橋接美國資本市場和亞洲流動性中心是解鎖機構加密貨幣的關鍵

多年來，加密貨幣已承諾建立一個更開放和高效的金融體系。仍然存在基本的效率低下：美國資本市場與亞洲流動性中心之間的斷開連接。

The crypto industry has long touted its promise of a more open and efficient financial system. Yet, even as the US spearheads the integration of tokenized treasuries and real-world assets into DeFi and Asia remains a global crypto trading and liquidity hub, a fundamental inefficiency persists.

加密行業長期以來一直吹捧其對更開放和高效的金融體系的承諾。然而，即使美國率先將令牌化的國庫和現實世界中的資產整合到DEFI和亞洲仍然是全球加密貨幣交易和流動性中心，但基本的效率低下仍然存在。

Despite recent efforts by the US to advance in Web3 and institutions’ increasing interest in digital assets, a significant bottleneck remains: the disconnect between US capital markets and Asia’s liquidity hubs.

儘管美國最近在Web3和機構對數字資產的興趣越來越多的興趣方面做出了努力，但仍然存在著重要的瓶頸：美國資本市場與亞洲流動性中心之間的脫節。

This lack of interconnection poses a critical barrier to unlocking the full potential of digital assets for broader institutional adoption. To realize the full scope of crypto’s promise, we must ensure that various forms of capital can flow more seamlessly into digital assets.

這種缺乏互連為釋放數字資產的全部潛力以獲得更廣泛的機構採用而構成了關鍵的障礙。為了實現加密貨幣承諾的全部範圍，我們必須確保各種形式的資本可以更無縫地流入數字資產中。

While stablecoins serve as valuable bridges between traditional finance and crypto, providing onchain equivalents of fiat currencies, they are not sufficient on their own to sustain large-scale institutional participation.

儘管Stablecoins在傳統金融和加密貨幣之間充當有價值的橋樑，提供了相同的法定貨幣，但它們本身不足以維持大規模的機構參與。

Institutions require more than just fiat currency equivalents; they demand yield-bearing and readily available assets, such as US Treasurys or other fixed-income instruments, which are typically held in specific formats and structures that meet institutional standards. These assets are crucial for generating consistent returns and liquidity for institutions to manage their investments effectively.

機構不僅需要法定貨幣等效物；他們要求擁有屈服和容易獲得的資產，例如美國財政部或其他固定收益工具，這些工具通常以符合機構標準的特定格式和結構持有。這些資產對於產生一致的回報和流動性至關重要，以使機構有效地管理其投資。

Without a broad selection of these yield-bearing assets, which are readily accessible in formats suitable for institutional use, we will not witness the full influx of institutional capital into crypto markets. This lack of liquidity will, in turn, hinder the efficient functioning and growth of these markets.

如果沒有廣泛的這些承重資產的選擇，這些資產很容易以適合機構使用的格式訪問，我們將不會見證機構資本全部湧入加密市場。這種缺乏流動性將依次阻礙這些市場的有效運作和增長。

What is the solution?

什麼是解決方案？

Crypto must go beyond simply tokenized dollars and develop structured, yield-bearing instruments that are recognized and trusted by institutions. We need a global collateral standard that seamlessly links traditional finance with digital assets. This standard must meet three core criteria to facilitate large-scale institutional participation.

加密必須超越簡單的象徵性錢，並開發出機構認可和信任的結構化的，屈服的工具。我們需要一個全球附帶標準，該標準將傳統財務與數字資產無縫聯繫起來。該標準必須符合三個核心標準，以促進大規模的機構參與。

Firstly, it must offer stability. Institutions will not commit meaningful capital to an asset class that lacks a robust foundation. Therefore, the collateral used in this new standard must be backed by real-world financial instruments which provide consistent yield and security.

首先，它必須提供穩定性。機構不會將有意義的資金投入缺乏強大基礎的資產類別。因此，在此新標準中使用的附帶物質必須由現實世界中的金融工具來支持，這些工具提供一致的收益率和安全性。

Secondly, it must be widely adopted. Similar to how Tether’s USDt (USDT) and USDC (USDC) became de facto standards for fiat-backed stablecoins, we need widely accepted yield-bearing assets for institutional liquidity. Without standardization, we will continue to see market fragmentation, limiting crypto’s ability to integrate with broader financial systems.

其次，必須廣泛採用。類似於Tether的USDT（USDT）和USDC（USDC）實際上是菲亞特支持的Stablecoins的現實標準，我們需要廣泛接受的託管資產來用於機構流動性。沒有標準化，我們將繼續看到市場破裂，從而限制了加密貨幣與更廣泛的財務系統集成的能力。

Finally, this new collateral standard must be fully DeFi-native. These assets must be composable and interoperable across various blockchains and exchanges, allowing capital to move quickly and efficiently. Without onchain integration, digital assets will remain locked in separate liquidity pools, stifling the efficient growth of the market.

