当它进入采用铃曲线的“实用主义者”部分时，RWA令牌化获得了识别

现实世界资产（RWA）的令牌化正在获得寻求抵押流动性的机构的认可

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.

机构越来越对现实资产的令牌化（RWAS）越来越感兴趣，因为它具有抵押交易的潜力，并且发行人使零售投资者更容易获得私人的替代资产。与过去几年的NFT和Memecoin热潮相比，加密爱好者正在进行更严肃的对话。

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.

正如今年早些时候所预测的那样，令牌化正在巩固其位置，并进入了收养铃曲线的“实用主义者”部分，在2024年年底的市值为500亿美元，并在2025年5月超过650亿美元，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.

最近的一次会议，即2025年的Tokenizethis，将行业领导者汇集在一起​​，深入探讨令牌化领域的特定领域，庆祝创新成就，并评估如何应对剩余的挑战以达到主流采用。虽然会议小组主题深入研究了粒状区域，但夫妇的总体主题包括1）附带机动性和新的公用事业增强现实世界资产； 2）代币化将对投资策略和工作流程产生影响。

Adding utility and collateral mobility

增加公用事业和附带活动性

“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.

“我认为这实际上是使这项技术如此强大的原因是，您在谈论相同的令牌，但是只要风险框架正确，它可以用非常不同的方式用于截然不同的投资者，” WisdomTree的数字资产负责人Maredith Hannon说。

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.

虽然标记资产很简单，但真正的机会在于与传统同行相比，可以更简化资产的使用并满足不同参与者的需求。专门针对此主题的小组共享了可以在零售和机构环境中使用的令牌化财政产品的例子。由于区块链允许资产更加自由地移动，因此货币市场基金可以用作主要经纪公司的抵押品，从而消除了退出该职位的需要，因此仍在为投资者赚取相应的收益率。从零售的角度来看，可以使用链接到它们的借记卡使用基金单位的不同应用程序也可以使用。可以通过不同的应用程序将实用程序添加到其他较高风险投资产品中，并取决于用例，共同点是使用区块链技术。

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.

同样，由于令牌化，贷款和借贷也正在中断。去传统的贷方（通常是机构）进行现金是一个麻烦的过程。

“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.

“我认为的最终目标是，我的孩子在进行第一次抵押贷款时，在抵押链链上说'这是我的情况，我想分解这件事并为此借用这一点。 Tychey，Cometh的首席执行官。

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.

杰罗姆（Jerome）的轶事表明了个人对个人的权力以及如何快速贷款。 Figus提供了基于Internet的信用额度（HELOC）的基于Internet的解决方案，甚至它们也在后端使用区块链。通过发行，仓储和证券化，他们从流程中节省了150个基士，这是一种运营优势。从投资的角度来看，Defi Vaults小组展示了Vaults如何简化类似但对于投资者而言，一个例子是Apollo的标记私人信贷基金，现在使用该技术来实现杠杆循环。这意味着可以使用借用的稳定币来购买更多资产，增加收益率，同时受到内置程序化风险框架的影响。

Source: Securitize

来源：证券化

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，在保险库腾飞之前，仍有待解决的挑战，例如高托管和流动性提供成本，DEFI的RWA合并有限，对寻求更高回报的加密本地用户的吸引力最少。尽管存在这些障碍，但参与者对未来的可能性表示热情。

How RWAs are impacting traditional strategies and workflows

RWA如何影响传统策略和工作流程

“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.

“这项技术之所以如此强大的原因是因为它是一台计算机。如果您考虑所有中间和后台的工作，从产生资产到出售它，有多少中介机构触摸并收取费用，有多少人确保贷款与收到的资金相匹配，那么将工作流程匹配 - 将工作流程付诸实践，这比资产本身更有意义。

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.

由于复杂的转移，维修，报告和其他因素，传统市场艰巨的时期纳入了较少的流动性，更高的收益资产为投资策略。除了引入新的投资机会的加密货币之外，自动化转移流程并提供链上透明度将使这些资产进出以更容易分配。

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讨论了区块链将如何解锁以前无法访问的投资组合建筑工具。他们分享了这可能导致区块链本地投资策略结合加密和私人资产分配，以增加多元化和