更廣泛採用令牌現實世界資產（RWA）的最大障礙不是法規，而是缺乏專用的二級市場

然而，與普遍的看法相反，障礙不是模棱兩可的法規

The market for tokenized real-world assets (RWAs) is growing by the day, but contrary to belief, the biggest hurdle to broader adoption isn’t regulation, but a lack of dedicated secondary markets for buying and selling tokenized securities, according to Prometheum founder and co-CEO Aaron Kaplan.

Prometheum and Co-Ceo Aaron Kaplan表示，代幣化的現實世界資產市場（RWA）的市場正在增長，但與信念相反，根據Prometheum創始人兼Co-Ceo Aaron Kaplan的說法，更廣泛採用的最大收養障礙不是監管。

In an interview with Cointelegraph, Kaplan drew attention to ARK Invest CEO Cathie Wood’s recent appearance at the Digital Asset Summit in New York, where she said that a lack of regulatory clarity is preventing her company from tokenizing its funds.

在接受Cointelegraph的採訪時，卡普蘭引起了方舟投資首席執行官Cathie Wood最近在紐約的數字資產峰會上露面的關注，她說缺乏監管性清晰度正在阻止其公司對其資金進行統計。

“Contrary to popular belief, however, the hurdle isn’t ambiguous regulation,” said Kaplan, who noted that the US Securities and Exchange Commission’s (SEC) special purpose broker-dealer framework and Alternative Trading System (ATS) licensing “already provide a regulated pathway for issuing blockchain-native funds that offer efficiency advantages over traditional issuances.”

卡普蘭說：“與普遍的看法相反，障礙不是模棱兩可的法規。”他指出，美國證券交易委員會（SEC）的特殊經紀經紀人 - 交易框架和替代交易系統（ATS）許可“已經為發行效率優於傳統發行的效率優勢的途徑提供了監管的途徑。”

“The real bottleneck lies in the limited market infrastructure for delivering tokenized securities trading to a broad investor base.”

“真正的瓶頸在於有限的市場基礎設施將令牌化證券交易交付給廣泛的投資者基礎。”

Excluding stablecoins, the value of tokenized RWAs has increased by nearly 8% to $19.5 billion over the past 30 days, according to industry data. Private credit and US Treasury debt remain the two largest use cases.

根據行業數據，在過去的30天內，不包括穩定的RWA的價值增長了近8％，達到195億美元。私人信貸和美國財政部債務仍然是兩個最大用例。

The value of tokenized RWAs has grown rapidly over the past year. Source: RWA.xyz

在過去的一年中，令牌化RWA的價值迅速增長。資料來源：rwa.xyz

“These assets currently sit on a handful of blockchains, but there is still no fully public secondary market where institutional and retail investors can buy, sell, and trade them, as they do with traditional securities on Nasdaq or through a brokerage account like Fidelity,” said Kaplan, who identified two general approaches for building out these platforms.

“這些資產目前坐落在少數區塊鏈上，但是仍然沒有完全公共的二級市場，機構和零售投資者可以像納斯達克上的傳統證券一樣購買，出售和交易它們，或者通過富達等經紀公司進行交易，”卡普蘭（Kaplan）說。

The first is building tokenized securities markets using decentralized finance (DeFi) frameworks, much like what Ondo Finance, Ethena Labs and Securitize are doing.

首先是使用分散的金融（DEFI）框架來建立令牌化的證券市場，就像Ondo Finance，Ethena Labs和Securitize所做的一樣。

Related: Ethena Labs, Securitize launch blockchain for DeFi and tokenized assets

相關：Ethena Labs，用於DEFI和令牌資產的證券化發射區塊鏈

The second approach involves integrating tokenization protocols into existing brokerage platforms that operate under SEC-registered entities and are subject to federal securities laws.

第二種方法涉及將代幣化協議集成到在SEC註冊實體下運行並遵守聯邦證券法的現有經紀平台。

“Legacy crypto and fintech platforms are already accustomed to facilitating cryptocurrency trading, so you would expect them to seek to broaden their offerings to include tokenized securities,” said Kaplan.

