有没有想过拥有毕加索会是什么样？

通过改变我们理解所有权的方式，现实世界资产（RWA）的代币化可以使无法实现的实现。

Ever wondered what it would be like to possess something outlandishly expensive and one-of-a kind? Maybe a Picasso, a 10-carat diamond, a limited edition Ferrari?

有没有想过拥有一些昂贵且独一无二的东西会是什么样？也许是毕加索，10克拉钻石，限量版法拉利？

Well, RWA tokenization might just be able to make the unattainable attainable.

好吧，RWA令牌化可能只能使无法实现的实现。

More mundane assets like bonds and real estate are already moving into the DeFi ecosystem at speed. Figures from RWA.xyz show the market cap for tokenized RWAs hit a new all-time high of $20 billion this month – with BlackRock’s recently-launched tokenized U.S. Treasury fund (BUIDL) accounting for more than $2.5 billion.

诸如债券和房地产之类的平凡资产已经以速度转移到Defi生态系统中。 rwa.xyz的数据显示，该代币化RWA的市值本月达到了新的200亿美元新历史高峰 - 莱克罗克（BlackRock）最近推出的令牌美国财政基金（BUIDL）占25亿美元以上。

Greater TradFi adoption seems almost certain. Is there a place for tokenized RWAs in your portfolio?

几乎可以肯定地采用了更大的tradfi采用。您的投资组合中是否有一个令牌RWA的地方？

Understanding Tokenized RWAs

了解象征性的rwas

In RWA tokenization, physical assets like art, cash, real estate, or precious metals are used to create virtual investment vehicles on the blockchain.

在RWA令牌化中，使用艺术，现金，房地产或贵金属等物理资产来在区块链上创建虚拟投资工具。

Rather than use paper for the deed to a house or a certificate of authenticity, proofs of ownership and validity live in the decentralized finance (DeFi) ecosystem. There they can be traded between counterparties or fractionalized and put up for sale, giving many people partial ownership.

与其将纸张用于房屋或真实性证书，而是在分散的财务（DEFI）生态系统中拥有所有权和有效性证明。在那里，它们可以在交易对手之间进行交易，也可以分数化并出售，从而为许多人提供了部分所有权。

Real-world utility and ease of use are key attractions.

现实世界实用程序和易用性是主要景点。

RWA tokenizing specialist Ondo Finance claims its onboarding process for retail traders can take less than five minutes — almost unheard of in technically complex DeFi. Last year its ONDO governance token grew by over 550%.

RWA令牌专家Ondo Finance声称，其零售交易者的入职过程可能需要不到五分钟的时间，这在技术复杂的Fefi中几乎闻所未闻。去年，其Ondo Constance代币增长了550％以上。

Mantra Chain aims to do the same for institutions, making the process of launching, listing, and trading RWAs compliant and similar to investing in real estate and corporate bonds. In 2024 its native OM token grew 2,100%. Both companies achieved a market cap of $1 billion or more.

Mantra Chain的目标是为机构做同样的事情，制定符合RWAS的启动，上市和交易的过程，并且类似于对房地产和公司债券进行投资。 2024年，其本地OM令牌增长了2,100％。两家公司的市值达到了10亿美元或更多。

Why is RWA tokenization in the news?

为什么新闻中的RWA令牌化？

Though it only captured mainstream media attention last year, tokenization has always been synonymous with blockchain.

尽管它仅引起了去年主流媒体的关注，但令牌化一直是区块链的代名词。

Pritam Dutta, founder and chief executive of RWA tokenization company Zoth, told Bloomberg that “improved regulatory clarity and the approval of spot Bitcoin ETFs have boosted institutional confidence among traditional finance players.”

RWA代币化公司Zoth的创始人兼首席执行官Pritam Dutta告诉彭博社，“改善了监管清晰度和现货比特币ETF的批准，增强了传统金融参与者的机构信心。”

Oh Thongsrinoon, chief marketing officer of fashion metaverse company ALTAVA, told an industry gathering in August 2024 that DeFi innovations have made tokenized assets more trustworthy and reliable.

