RWA（现实世界资产）行业分析：揭示代币化现实世界资产的潜力

随着2025年的临近，许多机构都对加密市场的未来做出了预测。其中，现实世界资产（RWA）领域成为热门话题。

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.

随着2025年的临近，许多机构都对加密市场的未来做出了预测。其中，现实世界资产（RWA）领域成为热门话题。 Bitwise 在其对 2025 年加密货币市场的十大预测中指出，代币化 RWA 的市场规模预计将达到 500 亿美元。这一乐观的预测让市场对RWA的前景充满期待。

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领域的明星项目表现尤其出色，推波助澜。已发行代币的RWA项目迎来新一轮增长：ONDO代币价格已突破2.1 USDT，创下历史新高；大多数已发行代币的RWA项目，如Maple和Swarm，涨幅均超过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".

尽管市场对RWA领域寄予厚望，但实际参与情况却与讨论热度形成鲜明对比。由于门槛较高、合规要求复杂，大多数投资者对RWA的理解还停留在概念阶段。这种情况也导致了市场鱼龙混杂，不少打着RWA旗号的项目不断涌现，试图借人气却缺乏真正的底层支撑。这给普通投资者造成了困惑，难以区分哪些是真正的RWA项目，哪些只是伪装成“区块链+实物资产”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.

据笔者了解，RWA领域涵盖范围广泛，大致可分为美国国债、私人信贷、大宗商品、股票、稳定币、全球债券、机构基金等。然而，大多数项目本身并不发行平台币，而是将其产品代币化。由于监管和合规因素，这些产品大多需要KYC等认证，并不适合广大中小投资者。

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.

为此，Odaily星球日报从上述多个类别中盘点了已发行平台币的项目，并对这些项目的基本面进行了分析，不构成投资建议。

US Treasury Bonds: Ondo Finance

美国国债：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成立于2021年，最初专注于LaaS（流动性即服务）赛道。然而，随着加密市场进入熊市，项目发展遇到瓶颈。面对市场环境的变化，Ondo Finance于2023年1月战略转型进军RWA（Real World Assets）领域。这一举措赶上了RWA赛道热潮的开始，显着提升了Ondo Finance的市场关注度，并成长为RWA赛道热潮的开启者之一。链上美国财政部RWA的代表性项目仅用了两年时间。

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产品主要围绕美国主流金融资产设计，合规性和安全性是其核心考虑因素之一。为确保产品合规，Ondo Finance在美国设立了当地公司，并设立了特殊目的机构（SPV），为其RWA产品提供法律保护和运营支持。

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.

回报方面，Ondo Finance于2023年4月与贝莱德旗下代币化基金BUIDL达成合作，用BUIDL基金的资产替代其产品的底层资产。此次合作不仅为Ondo Finance的产品提供了强有力的背书，也显着提高了回报的及时性和便利性，为投资者创造了更高效的回报体验。

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产品总市值为6.23亿美元，其核心产品包括两种代币化资产：

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（美国国债）：底层资产来自贝莱德旗下代币化基金BUIDL，提供4.44%的年化收益率，支持以太坊、Polygon和Solana网络。

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）：以短期美国国债和银行存款为担保，提供超额抵押和每日透明度报告，年化收益率为4.65%。投资门槛低至500美元，支持以太坊、Mantle、Solana、Sui、Aptos、Noble、Arbitrum网络。

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借贷平台，为投资者提供RWA产品的赎回流动性，进一步优化资金利用率。

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 there is a risk of selling. According to the token unlocking plan, 1.94 billion tokens will be unlocked on

Ondo Finance的原生代币ONDO通过CoinList公开募集，并于2024年初解锁流通。根据Coingecko数据，ONDO目前市值约为28亿美元。由于代币的流通量仍然较小，仅占代币总量的15%，因此短期内还有价格上涨的空间。但大部分代币集中在项目方和早期投资者手中，存在抛售风险。根据代币解锁计划，将于 2019 年 12 月解锁 19.4 亿枚代币