RWA现在真的很热。让我们拆除我们RWA先驱Ondoto的模型

目前，RWA真的很热。从4月初的香港Web3狂欢节到最近的Web3律师圈，每个人都在谈论RWA。

At the moment, RWA is really hot.

目前，RWA真的很热。

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”.

从4月初的香港Web3狂欢节到最近的Web3律师圈，每个人都在谈论RWA。这并非没有理由。毕竟，RWA是“发行硬币”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”.

几天前，律师Mankiw与所有人进行了有关中国新的RWA项目的讨论，例如“ Mankiw Research |解码中国的大陆特征RWA：实践特征，风险分析和优化路径”，并与每个人都分享了如何播放当前RWA的RWA，例如“ Mankiw |在Web3 World中，Mankiw |至少是三种类型的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，如果我们想谈论RWA的先例和领导者，我们必须将注意力转移到美国。最具代表性的可能是Ondo。特别是，在过去的两天中，美国证券交易委员会（SEC）会见了它，讨论了令牌化证券的合规性发行，这确实使Ondo在其成绩单上又有了另一个大型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，律师Mankiw将根据Ondo的RWA模型与您讨论RWA在美国的工作方式。

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.

至于为什么Ondo被称为行业领先的RWA项目，律师Mankiw认为，最重要的一点是，当大多数项目仍在思考“用于捐款用于融资的实际资产”时，Ondo已经将诸如美国财政部债券和货币市场资金等资产转移到了链条上，并将其集成到了Defi游戏中。

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）为例。其背后的真正资产是美国短期债券和银行存款，这意味着：

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，资产具有实际收入支持。 USDY本质上是一种基于收益率的稳定者，投资者每天都可以享受美国债券或银行存款的收入；

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，保证透明度和安全性。资产的基本逻辑（例如监护权，审计和利润分配）仍然遵循传统金融的合规性标准。

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采用破产隔离结构，储备资产与发行实体完全分开。如果发生极端情况，投资者优先考虑储备资产。除USDY外，Ondo还发行了OUSG，该OUSG固定在美国短期债券基金中，其逻辑类似于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，曼基律师认为，在某种程度上，Ondo更像是将传统的金融产品和清算机制移至链条上，同时确保回报和风险可控制，它还为链上的资产提供了流动性。

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

说到资产流动性，我们必须提及Ondo团队Flux Finance的另一个产品。

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.

如果发行硬币只是RWA的第一步，那么如何使链条上的RWA令牌流是增值的关键。因此，Flux Finance诞生了，这是专门用于RWA的贷款协议。

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.

通量和通用贷款方案（化合物，AAVE）之间的区别在于，它允许用户使用这些令牌化的政府债券（例如OUSG）作为抵押品，以借用USDC等稳定股。

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

因此，问题是：国​​库券是100％证券。将他们置于Defi中会违反美国法规吗？

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的解决方案是一个许可系统：并非每个人都可以使用OUSG借用，您必须通过合规性审查以确保您是合格的投资者。换句话说，通过集中式审查系统，避免了“任何资产”的“任何资产”的混乱状态，以确保在合规框架内也进行了链贷款活动。

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

这种设计等同于为将来的整个链中RWA+Defi的合规性设置模板。

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.

实际上，RWA的游戏玩法已经是一个封闭式循环。但是，Ondo仍在扩大RWA领域的领土。由于RWA如此受欢迎，因此所有项目都想做RWA，因此如何发行它以及在哪里散发它？必须有基础架构。

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在基础架构级别也很忙。它已经建立了自己的链条，即ondo Chain，它是针对RWA量身定制的。核心游戏玩法是：

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

这样的架构不仅可以满足机构的安全和监管要求，而且还可以确保Web3的本地开放性。

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.

当然，对于每个人都可以发行硬币的基础设施，也必须安排代币标准。因此，Ondo宣布了计划于2024年建立Ondo全球市场（Ondo GM）的计划。

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.

一开始，Ondo GM的设计是相对传统的，遵循“经纪教学模型”。代币代表了传统经纪人发布的投资者职位指示，通常是基于许可的和封闭的。

However,

然而，