RWA現在真的很熱。讓我們拆除我們RWA先驅Ondoto的模型

目前，RWA真的很熱。從4月初的香港Web3狂歡節到最近的Web3律師圈，每個人都在談論RWA。

At the moment, RWA is really hot.

目前，RWA真的很熱。

From the Hong Kong Web3 Carnival in early April to the recent Web3 lawyer circle, everyone is talking about RWA. It is not without reason. After all, RWA is a more reliable and secure way to “issue coins”.

從4月初的香港Web3狂歡節到最近的Web3律師圈，每個人都在談論RWA。這並非沒有理由。畢竟，RWA是“發行硬幣”的更可靠和安全的方法。

A few days ago, Lawyer Mankiw talked with everyone about China's new RWA projects, such as “Mankiw Research | Decoding China's Mainland Characteristics RWA: Practical Characteristics, Risk Analysis and Optimization Path”, and also shared with everyone how to play current RWA, such as “Mankiw | In the divided Web3 world, there are at least three types of RWA”.

幾天前，律師Mankiw與所有人進行了有關中國新的RWA項目的討論，例如“ Mankiw Research |解碼中國的大陸特徵RWA：實踐特徵，風險分析和優化路徑”，並與每個人都分享瞭如何播放當前RWA的RWA，例如“ Mankiw |在Web3 World中，Mankiw |至少是三種類型的RWA”。

However, if we want to talk about the precedents and leaders of RWA, we have to turn our attention to the United States. The most representative one is probably Ondo. In particular, the U.S. Securities and Exchange Commission (SEC) met with it in the past two days to discuss the compliance issuance of tokenized securities, which really gave Ondo another big S on its report card.

但是，如果我們想談論RWA的先例和領導者，我們必須將注意力轉移到美國。最具代表性的可能是Ondo。特別是，在過去的兩天中，美國證券交易委員會（SEC）會見了它，討論了令牌化證券的合規性發行，這確實使Ondo在其成績單上又有了另一個大型S。

Therefore, in this article, Attorney Mankiw will talk to you about how RWA works in the United States based on Ondo’s RWA model.

因此，在本文中，律師Mankiw將根據Ondo的RWA模型與您討論RWA在美國的工作方式。

Ondo RWA model dismantling

Ondo RWA模型拆除

As for why Ondo is known as the leading RWA project in the industry, attorney Mankiw believes that the most important point is that when most projects are still thinking about “what real assets to use to issue tokens for financing”, Ondo has already moved assets such as U.S. Treasury bonds and money market funds onto the chain and integrated them into the DeFi gameplay.

至於為什麼Ondo被稱為行業領先的RWA項目，律師Mankiw認為，最重要的一點是，當大多數項目仍在思考“用於捐款用於融資的實際資產”時，Ondo已經將諸如美國財政部債券和貨幣市場資金等資產轉移到了鏈條上，並將其集成到了Defi遊戲中。

Take the Ondo US Dollar Yield Token (USDY) for example. The real assets behind it are short-term US Treasury bonds and bank deposits, which means:

以Ondo ot on Dollar的收益令牌（USDY）為例。其背後的真正資產是美國短期債券和銀行存款，這意味著：

First, the asset has real income support. USDY is essentially a yield-based stablecoin, and investors can enjoy the income from US bonds or bank deposits every day;

首先，資產具有實際收入支持。 USDY本質上是一種基於收益率的穩定者，投資者每天都可以享受美國債券或銀行存款的收入；

Second, transparency and security are guaranteed. The underlying logic of the asset, such as custody, auditing, and profit distribution, still follows the compliance standards of traditional finance.

其次，保證透明度和安全性。資產的基本邏輯（例如監護權，審計和利潤分配）仍然遵循傳統金融的合規性標準。

In addition, USDY adopts a bankruptcy isolation structure, and the reserve assets are completely separated from the issuing entity. In the event of an extreme situation, investors have priority in claiming the reserve assets. In addition to USDY, Ondo also issued OUSG, which is anchored to the US short-term Treasury bond fund, and its logic is similar to USDY.

