監管障礙和公用事業短缺阻礙了大規模 RWA 代幣化

在不斷發展的加密領域，現實世界資產的代幣化（RWA）成為一個變革性的前沿。這包括透過區塊鏈上的數位代幣代表股票、債券和房地產等傳統資產的所有權。代幣化提高了資產的效率、流動性和可近性，吸引投資並促進投資民主化。然而，監管障礙和實用需求仍然是挑戰，需要協作和技術創新來釋放 RWA 代幣化的全部潛力。

Utility and Regulatory Hurdles: Barriers to Mass RWA Tokenization

公用事業和監管障礙：大規模 RWA 代幣化的障礙

The tokenization of real-world assets (RWAs) has garnered significant attention, offering increased efficiency, liquidity, and accessibility to traditionally illiquid assets. However, despite its allure, the sector faces challenges that hinder its mass adoption.

現實世界資產（RWA）的代幣化引起了廣泛關注，它提高了效率、流動性和傳統非流動性資產的可近性。然而，儘管具有吸引力，該行業仍面臨阻礙其大規模採用的挑戰。

Simon of Securitize highlights the regulatory burden associated with migrating assets like securities on-chain. To tap into the liquid and robust securities market in the US, compliance with regulations is paramount. This regulatory landscape adds friction and complexity to the tokenization process.

Securitize 的 Simon 強調了與鏈上證券等資產遷移相關的監管負擔。要進入流動性強且穩健的美國證券市場，遵守法規至關重要。這種監管環境增加了代幣化過程的摩擦和複雜性。

Moreover, the lack of utility restricts the flow of high-quality assets to the blockchain. Investors demand utility, such as liquidity, leverage, or compostability, to justify the investment in tokenized RWAs. Without these incentives, the sector may struggle to attract the necessary capital to reach its full potential.

而且，實用性的缺乏限制了優質資產流向區塊鏈。投資者需要實用性，例如流動性、槓桿或可堆肥性，以證明對代幣化 RWA 的投資是合理的。如果沒有這些激勵措施，該行業可能難以吸引必要的資本來充分發揮其潛力。

Mainstream Institutions Embracing Tokenization

主流機構擁抱通證化

Despite these challenges, mainstream institutions are increasingly exploring RWA tokenization, driven in part by the growing legitimacy of crypto following the launch of spot Bitcoin ETFs. BlackRock, the asset management behemoth, has made strategic investments in Securitize and launched a new fund focused on tokenized RWA investments. This move signals a shift in the traditional financial landscape, with institutions recognizing the benefits of tokenization.

儘管有這些挑戰，主流機構仍在越來越多地探索 RWA 代幣化，部分原因是現貨比特幣 ETF 推出後加密貨幣的合法性不斷增強。資產管理巨頭貝萊德對 Securitize 進行了戰略投資，並推出了一支專注於代幣化 RWA 投資的新基金。此舉標誌著傳統金融格局的轉變，機構認識到代幣化的好處。

Other banks, such as JPMorgan, Bank of America, HSBC, Morgan Stanley, and Citi, are also exploring the RWA tokenization space. This increased participation from TradFi institutions underscores the growing recognition of tokenization's potential.

摩根大通、美國銀行、匯豐銀行、摩根士丹利和花旗等其他銀行也正在探索 RWA 代幣化空間。 TradFi 機構參與度的增加凸顯了人們對代幣化潛力日益增長的認可。

Estimates and Market Projections

估計和市場預測

Bernstein estimates that 2% of the global money supply could be tokenized on the blockchain over the next five years, while Citigroup projects the market to reach $5 trillion by 2030. Outlier Ventures forecasts an even larger addressable market of $10-$15 trillion by the end of the decade, with the potential for further growth if tokenization enables better price discovery. These projections highlight the immense potential of tokenization and its ability to unlock vast amounts of capital.

Bernstein 估計，未來五年內，全球貨幣供應量的2% 可能會在區塊鏈上進行代幣化，而花旗集團預計到2030 年，該市場將達到5 兆美元。Outlier Ventures 預測，到年底，潛在市場將達到10-15 兆美元。如果代幣化能夠實現更好的價格發現，那麼還有進一步成長的潛力。這些預測凸顯了代幣化的巨大潛力及其釋放大量資本的能力。

Meld and Swarm Partner to Expand RWA Accessibility

Meld 和 Swarm 合作擴大 RWA 的可近性

Meld, a regulated bank, plans to offer borrowing and lending services against tokenized assets for retail investors. This move will allow investors to access a broader range of investment opportunities and potentially increase their exposure to the crypto market.

