更广泛采用令牌现实世界资产（RWA）的最大障碍不是法规，而是缺乏专用的二级市场

然而，与普遍的看法相反，障碍不是模棱两可的法规

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，代币化的现实世界资产市场（RWA）的市场正在增长，但与信念相反，根据Prometheum创始人兼Co-Ceo Aaron Kaplan的说法，更广泛采用的最大收养障碍不是监管。

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的采访时，卡普兰引起了方舟投资首席执行官Cathie Wood最近在纽约的数字资产峰会上露面的关注，她说缺乏监管性清晰度正在阻止其公司对其资金进行统计。

“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.”

卡普兰说：“与普遍的看法相反，障碍不是模棱两可的法规。”他指出，美国证券交易委员会（SEC）的特殊经纪经纪人 - 交易框架和替代交易系统（ATS）许可“已经为发行效率优于传统发行的效率优势的途径提供了监管的途径。”

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

“真正的瓶颈在于有限的市场基础设施将令牌化证券交易交付给广泛的投资者基础。”

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.

根据行业数据，在过去的30天内，不包括稳定的RWA的价值增长了近8％，达到195亿美元。私人信贷和美国财政部债务仍然是两个最大用例。

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

在过去的一年中，令牌化RWA的价值迅速增长。资料来源：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.

“这些资产目前坐落在少数区块链上，但是仍然没有完全公共的二级市场，机构和零售投资者可以像纳斯达克上的传统证券一样购买，出售和交易它们，或者通过富达等经纪公司进行交易，”卡普兰（Kaplan）说。

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）框架来建立令牌化的证券市场，就像Ondo Finance，Ethena Labs和Securitize所做的一样。

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

相关：Ethena Labs，用于DEFI和令牌资产的证券化发射区块链

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

第二种方法涉及将代币化协议集成到在SEC注册实体下运行并遵守联邦证券法的现有经纪平台。

“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.

卡普兰说：“传统加密货币和金融科技平台已经习惯于促进加密货币交易，因此您希望他们寻求扩大其产品，以包括令牌化证券。”

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.”

卡普兰说，尽管后一个营地中的许多人没有以数字方式运作，但他们“不会在没有战斗的情况下割让市场份额”。 “许多人已经在自己的令牌化计划上进行投资，或与金融科技和加密公司合作，以保持竞争力。”

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.

作为一家数字资产交易和监护公司，Prometheum试图通过建立全方位服务的数字资产证券市场来弥合基础设施差距。该公司声称，以普罗米修的交易证券减少了费用，更快的和解时间和提高效率。

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

相关：CME Group点击Google Cloud用于PILOT资产令牌化计划

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

投资者想要他们一直都知道的“数字本地”资产版本

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，传统投资者中令牌资产的最大需求驱动力是，他们希望访问“所有资产的数字本机版本，除了加密代币之外，通过一个单个生态系统，他们都可以舒适地使用[...]来满足一系列财务目标，” Kaplan说。

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.

代币化似乎正在吸引人的一个领域是房地产。正如CoIntelegraph最近报道的那样，豪华和商业物业在北美各地都被标记化，并建立了二级市场，以实现令牌化股票的交易。

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.

波士顿咨询集团（BCG）的2024年报告称，由于其可伸缩性和近乎固有的交易，令牌化是“金融服务中改变游戏规则的区块链用例”。

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.

根据BCG董事总经理兼高级合伙人Sean Park的说法，令牌化可能会使投资者的年收益率提高了约1000亿美元，同时增加了金融机构的收入来源。

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

代币化的RWA作为可投资资产类别，在2023年达到了“拐点”。资料来源：波士顿咨询集团

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.

世界经济论坛在5月13日星期一由数字资产联合创始人兼首席执行官Yuvan Roozon发表的最近发表的一篇文章中，甚至在5月13日星期一发表的一篇文章中标记了令牌化的潜力。

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23万美元的全球证券市场中约有10％有资格用作抵押品。

“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说：“提高抵押交通和资本效率的令牌化可能会解锁这项未开发的资本并优化日内流动性，以便可以在同一交易日内获得并搬迁资金，以履行付款和和解义务，” Roozo说。