thanh kho\u1ea3n v\u00e0 t\u00ednh minh b\u1ea1ch trong t\u00e0i ch\u00ednh.<\/p>\n

\u0110\u00e1ng ch\u00fa \u00fd, m\u00f4 h\u00ecnh c\u1ee7a Figure d\u1ef1a tr\u00ean ba tr\u1ee5 c\u1ed9t chi\u1ebfn l\u01b0\u1ee3c. Th\u1ee9 nh\u1ea5t l\u00e0 b\u00e0i to\u00e1n chi ph\u00ed: vi\u1ec7c m\u00e3 h\u00f3a c\u00e1c kho\u1ea3n vay gi\u00fap gi\u1ea3m \u0111\u00e1ng k\u1ec3 ma s\u00e1t v\u00e0 chi ph\u00ed trong c\u00e1c ho\u1ea1t \u0111\u1ed9ng ch\u1ee9ng kho\u00e1n h\u00f3a, v\u1ed1n tr\u01b0\u1edbc \u0111\u00e2y th\u01b0\u1eddng b\u1ecb “\u0103n m\u00f2n” b\u1edfi c\u00e1c lo\u1ea1i ph\u00ed c\u1ee7a trung gian. Th\u1ee9 hai l\u00e0 kh\u1ea3 n\u0103ng thanh kho\u1ea3n v\u01b0\u1ee3t tr\u1ed9i. Figure \u0111\u00e3 x\u00e2y d\u1ef1ng m\u1ed9t th\u1ecb tr\u01b0\u1eddng c\u1eadp nh\u1eadt th\u1eddi gian th\u1ef1c cho t\u00edn d\u1ee5ng ti\u00eau d\u00f9ng, m\u1ed9t \u0111i\u1ec1u hi\u1ebfm th\u1ea5y ngo\u00e0i ph\u1ea1m vi c\u00e1c t\u1ed5 ch\u1ee9c ch\u00ednh ph\u1ee7. Th\u1ee9 ba l\u00e0 quy\u1ec1n ti\u1ebfp c\u1eadn r\u1ed9ng r\u00e3i, n\u01a1i c\u00e1c t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c \u0111\u01b0a l\u00ean blockchain c\u00f3 th\u1ec3 t\u01b0\u01a1ng t\u00e1c tr\u1ef1c ti\u1ebfp v\u1edbi c\u00e1c giao th\u1ee9c t\u00e0i ch\u00ednh phi t\u1eadp trung (DeFi).<\/p>\n

Token h\u00f3a t\u00edn d\u1ee5ng v\u00e0 s\u1ef1 giao thoa v\u1edbi t\u00e0i ch\u00ednh phi t\u1eadp trung<\/h2>\n

S\u1ef1 giao thoa gi\u1eefa t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng v\u00e0 c\u00f4ng ngh\u1ec7 blockchain \u0111ang t\u1ea1o ra nh\u1eefng ranh gi\u1edbi m\u1edbi trong ho\u1ea1t \u0111\u1ed9ng prime brokerage. Th\u00f4ng qua c\u00e1c n\u1ec1n t\u1ea3ng nh\u01b0 Forge, c\u00e1c kho\u1ea3n vay \u0111\u01b0\u1ee3c gom l\u1ea1i th\u00e0nh c\u00e1c vault ti\u00eau chu\u1ea9n h\u00f3a v\u00e0 chuy\u1ec3n \u0111\u1ed5i th\u00e0nh token, cho ph\u00e9p ch\u00fang tr\u1edf th\u00e0nh t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p trong c\u00e1c giao th\u1ee9c DeFi. S\u1ef1 chu\u1ea9n h\u00f3a n\u00e0y \u0111\u00f3ng vai tr\u00f2 l\u00e0 “ch\u00eca kh\u00f3a” m\u1edf ra ti\u1ec1m n\u0103ng l\u1edbn cho h\u1ec7 sinh th\u00e1i, b\u1edfi l\u1ebd DeFi ch\u1ec9 th\u1ef1c s\u1ef1 v\u1eadn h\u00e0nh \u1ed5n \u0111\u1ecbnh khi t\u00e0i s\u1ea3n th\u1ebf ch\u1ea5p \u0111\u1ea1t \u0111\u1ee7 \u0111\u1ed9 thanh kho\u1ea3n v\u00e0 t\u00ednh minh b\u1ea1ch c\u1ea7n thi\u1ebft.<\/p>\n

