令牌化繁荣：为什么以太坊仍然是现实世界中的资产标记的铁轨

在今天的顾问加密货币中，Evolve ETF的Tedd Strazimiri撰写了有关令牌化的演变及其给投资者带来的价值。

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.

感谢我们对本周新闻通讯Grayscale的赞助商。对于芝加哥附近的财务顾问，Grayscale将于5月22日（星期四）举办一项独家活动，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.

在今天的顾问加密货币中，Evolve ETF的Tedd Strazimiri撰写了有关令牌化的演变及其给投资者带来的价值。

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

然后，来自Inveniam的Peter Gaffney回答了有关询问专家的财富管理人员及其客户可以做什么的问题。

- Sarah Morton

- 莎拉·莫顿（Sarah Morton）

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

令牌化繁荣：为什么以太坊仍然是现实世界中的资产标记的铁轨

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%.

现实世界中资产（RWA）的令牌化已超出流行语状态，成为以太坊领导的数十亿美元现实。在超过2500亿美元的令牌资产中，以太坊的命令约为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.

从Stablecoins和美国国债到房地产，私人信贷，商品和股票，以太坊已成为旨在弥合传统金融与数字资产世界的机构的首选区块链基础设施。

Why tokenization matters

为什么令牌化很重要

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.

从本质上讲，令牌化是将RWA中的所有权转换为居住在区块链上的数字令牌的过程。这种转变引入了定居速度，流动性和可及性的前所未有的效率。可以将标记资产交易24/7，立即定居并分数化，以达到更广泛的投资者。对于机构，令牌化降低了与监护权，中间人和手动流程有关的成本，同时提供透明度和可编程性。

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，尽管令牌化是可以扎根多个区块链的趋势，但以太坊的主导地位并不是偶然的。它已建立的基础架构，广泛的开发人员生态系统和经过验证的安全性使其成为进入该空间的主要参与者的首选平台。

Ranked: Blockchain Networks Supporting RWA Tokenization

排名：支持RWA令牌化的区块链网络

BlackRock’s BUIDL and the rise of institutional tokenization

贝莱德的buidl和机构令牌的兴起

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.

机构采用令牌化的最好例子之一是贝莱德的Buidl，这是建立在以太坊的代币美国财政基金。 Buidl于2024年初启动，允许投资者通过区块链访问美国国债，从而实时结算和透明度为持股。该基金已迅速规模扩大到管理层管理的25亿美元以上的资产，在美国财政部空间中获得了41％的市场份额。以太坊仍然是代币化国库的主要连锁店，占美国国库市场62亿美元的74％。 Buidl不仅仅是产品；这是Tradfi认为以太坊是下一个金融时代的骨干的信号。

Stablecoins: the foundation layer

Stablecoins：基础层

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.

没有稳定蛋白，就没有关于令牌化的讨论是完整的。 USDC和USDT（USDT）等美元的资产代表了所有令牌资产的绝大多数（95％）。仅稳定币就占以太坊的标记经济的1280亿美元以上，并且是跨越跨境和汇款平台交换的主要媒介。

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.

在尼日利亚或委内瑞拉等许多发展中的经济体中，Stablecoins无需银行就可以访问美元。无论是屏蔽通货膨胀还是实现无缝的国际贸易，Stablecoins都表明了以太坊网络后台的代币化美元的现实价值。

Tokenized Stocks and beyond

象征性股票及以后

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.

以太坊上的标记库存代表了标记资产空间中的一个增长但仍在的新生段。这些数字资产反映了现实世界中的股票和ETF的价格，提供24/7交易，分数所有权，全球可访问性和即时结算。关键收益包括增加流动性，降低交易成本以及传统上受地理或帐户类型限制的市场民主化通道。流行的令牌库存包括Nvidia，Coinbase和MicroStrategy以及Spy等ETF。随着法规清晰度的提高，以太坊的标记股票可以重塑投资者如何使用和交易股票，尤其是在服务不足或新兴市场中。

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，房地产，私人信贷，商品甚至艺术品正在以令牌化格式进入以太坊，证明了该连锁店对不同资产类别的适应性。

Tokenized RWAs (excluding Stablecoins)

令牌的RWA（不包括Stablecoins）

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

资料来源：RWA.XYZ，截至2025年4月22日。

Conclusion

结论

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.

以太坊在代币化资产中的主导地位不仅仅是首先是为了永久性而建立的。随着基础架构的基础构建现实世界中的标记化，以太坊作为互联网财务层的作用变得越来越明显。尽管像Solana这样的新连锁店将在该空间中塑造利基市场，但以太坊仍然是法规符合创新的平台，而财务找到了下一张形式。

- Tedd Strazimiri, product research associate, Evolve ETFs

-Tedd Strazimiri，产品研究助理，Evolve ETFS

Ask an Expert

询问专家

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

问：财富经理的代币化驱动力是什么？

A. The tokenization of assets should come

答：资产的令牌化应该来