令牌化繁榮：為什麼以太坊仍然是現實世界中的資產標記的鐵軌

在今天的顧問加密貨幣中，Evolve ETF的Tedd Strazimiri撰寫了有關令牌化的演變及其給投資者帶來的價值。

Thank you to our sponsor of this week’s newsletter, Grayscale. For financial advisors near Chicago, Grayscale is hosting an exclusive event, Crypto Connect, on Thursday, May 22. Learn more.

感謝我們對本週新聞通訊Grayscale的讚助商。對於芝加哥附近的財務顧問，Grayscale將於5月22日（星期四）舉辦一項獨家活動，即Crypto Connect。了解更多信息。

In today’s Crypto for Advisors, Tedd Strazimiri from Evolve ETFs writes about the evolution of tokenization and the value it brings to investors.

在今天的顧問加密貨幣中，Evolve ETF的Tedd Strazimiri撰寫了有關令牌化的演變及其給投資者帶來的價值。

Then, Peter Gaffney from Inveniam answers questions about what tokenization can do for wealth managers and their clients in Ask an Expert.

然後，來自Inveniam的Peter Gaffney回答了有關詢問專家的財富管理人員及其客戶可以做什麼的問題。

- Sarah Morton

- 莎拉·莫頓（Sarah Morton）

The Tokenization Boom: Why Ethereum Remains the Rails for Real-World Asset Tokenization

令牌化繁榮：為什麼以太坊仍然是現實世界中的資產標記的鐵軌

The tokenization of real-world assets (RWAs) has moved beyond buzzword status to become a multi-billion-dollar reality, led by Ethereum. Of the more than $250 billion in tokenized assets, Ethereum commands approximately 55%.

現實世界中資產（RWA）的令牌化已超出流行語狀態，成為以太坊領導的數十億美元現實。在超過2500億美元的令牌資產中，以太坊的命令約為55％。

From stablecoins and U.S. Treasuries to real estate, private credit, commodities and equities, Ethereum has emerged as the preferred blockchain infrastructure for institutions aiming to bridge traditional finance with the digital asset world.

從Stablecoins和美國國債到房地產，私人信貸，商品和股票，以太坊已成為旨在彌合傳統金融與數字資產世界的機構的首選區塊鏈基礎設施。

Why tokenization matters

為什麼令牌化很重要

At its core, tokenization is the process of converting ownership rights in RWAs into digital tokens that live on a blockchain. This transformation introduces unprecedented efficiencies in settlement speed, liquidity and accessibility. Tokenized assets can be traded 24/7, settled instantly and fractionalized to reach a broader range of investors. For institutions, tokenization reduces costs tied to custody, middlemen and manual processes, while offering transparency and programmability.

從本質上講，令牌化是將RWA中的所有權轉換為居住在區塊鏈上的數字令牌的過程。這種轉變引入了定居速度，流動性和可及性的前所未有的效率。可以將標記資產交易24/7，立即定居並分數化，以達到更廣泛的投資者。對於機構，令牌化降低了與監護權，中間人和手動流程有關的成本，同時提供透明度和可編程性。

But while tokenization is a trend that can take root across multiple blockchains, Ethereum’s dominance is no accident. Its established infrastructure, widespread developer ecosystem and proven security have made it the go-to platform for major players entering the space.

但是，儘管令牌化是可以紮根多個區塊鏈的趨勢，但以太坊的主導地位並不是偶然的。它已建立的基礎架構，廣泛的開發人員生態系統和經過驗證的安全性使其成為進入該空間的主要參與者的首選平台。

Ranked: Blockchain Networks Supporting RWA Tokenization

排名：支持RWA令牌化的區塊鍊網絡

BlackRock’s BUIDL and the rise of institutional tokenization

貝萊德的buidl和機構令牌的興起

One of the best examples of institutional adoption of tokenization is BlackRock’s BUIDL, a tokenized U.S. Treasury fund built on Ethereum. Launched in early 2024, BUIDL allows investors to access U.S. Treasuries via blockchain, offering real-time settlement and transparency into holdings. The fund has rapidly scaled to over $2.5 billion in assets under management, securing a 41% market share in the tokenized U.S. Treasury space. Ethereum remains the dominant chain for tokenized Treasuries, accounting for 74% of the $6.2 billion tokenized US treasuries market. BUIDL isn’t just a product; it’s a signal that TradFi sees Ethereum as the backbone of the next financial era.

