當它進入採用鈴曲線的“實用主義者”部分時，RWA令牌化獲得了識別

現實世界資產（RWA）的令牌化正在獲得尋求抵押流動性的機構的認可

Institutions are increasingly interested in the tokenization of real-world assets (RWAs) due to its potential for collateral mobility and issuers making private, alternative assets more accessible to retail investors. This interest comes as crypto enthusiasts are engaging in more serious conversations compared to the NFT and memecoin craze of past years.

機構越來越對現實資產的令牌化（RWAS）越來越感興趣，因為它具有抵押交易的潛力，並且發行人使零售投資者更容易獲得私人的替代資產。與過去幾年的NFT和Memecoin熱潮相比，加密愛好者正在進行更嚴肅的對話。

As predicted earlier this year, tokenization is solidifying its position and moving into the “pragmatists” portion of the adoption bell curve with a $50 billion market cap at year-end 2024 and surpassing $65 billion in May 2025, excluding stablecoins.

正如今年早些時候所預測的那樣，令牌化正在鞏固其位置，並進入了收養鈴曲線的“實用主義者”部分，在2024年年底的市值為500億美元，並在2025年5月超過650億美元，不包括Stablecoins。

A recent conference, TokenizeThis 2025, brought together industry leaders to dive deep into specific areas of the tokenization space, celebrating innovative accomplishments and evaluating how to tackle remaining challenges to reach mainstream adoption. While the conference panel topics delved into granular areas, a couple overarching themes to highlight include 1) collateral mobility and new utility enhancing real world assets and 2) the effects tokenization will have on investment strategies and workflows.

最近的一次會議，即2025年的Tokenizethis，將行業領導者匯集在一起​​，深入探討令牌化領域的特定領域，慶祝創新成就，並評估如何應對剩餘的挑戰以達到主流採用。雖然會議小組主題深入研究了粒狀區域，但夫婦的總體主題包括1）附帶機動性和新的公用事業增強現實世界資產； 2）代幣化將對投資策略和工作流程產生影響。

Adding utility and collateral mobility

增加公用事業和附帶活動性

“I think that's actually what makes this technology so powerful is that you're talking about the same token but it can be used in very different ways for very different investors as long as of course the risk framework is right,” said Maredith Hannon, head of business development, digital assets at WisdomTree.

“我認為這實際上是使這項技術如此強大的原因是，您在談論相同的令牌，但是只要風險框架正確，它可以用非常不同的方式用於截然不同的投資者，” WisdomTree的數字資產負責人Maredith Hannon說。

While tokenizing assets is straightforward, the real opportunity lies in enabling more streamlined usage of assets compared to their traditional counterparts and addressing the needs of different participants. A panel dedicated to this topic shared examples of tokenized treasury products that can be used in both retail and institutional settings. Because blockchain allows an asset to move more freely, a money market fund could be used as collateral on a prime brokerage, eliminating the need to exit from that position thus still earning its corresponding yield for the investor. From a retail perspective, the same is possible with a different application where the fund units can be used for payment using a debit card linked to them. Utility can be added to other, higher risk investment products as well through different applications depending on the use case, with the common denominator being the use of blockchain technology.

雖然標記資產很簡單，但真正的機會在於與傳統同行相比，可以更簡化資產的使用並滿足不同參與者的需求。專門針對此主題的小組共享了可以在零售和機構環境中使用的令牌化財政產品的例子。由於區塊鏈允許資產更加自由地移動，因此貨幣市場基金可以用作主要經紀公司的抵押品，從而消除了退出該職位的需要，因此仍在為投資者賺取相應的收益率。從零售的角度來看，可以使用鏈接到它們的借記卡使用基金單位的不同應用程序也可以使用。可以通過不同的應用程序將實用程序添加到其他較高風險投資產品中，並取決於用例，共同點是使用區塊鏈技術。

Along the same lines, lending and borrowing is being disrupted thanks to tokenization. Going to a traditional lender (usually an institution) for cash is a cumbersome process.