卡普蘭說：“傳統加密貨幣和金融科技平台已經習慣於促進加密貨幣交易，因此您希望他們尋求擴大其產品，以包括令牌化證券。”

While many in the latter camp do not operate digitally, they “won’t cede market share without a fight,” said Kaplan. “Many are already investing in their own tokenization initiatives, or partnering with fintech and crypto firms, to remain competitive.”

卡普蘭說，儘管後一個營地中的許多人沒有以數字方式運作，但他們“不會在沒有戰鬥的情況下割讓市場份額”。 “許多人已經在自己的令牌化計劃上進行投資，或與金融科技和加密公司合作，以保持競爭力。”

As a digital asset trading and custody firm, Prometheum is attempting to bridge the infrastructure gap by building a full-service digital asset securities marketplace. The company claims that securities traded on Prometheum have reduced fees, faster settlement times and increased efficiency.

作為一家數字資產交易和監護公司，Prometheum試圖通過建立全方位服務的數字資產證券市場來彌合基礎設施差距。該公司聲稱，以普羅米修的交易證券減少了費用，更快的和解時間和提高效率。

Related: CME Group taps Google Cloud for pilot asset tokenization program

相關：CME Group點擊Google Cloud用於PILOT資產令牌化計劃

Investors want ‘digital native’ versions of assets they’ve always known

投資者想要他們一直都知道的“數字本地”資產版本

Perhaps the biggest demand driver for tokenized assets among traditional investors is that they want to access “digital native versions of all assets, in addition to crypto tokens, through a single ecosystem they are comfortably using [...] to meet a range of financial goals,” said Kaplan.

Kaplan表示，傳統投資者中令牌資產的最大需求驅動力是，他們希望訪問“所有資產的數字本機版本，除了加密代幣之外，通過一個單個生態系統，他們都可以舒適地使用[...]來滿足一系列財務目標，” Kaplan說。

One area where tokenization appears to be gaining traction is in real estate. As Cointelegraph recently reported, luxury and commercial properties are being tokenized all over North America and secondary markets are being established to enable the trading of tokenized shares.

代幣化似乎正在吸引人的一個領域是房地產。正如CoIntelegraph最近報導的那樣，豪華和商業物業在北美各地都被標記化，並建立了二級市場，以實現令牌化股票的交易。

A 2024 report by Boston Consulting Group (BCG) called tokenization a “game-changing blockchain use case in financial services” due to its scalability and near-instant transactions.

波士頓諮詢集團（BCG）的2024年報告稱，由於其可伸縮性和近乎固有的交易，令牌化是“金融服務中改變遊戲規則的區塊鏈用例”。

According to BCG managing director and senior partner Sean Park, tokenization could boost investors’ annual returns by roughly $100 billion while increasing the revenue streams of financial institutions.

根據BCG董事總經理兼高級合夥人Sean Park的說法，令牌化可能會使投資者的年收益率提高了約1000億美元，同時增加了金融機構的收入來源。

Tokenized RWAs as an investable asset class reached an “inflection point” in 2023. Source: Boston Consulting Group

代幣化的RWA作為可投資資產類別，在2023年達到了“拐點”。資料來源：波士頓諮詢集團

The potential of tokenization has even been flagged by the World Economic Forum in a recent article published by Digital Asset co-founder and CEO Yuvan Roozon Monday, May 13.

世界經濟論壇在5月13日星期一由數字資產聯合創始人兼首席執行官Yuvan Roozon發表的最近發表的一篇文章中，甚至在5月13日星期一發表的一篇文章中標記了令牌化的潛力。

In the article, Roozo showed that roughly 10% of the $230 trillion global securities market is eligible for use as collateral.

在文章中，Roozo表明，全球23萬美元的全球證券市場中約有10％有資格用作抵押品。

“Tokenization, which improves collateral mobility and capital efficiency, could unlock this untapped capital and optimize intraday liquidity so that funds can be accessed and moved within the same trading day to meet payment and settlement obligations,” said Roozo.

Roozo說：“提高抵押交通和資本效率的令牌化可能會解鎖這項未開發的資本並優化日內流動性，以便可以在同一交易日內獲得併搬遷資金，以履行付款和和解義務，” Roozo說。