機構採用令牌化的最好例子之一是貝萊德的Buidl，這是建立在以太坊的代幣美國財政基金。 Buidl於2024年初啟動，允許投資者通過區塊鏈訪問美國國債，從而實時結算和透明度為持股。該基金已迅速規模擴大到管理層管理的25億美元以上的資產，在美國財政部空間中獲得了41％的市場份額。以太坊仍然是代幣化國庫的主要連鎖店，占美國國庫市場62億美元的74％。 Buidl不僅僅是產品；這是Tradfi認為以太坊是下一個金融時代的骨幹的信號。

Stablecoins: the foundation layer

Stablecoins：基礎層

No discussion of tokenization is complete without stablecoins. U.S. dollar-pegged assets like USDC and USDT represent the vast majority (95%) of all tokenized assets. Stablecoins alone account for more than $128 billion of Ethereum’s tokenized economy1 and serve as the primary medium of exchange across DeFi, cross-border settlements and remittance platforms.

沒有穩定蛋白，就沒有關於令牌化的討論是完整的。 USDC和USDT（USDT）等美元的資產代表了所有令牌資產的絕大多數（95％）。僅穩定幣就佔以太坊的標記經濟的1280億美元以上，並且是跨越跨境和匯款平台交換的主要媒介。

In many developing economies, like Nigeria or Venezuela, stablecoins provide access to the U.S. dollar without needing a bank. Whether shielding savings from inflation or enabling seamless international trade, stablecoins show the real-world value of tokenized dollars, backstopped by the Ethereum network.

在尼日利亞或委內瑞拉等許多發展中的經濟體中，Stablecoins無需銀行就可以訪問美元。無論是屏蔽通貨膨脹還是實現無縫的國際貿易，Stablecoins都表明了以太坊網絡後台的代幣化美元的現實價值。

Tokenized Stocks and beyond

象徵性股票及以後

Tokenized stocks on Ethereum represent a growing but still nascent segment of the tokenized asset space. These digital assets mirror the price of real-world equities and ETFs, offering 24/7 trading, fractional ownership, global accessibility and instant settlement. Key benefits include increased liquidity, lower transaction costs and democratized access to markets traditionally limited by geography or account type. Popular tokenized stocks include Nvidia, Coinbase and MicroStrategy, as well as ETFs like SPY. As regulatory clarity improves, tokenized equities on Ethereum could reshape how investors access and trade stocks, especially in underserved or emerging markets.

以太坊上的標記庫存代表了標記資產空間中的一個增長但仍在的新生段。這些數字資產反映了現實世界中的股票和ETF的價格，提供24/7交易，分數所有權，全球可訪問性和即時結算。關鍵收益包括增加流動性，降低交易成本以及傳統上受地理或帳戶類型限制的市場民主化通道。流行的令牌庫存包括Nvidia，Coinbase和MicroStrategy以及Spy等ETF。隨著法規清晰度的提高，以太坊的標記股票可以重塑投資者如何使用和交易股票，尤其是在服務不足或新興市場中。

Additionally, real estate, private credit, commodities and even art are finding their way onto Ethereum in tokenized formats, proving the chain’s adaptability for diverse asset classes.

此外，房地產，私人信貸，商品甚至藝術品正在以令牌化格式進入以太坊，證明了該連鎖店對不同資產類別的適應性。

Tokenized RWAs (excluding Stablecoins)

令牌的RWA（不包括Stablecoins）

Source: RWA.xyz, as of April 22, 2025.

資料來源：RWA.XYZ，截至2025年4月22日。

Conclusion

結論

Ethereum’s dominance in tokenized assets isn’t just about being first — it’s about being built for permanence. As the infrastructure underpinning real-world asset tokenization matures, Ethereum’s role as the financial layer of the internet becomes more pronounced. While newer chains like Solana will carve out niches in the space, Ethereum continues to be the platform where regulation meets innovation, and where finance finds its next form.

以太坊在代幣化資產中的主導地位不僅僅是首先是為了永久性而建立的。隨著基礎架構的基礎構建現實世界中的標記化，以太坊作為互聯網財務層的作用變得越來越明顯。儘管像Solana這樣的新連鎖店將在該空間中塑造利基市場，但以太坊仍然是法規符合創新的平台，而財務找到了下一張形式。

- Tedd Strazimiri, product research associate, Evolve ETFs

-Tedd Strazimiri，產品研究助理，Evolve ETFS

Ask an Expert

詢問專家

Q. What are the value drivers of tokenization for a wealth manager?

問：財富經理的代幣化驅動力是什麼？

A. The tokenization of assets should come

答：資產的令牌化應該來