时尚元公司Altava首席营销官Altava的首席营销官Oh Thongsrinoon在2024年8月的一次行业聚会上说，Defi Innovations使令牌资产更加值得信赖和可靠。

In a posting on X last year, Tom Wan, a digital asset strategy associate at crypto asset manager 21.co, said decentralized autonomous organizations (DAOs) were tapping into this newfound sense of trust to diversify away from more volatile crypto assets.

加密资产管理经理21.co的数字资产战略助理汤姆·万（Tom Wan）在X上发表的文章中说，分散的自治组织（DAOS）正在采用这种新发现的信任感，以使远离更挥发性的加密资产。

DAI stablecoin issuer Sky (formerly MakerDAO) aims to onboard up to $1 billion in tokenized US Treasury bills and bonds this year. Its governance token MKR hit a three-year high on news of the move.

Dai Stablecoin发行人Sky（以前是Makerdao）的目标是今年在代币化的美国财政账单和债券上登上最高10亿美元。它的治理令牌MKR在这一举动的新闻中达到了三年的高潮。

In August 2024, MKR was up over 70% year-to-date, outperforming Bitcoin by 53% for the year-to-date and Ether by 51%.

2024年8月，MKR年至今的70％超过70％，比比特币的比比特币高出53％，以太币的比比特币增长了51％。

How will the RWA tokenization market evolve this year? ALTAVA’s Thongsrinoon believes the democratization of access to previously illiquid and high-value assets means tokenized real estate, commodities, and private equity will see substantial interest.

RWA令牌化市场今年将如何发展？ Altava的Thongsrinoon认为，获得以前流动性和高价值资产的民主化意味着令牌化的房地产，商品和私募股权将看到极大的兴趣。

“These asset classes offer the potential for high returns and diversification, making them attractive to both institutional clients and retail users.”

“这些资产类别为高回报和多元化提供了潜力，使它们对机构客户和零售用户都有吸引力。”

Zoth’s Pritam Dutta told Reuters that he expects this interest rate cut cycle by the US Federal Reserve to make tokenized US Treasuries less attractive due to falling yields.

Zoth的Pritam Dutta告诉路透社，他希望美国美联储的这种降低率降低的周期会使由于收益率下降而使美国的美国国债降低了吸引力。

This could help tokenized corporate bonds shine, one reason why Zoth is set to launch a tokenized liquid note with exposure to both corporate bonds and T-bills.

这可能有助于令牌化的公司债券的闪耀，这是Zoth设定发行标记的液态票据的原因之一，并在公司债券和T-Bills上都受到暴露。

“Corporate bonds are particularly appealing as a high-quality yield alternative in a low-interest-rate environment, especially with the Federal Reserve hinting at potential rate cuts later this year.”

“公司债券特别有吸引力，作为在低利率环境中的高质量收益率替代方案，尤其是在美联储暗示今年晚些时候的潜在利率降低时。”

DeFi's tokenized future

Defi的象征性未来

From supercars to precious metals, offline-world treasures are rapidly moving on-chain, transforming how they're owned, managed and traded. Boston Consulting Group estimates the total value of tokenized RWAs could reach $16 trillion by 2030. Standard Chartered thinks $30 trillion is possible.

从超级跑车到贵金属，离线世界的宝藏正在迅速移动链子，改变了它们的拥有，管理和交易的方式。波士顿咨询集团估计，到2030年，令牌化RWA的总价值可能达到16万亿美元。标准特许认为可能是30万亿美元。

In an analysis published for its 10th Digital Money Symposium, Citigroup said tokenization presents investors with the ultimate application for cryptocurrencies and blockchain.

花旗集团（Citigroup）在为其第十次数字货币研讨会上发布的分析中说，令牌化为投资者提供了加密货币和区块链的最终应用。

“Almost anything of value can be tokenized and tokenization of financial and real-world assets could be the killer use case blockchain needs to drive a breakthrough.”

“几乎任何有价值的东西都可以成为象征性的，金融和现实世界中资产的令牌化可能是杀手case案例链链的杀手case case链，以推动突破。”

Crypto has long been criticized for failing to find the right product-market fit. With some of the biggest institutions making moves in this space, RWA tokenization might change the narrative.

长期以来，Crypto一直因未能找到合适的产品市场合适而受到批评。随着一些最大的机构在这个领域进行动作，RWA令牌化可能会改变叙述。