[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-figure-billion-month-tokenized-credit-breakout-zh":3,"tags-figure-billion-month-tokenized-credit-breakout-zh":34,"related-lang-figure-billion-month-tokenized-credit-breakout-zh":41,"related-posts-figure-billion-month-tokenized-credit-breakout-zh":45,"series-industry-733147a4-9309-4da1-8239-87cf065d1c10":82},{"id":4,"title":5,"content":6,"summary":7,"source":8,"source_url":9,"author":10,"image_url":11,"keywords":12,"language":18,"translated_content":10,"views":19,"is_premium":20,"created_at":21,"updated_at":21,"cover_image":11,"published_at":22,"rewrite_status":23,"rewrite_error":10,"rewritten_from_id":24,"slug":25,"category":26,"related_article_id":27,"status":28,"google_indexed_at":29,"x_posted_at":10,"tweet_text":10,"title_rewritten_at":10,"title_original":10,"key_takeaways":30,"topic_cluster_id":10,"embedding":10,"is_canonical_seed":20},"733147a4-9309-4da1-8239-87cf065d1c10","為什麼 Figure 的 10 億美元月度表現證明代幣化信貸已經成形","\u003Cp data-speakable=\"summary\">Figure 的 10 億美元月度放款證明，代幣化信貸已經從加密概念走進可運作的金融基礎設施。\u003C\u002Fp>\u003Cp>Figure 的 3 月成績不是花絮，而是明確訊號：代幣化信貸已經從試驗案走到能跑量的市場基礎設施。\u003C\u002Fp>\u003Cp>一家放貸平台若能在單月做到 10 億美元、單季做到 29 億美元，外界再說 onchain credit 只是 demo，就站不住腳了。Figure 目前年化放款量約 120 億美元，累計放款接近 300 億美元。這不是幣圈敘事，而是實打實的金融生意，靠的是信任、資金效率與重複使用率。Mike Cagney 賣的不是「\u003Ca href=\"\u002Ftag\u002F區塊鏈\">區塊鏈\u003C\u002Fa>很酷」，而是更便宜、更快的貸款流轉方式。\u003C\u002Fp>\u003Ch2>第一個論點：代幣化信貸先贏在成本\u003C\u002Fh2>\u003Cp>Figure 之所以重要，第一個原因很直接：它在打成本。傳統信貸市場充滿層層抽成，從 servicing、證券化到經紀與結算，每一層都會吃掉利差。Figure 的主張是把貸款代幣化，讓原本分散的流程變成更直接的市場結構。這不是抽象口號，因為每少一個 basis poi\u003Ca href=\"\u002Fnews\u002Fxai-anthropic-colossus-1-compute-partnership-zh\">nt\u003C\u002Fa>，放款端與投資端的報酬都會變好。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778095843282-mvlc.png\" alt=\"為什麼 Figure 的 10 億美元月度表現證明代幣化信貸已經成形\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>這個邏輯在高摩擦市場尤其明顯。Cagney 提到股票借貸市場，借券利率有時超過 30%，但資產所有人拿到的收益只是一小部分。這就是中介截留價值的典型案例。Figure 的模型說明了一件事：區塊鏈真正有用的地方，不是改變底層風險，而是讓資產更容易定價、移轉與融資。這比大多數「\u003Ca href=\"\u002Fnews\u002Fwhy-open-source-llms-should-be-judged-by-workload-not-hype-zh\">什麼\u003C\u002Fa>都要代幣化」的說法更有商業性。\u003C\u002Fp>\u003Ch2>第二個論點：真正的突破是流動性，不是代幣本身\u003C\u002Fh2>\u003Cp>Figure 的成長第二個意義在於流動性。Cagney 把 Figure 描述成少數幾個持續更新的消費信貸市場之一，這點很關鍵。價值不在於貸款「上鏈」而已，而在於資產能被即時重定價、打包、抵押與交易，運作方式更像活市場，而不是批次處理的倉庫。\u003C\u002Fp>\u003Cp>Figure 的 Forge 平台把這件事做得更具體：它把貸款池標準化成可作為 \u003Ca href=\"\u002Ftag\u002Fdefi\">DeFi\u003C\u002Fa> 抵押品的 vault。標準化讓資產對新買家、新貸方變得可讀，也解釋了為\u003Ca href=\"\u002Fnews\u002Fretrieval-augmented-generation-explained-zh\">什麼\u003C\u002Fa> Figure 會擴展到 \u003Ca href=\"\u002Ftag\u002Fsolana\">Solana\u003C\u002Fa>，並規劃支援 \u003Ca href=\"\u002Ftag\u002Fethereum\">Ethereum\u003C\u002Fa>。鏈不是產品，產品是更具流動性的資產負債表。