RWA（Real World Assets）產業逐漸升溫，明星計畫表現良好

隨著2025年的臨近，不少機構對加密市場的未來做出了預測。其中，現實世界資產（RWA）領域成為熱門話題。

Original: Odaily Planet Daily (@OdailyChina)

原文：Odaily星球日報（@OdailyChina）

Author: Fu Howe (@vincent 31515173)

作者：傅豪（@vincent 31515173）

As 2025 approaches, many institutions have made predictions about the future of the crypto market. Among them, the real world asset (RWA) sector has become a hot topic. Bitwise pointed out in its top ten predictions for the crypto market in 2025 that the market size of tokenized RWA is expected to reach 50 billion US dollars. This optimistic prediction makes the market full of expectations for the prospects of RWA.

隨著2025年的臨近，不少機構對加密市場的未來做出了預測。其中，現實世界資產（RWA）領域成為熱門話題。 Bitwise 在 2025 年加密貨幣市場的十大預測中指出，代幣化 RWA 的市場規模預計將達到 500 億美元。這項樂觀的預測讓市場對RWA的前景充滿期待。

Recently, the star projects in the RWA sector have performed particularly well, adding fuel to the heat. RWA projects that have issued tokens have ushered in a new round of growth: the price of ONDO tokens has exceeded 2.1 USDT, setting a record high; most RWA projects that have issued tokens, such as Maple and Swarm, have increased by more than 200%.

近期，RWA領域的明星項目表現尤其出色，推波助瀾。已發行代幣的RWA專案迎來新一輪成長：ONDO代幣價格已突破2.1 USDT，創下歷史新高；大多數已發行代幣的RWA項目，例如Maple和Swarm，漲幅都超過200%。

Although the market has high hopes for the RWA sector, the actual participation is in stark contrast to the discussion heat. Due to high barriers and complex compliance requirements, most investors' understanding of RWA remains at the conceptual stage. This situation has also led to a mixed market, with many projects under the banner of RWA emerging, trying to ride on the popularity but lacking real underlying support. This has caused confusion for ordinary investors, making it difficult to distinguish which are real RWA projects and which are just conceptual hype disguised as "blockchain + real assets".

儘管市場對RWA領域寄予厚望，但實際參與情況卻與討論熱度形成鮮明對比。由於門檻較高、合規要求複雜，大多數投資人對RWA的理解仍停留在概念階段。這種情況也導致了市場魚龍混雜，不少打著RWA旗號的項目不斷湧現，試圖借人氣卻缺乏真正的底層支撐。這給一般投資人造成了困惑，難以區分哪些是真正的RWA項目，哪些只是偽裝成「區塊鏈+實體資產」的概念炒作。

According to the author’s understanding, the RWA sector covers a wide range and can be roughly divided into US Treasury bonds, private credit, commodities, stocks, stablecoins, global bonds, and institutional funds. However, most projects do not issue platform coins themselves, but tokenize their products. Due to regulatory and compliance factors, most of these products require KYC and other certifications, which are not suitable for the majority of small and medium-sized investors.

據筆者了解，RWA領域涵蓋範圍廣泛，大致可分為美國國債、私人信貸、大宗商品、股票、穩定幣、全球債券、機構基金等。然而，大多數項目本身並不發行平台幣，而是將其產品代幣化。由於監管和合規因素，這些產品大多需要KYC等認證，並不適合廣大中小投資者。

To this end, Odaily Planet Daily has taken stock of the projects that have issued platform coins from the many categories mentioned above and analyzed the fundamentals of these projects, which does not constitute investment advice.

為此，Odaily星球日報從上述多個類別中盤點了已發行平台幣的項目，並對這些項目的基本面進行了分析，不構成投資建議。

US Treasury Bonds: Ondo Finance

美國國債：Ondo Finance

Ondo Finance was founded in 2021 and initially focused on the LaaS (Liquidity as a Service) track. However, as the crypto market entered a bear market, the project development encountered bottlenecks. Faced with changes in the market environment, Ondo Finance strategically transformed into the RWA (Real World Assets) sector in January 2023. This move caught up with the start of the RWA track boom, significantly increased Ondo Finance's market attention, and grew into one of the representative projects of on-chain U.S. Treasury RWA in just two years.