Trong khi nhi\u1ec1u d\u1ef1 \u00e1n trong th\u1ecb tr\u01b0\u1eddng ti\u1ec1n s\u1ed1 th\u01b0\u1eddng g\u1eb7p ph\u1ea3i s\u1ef1 ho\u00e0i nghi t\u1eeb c\u1eed tri M\u1ef9 v\u00e0 c\u00f4ng ch\u00fang v\u1ec1 t\u00ednh \u1ee9ng d\u1ee5ng th\u1ef1c t\u1ebf, \u0111\u1eb7c bi\u1ec7t l\u00e0 khi \u0111\u1ed1i m\u1eb7t v\u1edbi c\u00e1c v\u1ea5n \u0111\u1ec1 v\u1ec1 qu\u1ea3n l\u00fd v\u00e0 l\u1ef1a ch\u1ecdn gi\u1eefa ng\u00e2n h\u00e0ng truy\u1ec1n th\u1ed1ng v\u1edbi c\u00f4ng ngh\u1ec7 m\u1edbi nh\u01b0 \u0111\u00e3 \u0111\u1ec1 c\u1eadp trong c\u00e1c b\u00e0i vi\u1ebft v\u1ec1 s\u1ef1 l\u1ef1a ch\u1ecdn ng\u00e2n h\u00e0ng trong l\u00f2ng c\u1eed tri M\u1ef9 gi\u1eefa k\u1ef7 nguy\u00ean t\u00e0i ch\u00ednh s\u1ed1 hay v\u1ea5n \u0111\u1ec1 \u01b0u ti\u00ean c\u1eed tri M\u1ef9 v\u00e0 v\u1ecb th\u1ebf c\u1ee7a ti\u1ec1n \u0111i\u1ec7n t\u1eed, th\u00ec Figure l\u1ea1i ch\u1ecdn con \u0111\u01b0\u1eddng th\u1ef1c d\u1ee5ng. Cagney nh\u1ea5n m\u1ea1nh r\u1eb1ng \u00f4ng kh\u00f4ng quan t\u00e2m \u0111\u1ebfn vi\u1ec7c token h\u00f3a m\u1ecdi th\u1ee9 ch\u1ec9 v\u00ec xu h\u01b0\u1edbng, m\u00e0 t\u1eadp trung v\u00e0o nh\u1eefng l\u0129nh v\u1ef1c m\u00e0 c\u00f4ng ngh\u1ec7 n\u00e0y th\u1ef1c s\u1ef1 t\u1ea1o ra gi\u00e1 tr\u1ecb kinh t\u1ebf r\u00f5 r\u00e0ng.<\/p>\n

Hi\u1ec7n th\u1ef1c h\u00f3a gi\u00e1 tr\u1ecb th\u00f4ng qua h\u1ec7 sinh th\u00e1i on-chain<\/h3>\n

Figure kh\u00f4ng d\u1eebng l\u1ea1i \u1edf c\u00e1c kho\u1ea3n vay ti\u00eau d\u00f9ng. H\u1ecd \u0111ang m\u1edf r\u1ed9ng sang c\u00e1c d\u00f2ng s\u1ea3n ph\u1ea9m stablecoin sinh l\u1eddi backed b\u1edfi t\u00e0i s\u1ea3n truy\u1ec1n th\u1ed1ng v\u00e0 th\u1eadm ch\u00ed l\u00e0 token h\u00f3a c\u1ed5 phi\u1ebfu. \u00dd t\u01b0\u1edfng \u1edf \u0111\u00e2y l\u00e0 l\u1ea5y l\u1ea1i gi\u00e1 tr\u1ecb \u0111ang b\u1ecb th\u1ea5t tho\u00e1t trong c\u00e1c giao d\u1ecbch cho vay c\u1ed5 phi\u1ebfu truy\u1ec1n th\u1ed1ng \u2013 n\u01a1i m\u00e0 l\u00e3i su\u1ea5t vay c\u00f3 th\u1ec3 l\u00ean t\u1edbi 30% nh\u01b0ng ch\u1ee7 s\u1edf h\u1eefu t\u00e0i s\u1ea3n l\u1ea1i ch\u1ec9 nh\u1eadn \u0111\u01b0\u1ee3c m\u1ed9t ph\u1ea7n nh\u1ecf l\u1ee3i t\u1ee9c. B\u1eb1ng c\u00e1ch \u0111\u01b0a c\u00e1c t\u00e0i s\u1ea3n n\u00e0y l\u00ean blockchain, Figure k\u1ef3 v\u1ecdng s\u1ebd tr\u1ea3 l\u1ea1i ph\u1ea7n gi\u00e1 tr\u1ecb \u0111\u00f3 cho ch\u00ednh nh\u1eefng ng\u01b0\u1eddi s\u1edf h\u1eefu t\u00e0i s\u1ea3n.<\/p>\n