Meld 是一家受監管的銀行，計劃為散戶投資者提供代幣化資產的借貸服務。此舉將使投資者獲得更廣泛的投資機會，並有可能增加他們對加密貨幣市場的投資。

Meld's partnership with Swarm Markets, a decentralized finance (DeFi) platform licensed by Germany's financial regulator BaFin, will provide a platform for on-chain lending and borrowing of RWA assets. This collaboration opens up cross-asset margin opportunities for retail investors and could bring tokenized RWAs to a wider audience through a licensed banking service.

Meld 與獲得德國金融監管機構 BaFin 許可的去中心化金融 (DeFi) 平台 Swarm Markets 合作，將為 RWA 資產的鏈上借貸提供平台。此次合作為散戶投資者開闢了跨資產保證金機會，並可以透過​​獲得許可的銀行服務將代幣化的 RWA 帶給更廣泛的受眾。

MANTRA: Building a Compliance-Focused RWA Tokenization Platform

MANTRA：建構以合規為中心的 RWA 代幣化平台

MANTRA, a project focused on the Middle East, is pursuing licenses from the Dubai crypto regulator, VARA, to build a compliance-minded platform for issuing and trading RWAs. With funding from several investors, MANTRA aims to provide a comprehensive solution for RWA tokenization, including fiat on/off ramps, decentralized ID (DID)/Soulbound NFTs, a native DEX, launchpad, and compliance modules.

MANTRA 是一個專注於中東的項目，正在尋求杜拜加密貨幣監管機構 VARA 的許可，以建立一個用於發行和交易 RWA 的合規平台。在多個投資者的資助下，MANTRA 旨在為 RWA 代幣化提供全面的解決方案，包括法幣入口/出口、去中心化 ID (DID)/Soulbound NFT、原生 DEX、啟動板和合規模塊。

MANTRA's network will leverage Cosmos's interoperability and multi-chain capabilities to offer a seamless user experience. It will also emphasize compliance and regulatory adherence, catering to the needs of crypto natives who demand a secure and compliant environment.

MANTRA 的網路將利用 Cosmos 的互通性和多鏈功能來提供無縫的使用者體驗。它還將強調合規性和監管遵守，滿足加密貨幣原住民對安全和合規環境的需求。

Beyond BlackRock, Meld-Swarm, and MANTRA

超越貝萊德、Meld-Swarm 和 MANTRA

In addition to these high-profile developments, the RWA tokenization sector is witnessing significant progress. The Libre fund tokenization protocol, a joint venture of Webn and Nomura, enables access to a USD money market fund invested in BlackRock Treasury ETFs.

除了這些備受矚目的發展之外，RWA 代幣化領域也取得了重大進展。 Libre 基金代幣化協議是 Webn 和野村證券的合資企業，允許投資貝萊德國債 ETF 的美元貨幣市場基金。

The Canton Network, backed by Goldman Sachs, Cboe, and other financial heavyweights, is developing DLT interoperability to address the challenges of fragmented institutional blockchains. Its aim is to provide a compliant and interoperable platform for RWA tokenization.

Canton Network 在高盛、芝加哥期權交易所和其他金融巨頭的支持下，正在開發 DLT 互通性，以應對分散的機構區塊鏈的挑戰。其目標是為 RWA 代幣化提供一個合規且可互通的平台。

Meanwhile, Ripple has partnered with the Axelar Foundation to facilitate the tokenization of RWAs, expanding its reach into the broader tokenization ecosystem. These developments collectively illustrate the growing momentum behind RWA tokenization and its potential to reshape the financial landscape.

同時，Ripple 與 Axelar 基金會合作，促進 RWA 的代幣化，將其影響力擴展到更廣泛的代幣化生態系統。這些發展共同說明了 RWA 代幣化背後的成長動能及其重塑金融格局的潛力。

Conclusion: A Promising Future, but Challenges Remain

結論：未來充滿希望，但挑戰依然存在

Despite the challenges, the tokenization of real-world assets represents a transformative opportunity with the potential to reshape the financial industry. The involvement of institutions and banks demonstrates the growing recognition of tokenization's benefits. However, to fully realize its potential, RWA tokenization requires continued collaboration, technological advancements, regulatory clarity, and the development of compelling utility for investors.

儘管面臨挑戰，現實世界資產的代幣化代表了一個變革性的機會，有可能重塑金融業。機構和銀行的參與顯示人們越來越認識到代幣化的好處。然而，為了充分發揮其潛力，RWA 代幣化需要持續的合作、技術進步、監管明確性以及為投資者開發引人注目的實用程式。