現實世界的資產是加密貨幣的下一個前沿嗎？

現實世界資產 (RWA) 是人們談論的話題。像 BlackRock 這樣的大公司正在涉足 RWA，Tether 正在推出自己的平臺，而且這些數字也令人印象深刻——RWA 代幣在 2 月份達到了創紀錄的 27 億美元市值。

有了如此多的主要推動因素，RWA 的敘述預計將在 2024 年下半年成為焦點。

今天的故事概述了 RWA 的概況，重點介紹了現實世界中被代幣化的不同類型的資產以及需要關注的杰出項目。

讓我們深入了解一下吧！

RWA 的下一步是什么？

RWA 是加密貨幣領域增長最快的領域之一。許多人將其視為利用全球數萬億資產、推動整個行業增長的一種方式。

貝萊德 (BlackRock) 首席執行官拉里·芬克 (Larry Fink) 將 RWA 稱為“市場的下一代”。波士頓咨詢集團預測，到 2030 年，將這些資產轉化為代幣可能會釋放 16 萬億美元的機會。

然而，到目前為止，只有一種資產被成功代幣化并完全融入加密生態系統，那就是穩定幣形式的法定貨幣。

穩定幣是第一個、最大、最成熟的 RWA。他們發現了適合加密貨幣的產品市場，并看到了對不同服務的強烈需求，并且是每個加密生態系統的基本組成部分。

但 RWA 領域除了穩定幣之外還有什么？

近年來，我們看到各種現實世界資產被代幣化并上鏈的趨勢不斷增長。讓我們看看一些最流行的類型。

商品、股票和基金

黃金、白銀和原油等大宗商品通常在世界各地的各個交易所進行交易。這些自然資源可以被代幣化以代表實際商品的股份，就像穩定幣對法定貨幣所做的那樣。

到目前為止，貴金屬，尤其是黃金，作為 RWA 在加密貨幣領域獲得了最大的關注。據 CoinGecko 報道

(XAUT)等代幣

黃金的主導地位表明 RWA 行業是多么新生。然而，有幾個項目正在試驗不同的商品。

隨著 RWA 代幣化空間的成熟，我們可能會看到原油等其他商品甚至玉米等農作物的代幣。其論點是，未來更多的全球交易將轉移到區塊鏈上。

Similar to commodities, stocks, and mutual funds can also be tokenized.These assets are mainstays in the traditional finance market, but their adoption in crypto has been slow, largely due to regulatory hurdles.

Complying with laws across jurisdictions is tough, with many projects needing licenses and facing restrictions, like excluding users from certain countries or meeting strict KYC and AML criteria.

Despite these challenges, some projects likeSwarmandBackedhave navigated the regulatory maze, allowing onchain trading of global stocks and funds, like COIN and NVDA from the U.S. markets, and index funds like the Core S&P 500, among others.

Treasuries

Treasuries refer to tokenized government debt instruments. Traditionally, these instruments are secure, yield-generating assets as they are issued by governments.

Following the COVID-19 pandemic, treasury rates, which were historically low, saw a rise as the Federal Reserve adjusted its monetary policy to the shifting economy. By October 2023, short-term treasury yields had climbed from near zero to approximately5.4%.

This uptick in rates spurred the launch of projects tokenizing U.S. treasuries, with some notable examples being:

• Franklin Templeton —launched theFranklin OnChain U.S. Government Money Fund(FOBXX) in 2021, the first U.S.-registered fund on a public blockchain. It offers a 5.11% yield and has a $365 million market cap, ranking it among the largest onchain treasury products.

• BlackRock —launched theBlackRock USD Institutional Digital Liquidity Fund ($BUIDL) in March 2024 on Ethereum. It currently leads the onchain treasury fund market with over $375 million in assets under management.

• Ondo —launched theOndo Short-Term U.S. Government Treasuries (OUSG), which provides access to short-term U.S. Treasuries with a 4.68% yield and a market cap around $140 million. A significant portion of OUSG is invested in BlackRock's BUIDL.Ondoalso offers the USDY yield-bearing stablecoin, with a market cap exceeding$120 million.

This category has seen substantial growth as treasury yields have become more appealing with rising interest rates. Other notable projects in this space include Superstate, Maple, Backed, OpenEden, and more.

Onchain Private Credit

Private credit involves lending by financial institutions to businesses through debt instruments, essentially loans.

In the context of the RWA sector in crypto, these loans are tokenized through credit protocols, allowing lenders to extend capital to these institutions in exchange for yield.

In traditional finance, private credit is a massive $1.6 trillion market, and it's slowly carving out a significant niche in crypto.

Crypto credit protocols have already tokenized over $4.4 billion in loans, with more than $600 million currently loaned out to real-world businesses, generating returns for onchain lenders.

對于鏈上投資者來說，私人信貸因其較高的收益率潛力而呈現出有吸引力的主張。例如，通過像 Centrifuge 這樣的協議借貸穩定幣的平均年利率可以達到 8.7%，超過了 AAVE 等平臺上通常出現的 4-5% 的年利率，但風險也隨之增加。

房地產

RWA 中的房地產類別側重于對住宅、土地、商業建筑和基礎設施項目等實物財產進行代幣化。

房地產是世界上最大的資產類別。但傳統上，由于房產成本高昂，房地產投資需要大量資金。通過代幣化使房地產可以在鏈上交易，引入了一種新穎的投資范式，增強了可訪問性，實現了部分所有權，并有可能增加流動性。

盡管如此，房地產固有的流動性不足限制了其鏈上采用的步伐。房地產交易的曠日持久的性質和較小的買家群體使得在鏈上協調賣家和買家變得具有挑戰性，特別是考慮到該行業傳統上是在遺留系統上運作的。

像 RealT Tokens 這樣的項目正在努力通過簡化財產分割來向市場注入流動性，從而使賣方能夠輕松分割其資產，并使買方能夠獲得代幣化的股票。

此外，Parcl 等平臺允許通過其鏈上交易機制對不同地點（例如美國不同城市）的房地產價值進行投機。

從長遠來看，所有這些舉措將使房地產市場更具流動性。

結論

RWA 的概念有望為房地產、大宗商品和債務等傳統資產帶來新的全球準入和流動性水平。如果對 RWA 的大膽預測成為現實，這些資產的代幣化很可能會重新定義世界如何交易這些資產，進而讓更多的人進入鏈上。

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