Nh\u00ecn s\u00e2u v\u00e0o b\u1ea3n ch\u1ea5t c\u1ee7a s\u1ef1 d\u1ecbch chuy\u1ec3n n\u00e0y, r\u00f5 r\u00e0ng blockchain \u0111ang ti\u1ebfn g\u1ea7n h\u01a1n \u0111\u1ebfn vi\u1ec7c tr\u1edf th\u00e0nh h\u1ea1 t\u1ea7ng x\u01b0\u01a1ng s\u1ed1ng cho th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh. Khi c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh l\u1edbn b\u1eaft \u0111\u1ea7u \u0111\u1eb7t ni\u1ec1m tin v\u00e0o c\u00e1c gi\u1ea3i ph\u00e1p on-chain, nh\u1eefng r\u00e0o c\u1ea3n v\u1ec1 r\u1ee7i ro v\u00e0 qu\u1ea3n tr\u1ecb s\u1ebd d\u1ea7n b\u1ecb x\u00f3a b\u1ecf. \u0110\u00e2y kh\u00f4ng ph\u1ea3i l\u00e0 s\u1ef1 thay th\u1ebf ho\u00e0n to\u00e0n h\u1ec7 th\u1ed1ng c\u0169, m\u00e0 l\u00e0 s\u1ef1 ti\u1ebfn h\u00f3a \u0111\u1ec3 lo\u1ea1i b\u1ecf nh\u1eefng m\u1eaft x\u00edch k\u00e9m hi\u1ec7u qu\u1ea3, m\u1ed9t b\u01b0\u1edbc \u0111i t\u1ea5t y\u1ebfu \u0111\u1ec3 h\u01b0\u1edbng t\u1edbi m\u1ed9t th\u1ecb tr\u01b0\u1eddng t\u00e0i ch\u00ednh nhanh h\u01a1n, ph\u1eb3ng h\u01a1n v\u00e0 minh b\u1ea1ch h\u01a1n.<\/p>\n

B\u00e0i vi\u1ebft \u0111\u00e3 \u0111\u01b0\u1ee3c bi\u00ean t\u1eadp l\u1ea1i t\u1eeb ngu\u1ed3n: coindesk.com<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Token h\u00f3a t\u00edn d\u1ee5ng \u0111ang tr\u1edf th\u00e0nh t\u00e2m \u0111i\u1ec3m trong h\u00e0nh tr\u00ecnh \u0111\u1ea7y tham v\u1ecdng c\u1ee7a Mike Cagney \u2013 c\u1ef1u CEO c\u1ee7a SoFi \u2013 t\u1ea1i Figure Technology Solutions (FIGR). Sau khi ghi nh\u1eadn c\u1ed9t m\u1ed1c h\u01a1n 1 t\u1ef7 USD gi\u00e1 tr\u1ecb kho\u1ea3n vay \u0111\u01b0\u1ee3c kh\u1edfi t\u1ea1o h\u00e0ng th\u00e1ng v\u00e0o th\u00e1ng 3 v\u1eeba qua, Figure kh\u00f4ng […]<\/p>\n","protected":false},"author":1,"featured_media":12621,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[51],"tags":[],"class_list":["post-12622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-va-web3"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/12622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/comments?post=12622"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/12622\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/12621"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=12622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=12622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=12622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}