同樣，由於令牌化，貸款和借貸也正在中斷。去傳統的貸方（通常是機構）進行現金是一個麻煩的過程。

“The end goal in my opinion would be that my kids when doing their first mortgage apply anonymously on a mortgage chain saying ‘this is my situation I want to decompose this and borrow this for that’ and then she just borrows it [from] many people at the same time and repaying stablecoins… it's already quite daunting to talk to 20 banks because you want to buy one apartment, at least this is how it works in France right now,” said Jerome de Tychey, CEO at Cometh.

“我認為的最終目標是，我的孩子在進行第一次抵押貸款時，在抵押鍊鍊上說'這是我的情況，我想分解這件事並為此借用這一點。 Tychey，Cometh的首席執行官。

Jerome’s anecdote speaks to the power of decentralized finance for an individual and how it can fast-track a loan. Figure offers an internet-based solution for home equity lines of credit (HELOCs) and even they are using the blockchain in the backend. By issuing, warehousing and securitizing them, they’ve saved 150 bps out of the process — an operational advantage. From an investment standpoint, the DeFi vaults panel showcased how vaults streamline something similar but for investors, with an example being Apollo's tokenized private credit fund now using this technology to enable leverage loops. This means borrowed stablecoin can be used to buy more of the asset, increasing yield while being subject to a built-in programmatic risk framework.

杰羅姆（Jerome）的軼事表明了個人對個人的權力以及如何快速貸款。 Figus提供了基於Internet的信用額度（HELOC）的基於Internet的解決方案，甚至它們也在後端使用區塊鏈。通過發行，倉儲和證券化，他們從流程中節省了150個基士，這是一種運營優勢。從投資的角度來看，Defi Vaults小組展示了Vaults如何簡化類似但對於投資者而言，一個例子是Apollo的標記私人信貸基金，現在使用該技術來實現槓桿循環。這意味著可以使用借用的穩定幣來購買更多資產，增加收益率，同時受到內置程序化風險框架的影響。

Source: Securitize

來源：證券化

However, challenges remain to be solved before vaults can take off, such as high custody and liquidity provision costs, limited RWA composability in DeFi and minimal appeal to crypto-native users seeking higher returns. Despite these obstacles, participants expressed enthusiasm for future possibilities.

但是，在保險庫騰飛之前，仍有待解決的挑戰，例如高託管和流動性提供成本，DEFI的RWA合併有限，對尋求更高回報的加密本地用戶的吸引力最少。儘管存在這些障礙，但參與者對未來的可能性表示熱情。

How RWAs are impacting traditional strategies and workflows

RWA如何影響傳統策略和工作流程

“The reason this technology is so powerful is because it's a computer. If you think about all the middle and back office work from originating an asset to selling it, how many intermediaries touch it and take fees, how many people ensure loan tapes match with received funds — bringing that workflow on-chain is far more meaningful than just focusing on the asset itself,” said Kevin Miao, head of growth at Steakhouse Financial.

“這項技術之所以如此強大的原因是因為它是一台計算機。如果您考慮所有中間和後台的工作，從產生資產到出售它，有多少中介機構觸摸並收取費用，有多少人確保貸款與收到的資金相匹配，那麼將工作流程匹配 - 將工作流程付諸實踐，這比資產本身更有意義。

Traditional markets have had a challenging time incorporating less liquid, higher yielding assets into investment strategies due to complex back and middle office needs for transfers, servicing, reporting and other factors. Automating transfer processes and providing on-chain transparency would make it easier for these assets to be allocated in and out of, in addition to cryptocurrencies introducing new investment opportunities.

由於復雜的轉移，維修，報告和其他因素，傳統市場艱鉅的時期納入了較少的流動性，更高的收益資產為投資策略。除了引入新的投資機會的加密貨幣之外，自動化轉移流程並提供鏈上透明度將使這些資產進出以更容易分配。

Cameron Drinkwater from S&P Dow Jones Indices and Ambre Soubiran from Kaiko discussed how blockchain will unlock previously inaccessible portfolio construction tools. They shared how this could result in blockchain-native investment strategies combining crypto and private asset allocations for greater diversification and

S＆P Dow Jones Indices的Cameron Drinkwater和Kaiko的Ambre Soubiran討論了區塊鏈將如何解鎖以前無法訪問的投資組合建築工具。他們分享了這可能導致區塊鏈本地投資策略結合加密和私人資產分配，以增加多元化和