Ondo Finance成立於2021年，最初專注於LaaS（流動性即服務）賽道。然而，隨著加密市場進入熊市，專案發展遇到瓶頸。面對市場環境的變化，Ondo Finance於2023年1月戰略轉型進軍RWA（Real World Assets）領域。成長為RWA賽道熱潮的開啟者之一。

Ondo Finance's RWA products are mainly designed around mainstream financial assets in the United States, with compliance and security being one of its core considerations. To ensure the compliance of its products, Ondo Finance has established a local company in the United States and established a special purpose vehicle (SPV) to provide legal protection and operational support for its RWA products.

Ondo Finance的RWA產品主要圍繞在美國主流金融資產設計，合規性和安全性是其核心考量之一。為確保產品合規，Ondo Finance在美國設立了當地公司，並設立了特殊目的機構（SPV），為其RWA產品提供法律保護和營運支援。

In terms of returns, Ondo Finance reached a cooperation with BlackRock's tokenized fund BUIDL in April 2023 to replace the underlying assets of its products with the assets of the BUIDL fund. This cooperation not only provides a strong endorsement for Ondo Finance's products, but also significantly improves the timeliness and convenience of returns, creating a more efficient return experience for investors.

在回報方面，Ondo Finance於2023年4月與貝萊德旗下代幣化基金BUIDL合作，以BUIDL基金的資產取代其產品的底層資產。此次合作不僅為Ondo Finance的產品提供了強而有力的背書，也顯著提高了回報的及時性和便利性，為投資者創造了更有效率的回報體驗。

Currently, Ondo Finance’s RWA products have a total market value of US$623 million, and its core products include two tokenized assets:

目前，Ondo Finance的RWA產品總市值為6.23億美元，其核心產品包括兩種代幣化資產：

OUSG (U.S. Treasury Bonds): The underlying assets come from BlackRock’s tokenized fund BUIDL, which provides an annualized yield of 4.44% and supports Ethereum, Polygon and Solana networks.

OUSG（美國公債）：底層資產來自貝萊德旗下代幣化基金BUIDL，提供4.44%的年化報酬率，支援以太幣、Polygon和Solana網路。

USDY (US Dollar Interest Rate): Secured by short-term US Treasuries and bank deposits, it provides over-collateralization and daily transparency reports, with an annualized yield of 4.65%. The investment threshold is as low as US$500 and supports Ethereum, Mantle, Solana, Sui, Aptos, Noble, and Arbitrum networks.

USDY（美元利率）：以短期美國國債和銀行存款為擔保，提供超額抵押和每日透明度報告，年化收益率為4.65%。投資門檻低至500美元，支援以太坊、Mantle、Solana、Sui、Aptos、Noble、Arbitrum網路。

In addition, Ondo Finance launched the Flux Finance lending platform to provide investors with redemption liquidity for RWA products, further optimizing capital utilization.

此外，Ondo Finance推出Flux Finance借貸平台，提供投資人RWA產品的贖回流動性，進一步優化資金利用率。

Ondo Finance's native token ONDO was publicly raised through CoinList and unlocked for circulation in early 2024. According to Coingecko data, ONDO's current market value is approximately US$2.8 billion. Since the circulation of tokens is still small, accounting for only 15% of the total token volume, there is room for price increases in the short term. However, most of the tokens are concentrated in the hands of project parties and early investors, and

Ondo Finance的原生代幣ONDO透過CoinList公開募集，並於2024年初解鎖流通。由於代幣的流通量仍然較小，僅佔代幣總量的15%，因此短期內還有價格上漲的空間。但大部分代幣集中在專案方和早期投資者手中，