金融世界裡，流動性就是力量，任何能大量製造流動性的公司都會變得重要。\u003C\u002Fp>\u003Ch2>第三個論點：代幣化信貸的勝點在於可接觸性\u003C\u002Fh2>\u003Cp>Figure 之所以能跳出加密小圈子，第三個原因是可接觸性。把信貸資產放上鏈，代表更多原本無法參與 prime-style 策略的投資人與借款人，有機會進入同一套收益與抵押機制。Cagney 稱之為「democratized prime」，這不是包裝話術，而是很具體的市場轉變：當資產足夠標準化、透明，DeFi rails 就能承接更多人。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778095856467-suj4.png\" alt=\"為什麼 Figure 的 10 億美元月度表現證明代幣化信貸已經成形\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>Figure 的收益型\u003Ca href=\"\u002Ftag\u002F穩定幣\">穩定幣\u003C\u002Fa> YLDS 據稱已有約 6 億美元餘額，另外也在測試可直接借貸的代幣化股票。這些都不是支線任務，而是在證明同一套基礎設施可以支撐多種金融產品。這也是為什麼代幣化信貸比代幣化收藏品、meme 幣或其他投機資產更重要。它對應的是實際經濟需求：收益、抵押與融資，而且摩擦更低。\u003C\u002Fp>\u003Ch2>反方可能怎麼說\u003C\u002Fh2>\u003Cp>最強的反對意見是：這跟傳統金融相比還是太小了。即使累計放款接近 300 億美元，放到整個消費信貸、證券化與資本市場面前，仍然只是很小一塊。懷疑者也會說，代幣化常常是在找問題解法，而不是解決真問題，尤其當監管、託管與市場結構本來就足夠成熟時，沒必要硬把資產搬上鏈。加密產業過去太多次高估效率、低估採用難度，這個警惕是合理的。\u003C\u002Fp>\u003Cp>但這個批評忽略了 Figure 真正切入的位置。Cagney 並不是要把所有資產都搬上鏈，也不是把房地產或藝術品代幣化來湊題目。他瞄準的是本來就高度標準化、可移動、且依賴中介的金融抽象物：貸款、證券、借券與抵押品。這些地方只要改善底層管線，就能直接看到經濟價值。限制當然存在，不是每種資產都適合上鏈；但這恰恰是要聚焦，而不是否定整個類別。\u003C\u002Fp>\u003Ch2>你能做什麼\u003C\u002Fh2>\u003Cp>如果你是創辦人，別再問區塊鏈在理論上有沒有用，先問自己能不能移除一層費用、提高流動性，或擴大某個本來就有需求的金融產品的可接觸範圍。若你是 PM 或工程師，設計順序應該是先標準化，再可攜帶，最後才是可組合。Figure 的突破說明一件事：代幣化信貸只有在像基礎設施而不是表演時，才會真正成立。把產品做給本來就會流動的市場，代幣才會因為經濟性而重要。\u003C\u002Fp>","Figure 的 10 億美元月度放款證明，代幣化信貸已經從加密概念走進可運作的金融基礎設施。","www.coindesk.com","https:\u002F\u002Fwww.coindesk.com\u002Fbusiness\u002F2026\u002F05\u002F03\u002Fmike-cagney-s-second-act-turning-blockchain-into-wall-street-s-new-plumbing",null,"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778095843282-mvlc.png",[13,14,15,16,17],"Figure","代幣化信貸","金融基礎設施","流動性","資產標準化","zh",1,false,"2026-05-06T19:30:24.024519+00:00","2026-05-06T19:30:23.995+00:00","done","693b718e-866d-4fd7-bbe0-d83f24251dc1","figure-billion-month-tokenized-credit-breakout-zh","industry","1f3478f3-c51f-4a0b-b38d-c6df206b98e6","published","2026-05-07T09:00:18.893+00:00",[31,32,33],"Figure 的 10 億美元月度放款，證明代幣化信貸已經不只是概念展示。","這類模式的核心價值不是「上鏈」，而是降低成本、提高流動性、擴大可接觸性。","最值得做的不是把所有資產代幣化，而是把原本就依賴中介的金融產品做成更有效率的基礎設施。",[35,36,37,38,40],{"name":17,"slug":17},{"name":15,"slug":15},{"name":16,"slug":16},{"name":13,"slug":39},"figure",{"name":14,"slug":14},{"id":27,"slug":42,"title":43,"language":44},"figure-billion-month-tokenized-credit-breakout-en","Why Figure’s $1 billion month proves tokenized credit is ready","en",[46,52,58,64,70,76],{"id":47,"slug":48,"title":49,"cover_image":50,"image_url":50,"created_at":51,"category":26},"e6379f8a-3305-4862-bd15-1192d3247841","why-nebius-ai-pivot-is-more-real-than-hype-zh","為什麼 Nebius 的 AI 