此外，USDY採用破產隔離結構，儲備資產與發行實體完全分開。如果發生極端情況，投資者優先考慮儲備資產。除USDY外，Ondo還發行了OUSG，該OUSG固定在美國短期債券基金中，其邏輯類似於USDY。

Therefore, attorney Mankiw believes that, to some extent, Ondo is more like moving traditional financial products and liquidation mechanisms onto the chain, while ensuring that returns and risks are controllable, it also provides liquidity to assets on the chain.

因此，曼基律師認為，在某種程度上，Ondo更像是將傳統的金融產品和清算機制移至鏈條上，同時確保回報和風險可控制，它還為鏈上的資產提供了流動性。

Speaking of asset liquidity, we have to mention another product of the Ondo team, Flux Finance.

說到資產流動性，我們必須提及Ondo團隊Flux Finance的另一個產品。

If issuing coins is only the first step of RWA, then how to make RWA tokens flow on the chain is the key to value-added. Therefore, Flux Finance was born, a lending protocol exclusively for RWA.

如果發行硬幣只是RWA的第一步，那麼如何使鏈條上的RWA令牌流是增值的關鍵。因此，Flux Finance誕生了，這是專門用於RWA的貸款協議。

The difference between Flux and common lending protocols (Compound, Aave) is that it allows users to use these tokenized government bonds (such as OUSG) as collateral to borrow stablecoins such as USDC.

通量和通用貸款方案（化合物，AAVE）之間的區別在於，它允許用戶使用這些令牌化的政府債券（例如OUSG）作為抵押品，以藉用USDC等穩定股。

So, the question is: Treasury bonds are 100% securities. Will putting them in DeFi violate US regulations?

因此，問題是：國​​庫券是100％證券。將他們置於Defi中會違反美國法規嗎？

Ondo's solution is a licensing system: not everyone can use OUSG to borrow, you must pass a compliance review to ensure that you are a qualified investor. In other words, through a centralized review system, the disordered state of “any asset can be pledged” in DeFi is avoided, ensuring that on-chain lending activities are also carried out within a compliance framework.

Ondo的解決方案是一個許可系統：並非每個人都可以使用OUSG借用，您必須通過合規性審查以確保您是合格的投資者。換句話說，通過集中式審查系統，避免了“任何資產”的“任何資產”的混亂狀態，以確保在合規框架內也進行了鏈貸款活動。

This design is equivalent to setting a template for the compliance of RWA+DeFi on the entire chain in the future.

這種設計等同於為將來的整個鏈中RWA+Defi的合規性設置模板。

In fact, the gameplay of RWA is already a closed loop. However, Ondo is still expanding its territory in the field of RWA. Since RWA is so popular, all projects want to do RWA, so how to issue it and where to circulate it? There must be an infrastructure.

實際上，RWA的遊戲玩法已經是一個封閉式循環。但是，Ondo仍在擴大RWA領域的領土。由於RWA如此受歡迎，因此所有項目都想做RWA，因此如何發行它以及在哪裡散發它？必須有基礎架構。

Yes, Ondo is also busy at the infrastructure level. It has built its own chain, Ondo Chain, which is tailor-made for RWA. The core gameplay is:

是的，Ondo在基礎架構級別也很忙。它已經建立了自己的鏈條，即ondo Chain，它是針對RWA量身定制的。核心遊戲玩法是：

Such an architecture can not only meet the security and regulatory requirements of institutions, but also ensure the native openness of Web3.

這樣的架構不僅可以滿足機構的安全和監管要求，而且還可以確保Web3的本地開放性。

Of course, with the infrastructure for everyone to issue coins, token standards must also be arranged. Therefore, Ondo announced plans to build Ondo Global Markets (Ondo GM) in 2024.

當然，對於每個人都可以發行硬幣的基礎設施，也必須安排代幣標準。因此，Ondo宣布了計劃於2024年建立Ondo全球市場（Ondo GM）的計劃。

At the beginning, Ondo GM's design was relatively traditional, following the “brokerage instruction model”. Tokens represented investors' position instructions issued by traditional brokerages, and were generally permission-based and closed.

一開始，Ondo GM的設計是相對傳統的，遵循“經紀教學模型”。代幣代表了傳統經紀人發布的投資者職位指示，通常是基於許可的和封閉的。

However,

然而，