Defi的新构建块：象征性资产位于中心舞台

探索象征化现实世界中的资产（RWA）如何彻底改变Defi，成为贷款，流动性和产量的关键基础。

DeFi's New Building Blocks: Tokenized Assets Take Center Stage

Defi的新构建块：象征性资产位于中心舞台

DeFi is evolving rapidly, and tokenized real-world assets (RWAs) are at the heart of this transformation, acting as crucial building blocks for the future of finance.

Defi正在迅速发展，而象征性的现实世界资产（RWAS）是这种转型的核心，是金融未来的重要组成部分。

RWAs: More Than Just Digital Copies

RWAS：不仅仅是数字副本

Forget the idea of RWAs as mere digital representations of traditional assets. They're now integral components of on-chain finance, driving lending, enhancing liquidity, and generating yield. This evolution is bridging the gap between traditional finance (TradFi) and DeFi, creating exciting new opportunities.

忘记RWA作为传统资产的数字表示的想法。现在，它们是链融资，推动贷款，增强流动性和产生产量的组成部分。这种演变正在弥合传统金融（Tradfi）和Defi之间的差距，从而创造了令人兴奋的新机会。

According to the 2025 RWA Report from Dune and RWAxyz, assets like Treasuries, bonds, credit, and equities are being used in DeFi as collateral, trading instruments, and yield products. This composability – the ability to combine and reuse assets across different protocols – marks a significant breakthrough for tokenization.

根据Dune和Rwaxyz的2025年RWA报告，国库，债券，信贷和股票等资产被用作抵押品，交易工具和产量产品。这种合成性 - 能够在不同协议中组合和重复资产的能力 - 标志着令牌化的重大突破。

Maple Finance's syrupUSDC, for example, has scaled to $2.5 billion, with over 30% deployed in DeFi apps like Spark ($570 million). Centrifuge's deJAAA token, a wrapper for Janus Henderson’s AAA CLO fund, is trading on exchanges like Aerodrome and Coinbase. Aave’s Horizon RWA Market allows institutional users to use tokenized Treasuries and CLOs as collateral. These examples illustrate the growing adoption and utility of RWAs.

例如，Maple Finance的SumrupusDC已扩展到25亿美元，其中30％以上已部署在Spark（5.7亿美元）之类的Defi应用中。离心机的Dejaaa代币是Janus Henderson的AAA CLO基金的包装纸，正在用Aerodrome和Coinbase等交易所进行交易。 Aave的Horizo​​n RWA市场允许机构用户使用令牌化的国库，并将其作为抵押品。这些示例说明了RWA的采用和实用性的日益增长。

The Driving Forces Behind RWA Growth

RWA增长背后的驱动力

Investor demand for higher returns and diversified investment options is fueling this growth. Tokenized Treasuries have demonstrated strong demand, with $7.3 billion issued by September 2025, an 85% year-to-date increase. Key players like BlackRock, WisdomTree, Ondo, and Centrifuge’s JTRSY are leading the charge.

投资者对更高回报和多元化投资选择的需求正在推动这一增长。令牌化的纪念品表明需求强劲，到2025年9月发行了73亿美元，从年复增长85％。像贝莱德（Blackrock），韦斯特（Wisdomtree），翁多（Ondo）和离心机的JTRSY这样的主要参与者正在领导这一负责人。

The market is expanding to include longer-term bonds, private credit, and stocks, offering higher returns and greater accessibility through open platforms and DeFi. This inclusivity opens up markets beyond traditional institutional investors.

市场正在扩展，包括长期债券，私人信贷和股票，通过开放平台和Defi提供更高的回报和更大的可访问性。这种包容性为传统的机构投资者提供了市场。

Stablecoin Wars: A Battle for Dominance

Stablecoin战争：争取统治的战斗

The competition for stablecoin dominance is intensifying, as highlighted by the bidding war for Hyperliquid's USDH stablecoin. Native Markets, backed by Stripe's Bridge, secured the USDH mandate over established players like Paxos and Ethena. This contest illustrates that branding, partnerships, and business strategy are becoming as crucial as technology in the stablecoin arena.

竞标战争对Hyperliquid的USDH Stablecoin的竞标强调，Stablecoin主导地位的竞争正在加剧。在Stripe's Bridge的支持下，本地市场确保了USDH的授权，而不是Paxos和Ethena等知名球员。这场比赛表明，在Stablecoin竞技场中，品牌，合作伙伴关系和业务策略变得与技术一样重要。

Stablecoins are crucial for DeFi, providing a dollar-backed medium for collateral, settlement, and payments. The intense competition underscores the high stakes involved in controlling stablecoin supply and revenue.

稳定币对Defi至关重要，为抵押，和解和付款提供了一美元的媒介。激烈的竞争强调了控制Stablecoin供应和收入所涉及的高利益。

MANTRA: A Blockchain Built for RWAs

咒语：为RWAS建造的区块链

MANTRA is taking a unique approach by building a Layer 1 blockchain specifically for RWAs. Their recent mainnet upgrade supports both EVM and CosmWasm smart contracts, positioning them at the heart of the $16 trillion tokenization market.

Mantra通过为RWAS构建专门为RWAS的1层区块链采用独特的方法。他们最近的Mainnet升级支持EVM和COSMWASM智能合约，将它们定位在16万亿美元的令牌化市场的核心。

This upgrade allows developers to deploy Solidity-based dApps directly on MANTRA Chain without modifications, making it easier to integrate RWAs into DeFi protocols. MANTRA's compliance-focused approach, backed by a license from Dubai’s Virtual Assets Regulatory Authority (VARA), provides institutions with a secure and regulated environment for offering services like trading and investment.

此升级使开发人员可以无需修改即可直接在咒语链上部署基于坚固的DAPP，从而更容易将RWAS集成到DEFI协议中。曼特拉（Mantra）的合规方法，并获得了迪拜虚拟资产监管机构（VARA）的许可，为机构提供了一个安全且受监管的环境，以提供贸易和投资等服务。

The Future is Tokenized

未来是标记的

RWAs are no longer a niche experiment. They are fundamentally transforming digital financial markets by unlocking liquidity, expanding global access, and enhancing collateralization. As the DeFi landscape continues to evolve, expect tokenized assets to play an increasingly vital role, bridging the gap between the old world of finance and the new.

RWA不再是利基实验。他们从根本上通过解锁流动性，扩大全球获取并增强抵押品来改变数字金融市场。随着Defi景观的不断发展，令牌化资产将发挥越来越重要的作用，弥合了旧金融世界与新世界之间的差距。

So, buckle up, folks! The tokenized future is here, and it's gonna be wild! Who knows, maybe one day we'll all be using tokenized avocados to pay for our morning coffee. Just kidding... unless?

所以，搭扣，伙计们！象征化的未来就在这里，它将是狂野的！谁知道，也许有一天我们都会使用令牌化的鳄梨来为我们的早晨咖啡付费。只是开玩笑...除非？