最後，這個新的附帶標準必須完全偏見。這些資產必須在各種區塊鍊和交易所之間進行組合和可互操作，從而使資本可以快速有效地移動。沒有OnChain集成，數字資產將仍然鎖定在單獨的流動性池中，扼殺了市場的有效增長。

Without this type of infrastructure, crypto will remain a fragmented financial system. To ensure that both US and Asian investors can access tokenized financial instruments, like tokenized treasuries, in the same security and governance standard, we need to provide institutions with a seamless and compliant pathway for capital deployment.

沒有這種類型的基礎架構，加密貨幣將仍然是零散的金融體系。為了確保我們和亞洲投資者都可以以同樣的安全和治理標準來訪問令牌化的金融工具，例如令牌化的國庫，我們需要為機構提供無縫且合規的資本部署途徑。

Establishing a structured framework that aligns crypto liquidity with the financial principles that institutions rely on will determine whether digital assets can truly scale beyond their current limitations.

建立一個結構化的框架，該框架將加密流動性與機構所依賴的財務原則保持一致，這將決定數字資產是否可以真正擴展到其當前限制之外。

A new generation of financial products is beginning to solve this issue. Tokenized treasuries, like those from BUIDL and USYC, function as stable-value, yield-generating assets, offering investors an onchain version of traditional fixed-income products. These instruments provide a direct alternative to traditional stablecoins, enabling a more capital-efficient system that mimics traditional money markets.

新一代的金融產品開始解決這個問題。像Buidl和USYC的紀念品一樣，作為穩定價值，產生產生的資產，為投資者提供了傳統固定收益產品的OnChain版本。這些儀器為傳統的穩定劑提供了直接的替代方法，從而使能夠模仿傳統貨幣市場的更高的資本效率系統。

Asian exchanges are beginning to incorporate these tokens, providing users in the region with access to yields from US capital markets. However, the opportunity goes beyond mere capital mobility.

亞洲交流開始納入這些代幣，為該地區的用戶提供了從美國資本市場的收益率的機會。但是，這個機會超出了僅資本流動性。

The goal is to package crypto exposure alongside tokenized US capital market assets in a way that meets the technical and legal standards preferred by institutional investors while remaining easily accessible in the Asian context. This will allow for a more robust, compliant and scalable system that connects traditional and digital finance.

目的是將加密貨幣與令牌化的美國資本市場資產一起包裝，以符合機構投資者偏愛的技術和法律標準，同時在亞洲環境中保持易於訪問。這將允許連接傳統和數字融資的更強大，合規和可擴展的系統。

Bitcoin is also evolving beyond its role as a passive store of value. Bitcoin-backed financial instruments, like those offered by BlockDecomp, enable BTC to be restaked as collateral, unlocking liquidity while generating rewards for investors.

比特幣還在不斷發展其作為一個被動價值存儲的角色。像BlockDecomp提供的比特幣支持的金融工具一樣，可以將BTC放在抵押品中，在為投資者帶來獎勵的同時解除流動性。

For Bitcoin to function effectively within institutional markets, it must be integrated into a structured financial system that aligns with regulatory standards in key markets, making it accessible and compliant for investors across different regions.

要使比特幣在機構市場中有效運作，必須將其集成到結構化的金融體系中，該財務系統與主要市場中的監管標准保持一致，從而使其對於不同地區的投資者而言易於訪問且合規。

Centralized decentralized finance (CeDeFi), which combines the liquidity of centralized exchanges with DeFi’s transparency and composability, is another key piece of this transition. For CeDeFi to be widely adopted by institutional players, it must offer standardized risk management practices, clear regulatory compliance and deep integration with traditional financial markets.

集中的分散融資（CEDEFI）將集中式交易的流動性與Defi的透明度和合成性結合在一起，是該過渡的另一個關鍵部分。要使Cedefi被機構參與者廣泛採用，它必須提供標準化的風險管理實踐，明確的監管合規性以及與傳統金融市場的深入整合。

This will ensure that CeDeFi-based instruments, such as tokenized treasuries, BTC restaking or structured lending programs, are deployed in a way that meets the technical and legal criteria preferred by institutions, rendering them easily accessible and integratable into broader institutional investment strategies.

這將確保基於CEDEFI的工具，例如令牌化的國庫，BTC重新生產或結構化貸款計劃，以符合機構首選的技術和法律標準的方式部署，使其易於訪問並可以整合到更廣泛的機構投資策略中。

The key shift is not just about tokenizing assets. It

關鍵轉變不僅僅是像徵性資產。它