探索最新的加密热潮：RWA

现实世界的资产是加密货币的下一个前沿吗？

现实世界资产 (RWA) 是人们谈论的话题。像 BlackRock 这样的大公司正在涉足 RWA，Tether 正在推出自己的平台，而且这些数字也令人印象深刻——RWA 代币在 2 月份达到了创纪录的 27 亿美元市值。

有了如此多的主要推动因素，RWA 的叙述预计将在 2024 年下半年成为焦点。

今天的故事概述了 RWA 的概况，重点介绍了现实世界中被代币化的不同类型的资产以及需要关注的杰出项目。

让我们深入了解一下吧！

RWA 的下一步是什么？

RWA 是加密货币领域增长最快的领域之一。许多人将其视为利用全球数万亿资产、推动整个行业增长的一种方式。

贝莱德 (BlackRock) 首席执行官拉里·芬克 (Larry Fink) 将 RWA 称为“市场的下一代”。波士顿咨询集团预测，到 2030 年，将这些资产转化为代币可能会释放 16 万亿美元的机会。

然而，到目前为止，只有一种资产被成功代币化并完全融入加密生态系统，那就是稳定币形式的法定货币。

稳定币是第一个、最大、最成熟的 RWA。他们发现了适合加密货币的产品市场，并看到了对不同服务的强烈需求，并且是每个加密生态系统的基本组成部分。

但 RWA 领域除了稳定币之外还有什么？

近年来，我们看到各种现实世界资产被代币化并上链的趋势不断增长。让我们看看一些最流行的类型。

商品、股票和基金

黄金、白银和原油等大宗商品通常在世界各地的各个交易所进行交易。这些自然资源可以被代币化以代表实际商品的股份，就像稳定币对法定货币所做的那样。

到目前为止，贵金属，尤其是黄金，作为 RWA 在加密货币领域获得了最大的关注。据 CoinGecko 报道

(XAUT)等代币

黄金的主导地位表明 RWA 行业是多么新生。然而，有几个项目正在试验不同的商品。

随着 RWA 代币化空间的成熟，我们可能会看到原油等其他商品甚至玉米等农作物的代币。其论点是，未来更多的全球交易将转移到区块链上。

Similar to commodities, stocks, and mutual funds can also be tokenized.These assets are mainstays in the traditional finance market, but their adoption in crypto has been slow, largely due to regulatory hurdles.

Complying with laws across jurisdictions is tough, with many projects needing licenses and facing restrictions, like excluding users from certain countries or meeting strict KYC and AML criteria.

Despite these challenges, some projects likeSwarmandBackedhave navigated the regulatory maze, allowing onchain trading of global stocks and funds, like COIN and NVDA from the U.S. markets, and index funds like the Core S&P 500, among others.

Treasuries

Treasuries refer to tokenized government debt instruments. Traditionally, these instruments are secure, yield-generating assets as they are issued by governments.

Following the COVID-19 pandemic, treasury rates, which were historically low, saw a rise as the Federal Reserve adjusted its monetary policy to the shifting economy. By October 2023, short-term treasury yields had climbed from near zero to approximately5.4%.

This uptick in rates spurred the launch of projects tokenizing U.S. treasuries, with some notable examples being:

• Franklin Templeton —launched theFranklin OnChain U.S. Government Money Fund(FOBXX) in 2021, the first U.S.-registered fund on a public blockchain. It offers a 5.11% yield and has a $365 million market cap, ranking it among the largest onchain treasury products.

• BlackRock —launched theBlackRock USD Institutional Digital Liquidity Fund ($BUIDL) in March 2024 on Ethereum. It currently leads the onchain treasury fund market with over $375 million in assets under management.

• Ondo —launched theOndo Short-Term U.S. Government Treasuries (OUSG), which provides access to short-term U.S. Treasuries with a 4.68% yield and a market cap around $140 million. A significant portion of OUSG is invested in BlackRock's BUIDL.Ondoalso offers the USDY yield-bearing stablecoin, with a market cap exceeding$120 million.

This category has seen substantial growth as treasury yields have become more appealing with rising interest rates. Other notable projects in this space include Superstate, Maple, Backed, OpenEden, and more.

Onchain Private Credit

Private credit involves lending by financial institutions to businesses through debt instruments, essentially loans.

In the context of the RWA sector in crypto, these loans are tokenized through credit protocols, allowing lenders to extend capital to these institutions in exchange for yield.

In traditional finance, private credit is a massive $1.6 trillion market, and it's slowly carving out a significant niche in crypto.

Crypto credit protocols have already tokenized over $4.4 billion in loans, with more than $600 million currently loaned out to real-world businesses, generating returns for onchain lenders.

对于链上投资者来说，私人信贷因其较高的收益率潜力而呈现出有吸引力的主张。例如，通过像 Centrifuge 这样的协议借贷稳定币的平均年利率可以达到 8.7%，超过了 AAVE 等平台上通常出现的 4-5% 的年利率，但风险也随之增加。

房地产

RWA 中的房地产类别侧重于对住宅、土地、商业建筑和基础设施项目等实物财产进行代币化。

房地产是世界上最大的资产类别。但传统上，由于房产成本高昂，房地产投资需要大量资金。通过代币化使房地产可以在链上交易，引入了一种新颖的投资范式，增强了可访问性，实现了部分所有权，并有可能增加流动性。

尽管如此，房地产固有的流动性不足限制了其链上采用的步伐。房地产交易的旷日持久的性质和较小的买家群体使得在链上协调卖家和买家变得具有挑战性，特别是考虑到该行业传统上是在遗留系统上运作的。

像 RealT Tokens 这样的项目正在努力通过简化财产分割来向市场注入流动性，从而使卖方能够轻松分割其资产，并使买方能够获得代币化的股票。

此外，Parcl 等平台允许通过其链上交易机制对不同地点（例如美国不同城市）的房地产价值进行投机。

从长远来看，所有这些举措将使房地产市场更具流动性。

结论

RWA 的概念有望为房地产、大宗商品和债务等传统资产带来新的全球准入和流动性水平。如果对 RWA 的大胆预测成为现实，这些资产的代币化很可能会重新定义世界如何交易这些资产，进而让更多的人进入链上。

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