轉型比炒作更真實","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778823044520-9mfz.png","2026-05-15T05:30:24.978992+00:00",{"id":53,"slug":54,"title":55,"cover_image":56,"image_url":56,"created_at":57,"category":26},"66c4e357-d84d-43ef-a2e7-120c4609e98e","nvidia-backs-corning-factories-with-billions-zh","Nvidia 出資 Corning 工廠擴產","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778822450270-trdb.png","2026-05-15T05:20:27.701475+00:00",{"id":59,"slug":60,"title":61,"cover_image":62,"image_url":62,"created_at":63,"category":26},"31d8109c-8b0b-46e2-86bc-d274a03269d1","why-anthropic-gates-foundation-ai-public-goods-zh","為什麼 Anthropic 和 Gates Foundation 應該投資 A…","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778796636474-u508.png","2026-05-14T22:10:21.138177+00:00",{"id":65,"slug":66,"title":67,"cover_image":68,"image_url":68,"created_at":69,"category":26},"17cafb6e-9f2c-43c4-9ba3-ef211d2780b1","why-observability-is-critical-cloud-native-systems-zh","為什麼可觀測性是雲原生系統的生存條件","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778794245143-tfqn.png","2026-05-14T21:30:25.97324+00:00",{"id":71,"slug":72,"title":73,"cover_image":74,"image_url":74,"created_at":75,"category":26},"2fb441af-d3c6-4af8-a356-a40b25a67c00","data-centers-pushing-homeowners-to-solar-zh","資料中心推升房主裝太陽能","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778793651300-gi06.png","2026-05-14T21:20:40.899115+00:00",{"id":77,"slug":78,"title":79,"cover_image":80,"image_url":80,"created_at":81,"category":26},"387bddd8-e5fc-4aa9-8d1b-43a34b0ece43","how-to-choose-gpu-for-yihuan-zh","怎麼選《异环》GPU","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1778786461303-39mx.png","2026-05-14T19:20:29.220124+00:00",[83,88,93,98,103,108,113,118,123,128],{"id":84,"slug":85,"title":86,"created_at":87},"ee073da7-28b3-4752-a319-5a501459fb87","ai-in-2026-what-actually-matters-now-zh","2026 AI 真正重要的事","2026-03-26T07:09:12.008134+00:00",{"id":89,"slug":90,"title":91,"created_at":92},"83bd1795-8548-44c9-9a7e-de50a0923f71","trump-ai-framework-power-speech-state-preemption-zh","川普 AI 框架瞄準電力、言論與州權","2026-03-26T07:12:18.695466+00:00",{"id":94,"slug":95,"title":96,"created_at":97},"ea6be18b-c903-4e54-97b7-5f7447a612e0","nvidia-gtc-2026-big-ai-announcements-zh","NVIDIA GTC 2026 重點拆解","2026-03-26T07:14:26.62638+00:00",{"id":99,"slug":100,"title":101,"created_at":102},"4bcec76f-4c36-4daa-909f-54cd702f7c93","claude-users-spreading-out-and-getting-better-zh","Claude 用戶更分散，也更會用","2026-03-26T07:22:52.325888+00:00",{"id":104,"slug":105,"title":106,"created_at":107},"bd903b15-2473-4178-9789-b7557816e535","openclaw-raises-hard-question-for-ai-models-zh","OpenClaw 逼問 AI 模型價值","2026-03-26T07:24:54.707486+00:00",{"id":109,"slug":110,"title":111,"created_at":112},"eeac6b9e-ad9d-4831-8eec-8bba3f9bca6a","gap-google-gemini-checkout-fashion-search-zh","Gap 把結帳搬進 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