桥接美国资本市场和亚洲流动性中心是解锁机构加密货币的关键

多年来，加密货币已承诺建立一个更开放和高效的金融体系。仍然存在基本的效率低下：美国资本市场与亚洲流动性中心之间的断开连接。

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.

加密行业长期以来一直吹捧其对更开放和高效的金融体系的承诺。然而，即使美国率先将令牌化的国库和现实世界中的资产整合到DEFI和亚洲仍然是全球加密货币交易和流动性中心，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.

尽管美国最近在Web3和机构对数字资产的兴趣越来越多的兴趣方面做出了努力，但仍然存在着重要的瓶颈：美国资本市场与亚洲流动性中心之间的脱节。

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.

这种缺乏互连为释放数字资产的全部潜力以获得更广泛的机构采用而构成了关键的障碍。为了实现加密货币承诺的全部范围，我们必须确保各种形式的资本可以更无缝地流入数字资产中。

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.

尽管Stablecoins在传统金融和加密货币之间充当有价值的桥梁，提供了相同的法定货币，但它们本身不足以维持大规模的机构参与。

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.

机构不仅需要法定货币等效物；他们要求拥有屈服和容易获得的资产，例如美国财政部或其他固定收益工具，这些工具通常以符合机构标准的特定格式和结构持有。这些资产对于产生一致的回报和流动性至关重要，以使机构有效地管理其投资。

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.

如果没有广泛的这些承重资产的选择，这些资产很容易以适合机构使用的格式访问，我们将不会见证机构资本全部涌入加密市场。这种缺乏流动性将依次阻碍这些市场的有效运作和增长。

What is the solution?

什么是解决方案？

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.

加密必须超越简单的象征性钱，并开发出机构认可和信任的结构化的，屈服的工具。我们需要一个全球附带标准，该标准将传统财务与数字资产无缝联系起来。该标准必须符合三个核心标准，以促进大规模的机构参与。

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，它必须提供稳定性。机构不会将有意义的资金投入缺乏强大基础的资产类别。因此，在此新标准中使用的附带物质必须由现实世界中的金融工具来支持，这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，必须广泛采用。类似于Tether的USDT（USDT）和USDC（USDC）实际上是菲亚特支持的Stablecoins的现实标准，我们需要广泛接受的托管资产来用于机构流动性。没有标准化，我们将继续看到市场破裂，从而限制了加密货币与更广泛的财务系统集成的能力。

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.

最后，这个新的附带标准必须完全偏见。这些资产必须在各种区块链和交易所之间进行组合和可互操作，从而使资本可以快速有效地移动。没有OnChain集成，数字资产将仍然锁定在单独的流动性池中，扼杀了市场的有效增长。

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.

没有这种类型的基础架构，加密货币将仍然是零散的金融体系。为了确保我们和亚洲投资者都可以以同样的安全和治理标准来访问令牌化的金融工具，例如令牌化的国库，我们需要为机构提供无缝且合规的资本部署途径。

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.

建立一个结构化的框架，该框架将加密流动性与机构所依赖的财务原则保持一致，这将决定数字资产是否可以真正扩展到其当前限制之外。

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.

新一代的金融产品开始解决这个问题。像Buidl和USYC的纪念品一样，作为稳定价值，产生产生的资产，为投资者提供了传统固定收益产品的OnChain版本。这些仪器为传统的稳定剂提供了直接的替代方法，从而使能够模仿传统货币市场的更高的资本效率系统。

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.

亚洲交流开始纳入这些代币，为该地区的用户提供了从美国资本市场的收益率的机会。但是，这个机会超出了仅资本流动性。

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.

目的是将加密货币与令牌化的美国资本市场资产一起包装，以符合机构投资者偏爱的技术和法律标准，同时在亚洲环境中保持易于访问。这将允许连接传统和数字融资的更强大，合规和可扩展的系统。

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.

比特币还在不断发展其作为一个被动价值存储的角色。像BlockDecomp提供的比特币支持的金融工具一样，可以将BTC放在抵押品中，在为投资者带来奖励的同时解除流动性。

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.

要使比特币在机构市场中有效运作，必须将其集成到结构化的金融体系中，该财务系统与主要市场中的监管标准保持一致，从而使其对于不同地区的投资者而言易于访问且合规。

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.

集中的分散融资（CEDEFI）将集中式交易的流动性与Defi的透明度和合成性结合在一起，是该过渡的另一个关键部分。要使Cedefi被机构参与者广泛采用，它必须提供标准化的风险管理实践，明确的监管合规性以及与传统金融市场的深入整合。

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.

这将确保基于CEDEFI的工具，例如令牌化的国库，BTC重新生产或结构化贷款计划，以符合机构首选的技术和法律标准的方式部署，使其易于访问并可以整合到更广泛的机构投资策略中。

The key shift is not just about tokenizing assets. It

关键转变不仅仅是象征性资产。它