监管障碍和公用事业短缺阻碍了大规模 RWA 代币化

在不断发展的加密领域，现实世界资产的代币化（RWA）成为一个变革性的前沿。这包括通过区块链上的数字代币代表股票、债券和房地产等传统资产的所有权。代币化提高了资产的效率、流动性和可及性，吸引投资并促进投资民主化。然而，监管障碍和实用需求仍然是挑战，需要协作和技术创新来释放 RWA 代币化的全部潜力。

Utility and Regulatory Hurdles: Barriers to Mass RWA Tokenization

公用事业和监管障碍：大规模 RWA 代币化的障碍

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.

现实世界资产（RWA）的代币化引起了广泛关注，它提高了效率、流动性和传统非流动性资产的可访问性。然而，尽管具有吸引力，该行业仍面临着阻碍其大规模采用的挑战。

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 强调了与链上证券等资产迁移相关的监管负担。要进入流动性强且稳健的美国证券市场，遵守法规至关重要。这种监管环境增加了代币化过程的摩擦和复杂性。

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，实用性的缺乏限制了优质资产流向区块链。投资者需要实用性，例如流动性、杠杆或可堆肥性，以证明对代币化 RWA 的投资是合理的。如果没有这些激励措施，该行业可能难以吸引必要的资本来充分发挥其潜力。

Mainstream Institutions Embracing Tokenization

主流机构拥抱通证化

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.

尽管存在这些挑战，主流机构仍在越来越多地探索 RWA 代币化，部分原因是现货比特币 ETF 推出后加密货币的合法性不断增强。资产管理巨头贝莱德对 Securitize 进行了战略投资，并推出了一支专注于代币化 RWA 投资的新基金。此举标志着传统金融格局的转变，机构认识到代币化的好处。

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、美国银行、汇丰银行、摩根士丹利和花旗等其他银行也在探索 RWA 代币化空间。 TradFi 机构参与度的增加凸显了人们对代币化潜力的日益认可。

Estimates and Market Projections

估计和市场预测

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 估计，未来五年内，全球货币供应量的 2% 可能会在区块链上进行代币化，而花旗集团预计到 2030 年，该市场将达到 5 万亿美元。Outlier Ventures 预测，到年底，潜在市场将达到 10-15 万亿美元。如果代币化能够实现更好的价格发现，那么还有进一步增长的潜力。这些预测凸显了代币化的巨大潜力及其释放大量资本的能力。

Meld and Swarm Partner to Expand RWA Accessibility

Meld 和 Swarm 合作扩大 RWA 的可访问性

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 是一家受监管的银行，计划为散户投资者提供代币化资产的借贷服务。此举将使投资者获得更广泛的投资机会，并有可能增加他们对加密货币市场的投资。

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 与获得德国金融监管机构 BaFin 许可的去中心化金融 (DeFi) 平台 Swarm Markets 合作，将为 RWA 资产的链上借贷提供平台。此次合作为散户投资者开辟了跨资产保证金机会，并可以通过获得许可的银行服务将代币化的 RWA 带给更广泛的受众。

MANTRA: Building a Compliance-Focused RWA Tokenization Platform

MANTRA：构建以合规为中心的 RWA 代币化平台

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 是一个专注于中东的项目，正在寻求迪拜加密货币监管机构 VARA 的许可，以建立一个用于发行和交易 RWA 的合规平台。在多个投资者的资助下，MANTRA 旨在为 RWA 代币化提供全面的解决方案，包括法币入口/出口、去中心化 ID (DID)/Soulbound NFT、原生 DEX、启动板和合规模块。

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 的网络将利用 Cosmos 的互操作性和多链功能来提供无缝的用户体验。它还将强调合规性和监管遵守，满足加密货币原住民对安全和合规环境的需求。

Beyond BlackRock, Meld-Swarm, and MANTRA

超越贝莱德、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.

除了这些备受瞩目的发展之外，RWA 代币化领域也取得了重大进展。 Libre 基金代币化协议是 Webn 和野村证券的合资企业，允许投资贝莱德国债 ETF 的美元货币市场基金。

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、芝加哥期权交易所和其他金融巨头的支持下，正在开发 DLT 互操作性，以应对分散的机构区块链的挑战。其目标是为 RWA 代币化提供一个合规且可互操作的平台。

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.

与此同时，Ripple 与 Axelar 基金会合作，促进 RWA 的代币化，将其影响力扩展到更广泛的代币化生态系统。这些发展共同说明了 RWA 代币化背后的增长势头及其重塑金融格局的潜力。

Conclusion: A Promising Future, but Challenges Remain

结论：未来充满希望，但挑战依然存在

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.

尽管面临挑战，现实世界资产的代币化代表了一个变革性的机会，有可能重塑金融业。机构和银行的参与表明人们越来越认识到代币化的好处。然而，为了充分发挥其潜力，RWA 代币化需要持续的合作、技术进步、监管明确性以及为投资者开发引人注目的实用程序。