[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-tokenized-rwas-hit-33-78b-as-treasuries-lead-zh":3,"article-related-tokenized-rwas-hit-33-78b-as-treasuries-lead-zh":33,"series-blockchain-e301f9ff-31e4-4da4-83b1-b95ff95c3a0e":82},{"id":4,"slug":5,"title":6,"content":7,"summary":8,"source":9,"source_url":10,"author":11,"image_url":12,"cover_image":12,"category":13,"language":14,"translated_content":11,"related_article_id":15,"keywords":16,"key_takeaways":25,"views":29,"created_at":30,"published_at":31,"topic_cluster_id":32},"e301f9ff-31e4-4da4-83b1-b95ff95c3a0e","tokenized-rwas-hit-33-78b-as-treasuries-lead-zh","代幣化RWA衝上337.8億美元","\u003Cp data-speakable=\"summary\">\u003Ca href=\"\u002Fnews\u002Fsaylor-tokenization-investors-shop-for-yield-zh\">代幣化\u003C\u002Fa>真實世界資產規模已到 337.8 億美元，主力是美債和現金型產品。\u003C\u002Fp>\u003Cp>說真的，這數字不小。18 個月前還不到 10 億美元，現在已經到 \u003Cstrong>337.8 億美元\u003C\u002Fstrong>。這不是單純炒作，因為真正推動它的是機構要更快結算、更好轉移，也更好做合規。\u003C\u002Fp>\u003Cp>你可能會想問，為什麼先是美債。答案很直白。美債收益穩，風險低，產品也容易懂。對 \u003Ca href=\"https:\u002F\u002Fwww.ondo.finance\" target=\"_blank\" rel=\"noopener\">Ondo Finance\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fwww.franklintempleton.com\" target=\"_blank\" rel=\"noopener\">Franklin Templeton\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fmakerdao.com\" target=\"_blank\" rel=\"noopener\">MakerDAO\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fmaple.finance\" target=\"_blank\" rel=\"noopener\">Maple Finance\u003C\u002Fa> 這類玩家來說，先從固定收益下手，比硬推高波動資產容易太多。\u003C\u002Fp>\u003Cp>而且這次不是只有幣圈自己嗨。傳統金融也在看。當資產能在鏈上流轉，清算、託管、移轉這幾個老問題就會被重新檢查一次。這種事很無聊，但很值錢。\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>指標\u003C\u002Fth>\u003Cth>數字\u003C\u002Fth>\u003Cth>意義\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>代幣化 RWA 市場規模\u003C\u002Ftd>\u003Ctd>337.8 億美元\u003C\u002Ftd>\u003Ctd>代表類別已經不是實驗室等級\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>18 個月前起點\u003C\u002Ftd>\u003Ctd>不到 10 億美元\u003C\u002Ftd>\u003Ctd>顯示成長速度很快\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>2024 年 Q1 鏈上永續合約量\u003C\u002Ftd>\u003Ctd>超過 5000 億美元\u003C\u002Ftd>\u003Ctd>說明鏈上市場有真實流動性\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>全球固定收益市場\u003C\u002Ftd>\u003Ctd>超過 100 兆美元\u003C\u002Ftd>\u003Ctd>也凸顯代幣化 RWA  هنوز很小\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch2>為什麼先從美債開始\u003C\u002Fh2>\u003Cp>講白了，美債就是最適合拿來做第一步的東西。它有收益，有信用背書，也有清楚的\u003Ca href=\"\u002Fnews\u002Fclaude-mythos-preview-benchmarks-price-context-zh\">價格\u003C\u002Fa>邏輯。對機構來說，這比拿股票、私募、房地產先上鏈簡單很多。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1779402954462-2al9.png\" alt=\"代幣化RWA衝上337.8億美元\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>另一個原因是流程痛點很明顯。傳統固定收益市場有券商、託管行、結算窗口、銀行營業時間，還有一堆跨系統對帳。這些流程不是不能做，但就是慢，而且很吃人工。\u003C\u002Fp>\u003Cp>\u003Ca href=\"\u002Fnews\u002Fnyse-24-7-tokenized-trading-push-zh\">代幣化\u003C\u002Fa>之後，部分產品可以 24 小時移轉，結算也可能更快。你不用幻想它會把所有摩擦消掉，但它確實能少掉一些中間層。對高頻資金調度的人來說，這差很多。\u003C\u002Fp>\u003Cul>\u003Cli>結算速度比傳統流程更快\u003C\u002Fli>\u003Cli>部分產品可 24 小時轉移\u003C\u002Fli>\u003Cli>現金型資產更容易被理解\u003C\u002Fli>\u003Cli>交易與託管流程可更直接\u003C\u002Fli>\u003C\u002Ful>\u003Ch2>機構不是觀察而已\u003C\u002Fh2>\u003Cp>這波最值得盯的，是大機構真的開始碰了。\u003Ca href=\"https:\u002F\u002Fwww.blackrock.com\" target=\"_blank\" rel=\"noopener\">BlackRock\u003C\u002Fa> 已經進場做代幣化產品，\u003Ca href=\"https:\u002F\u002Fwww.jpmorgan.com\u002Fonyx\" target=\"_blank\" rel=\"noopener\">JPMorgan Onyx\u003C\u002Fa> 也做了多年\u003Ca href=\"\u002Ftag\u002F區塊鏈\">區塊鏈\u003C\u002Fa>結算測試。這代表他們不是在看熱鬧，而是在摸底層流程。\u003C\u002Fp>\u003Cp>我覺得這很重要。因為市場常常把「有概念」跟「能上線」混在一起。前者很多，後者很少。當資產管理巨頭開始把 tokenization 放進產品討論，法遵、營運、交易團隊就都得一起動。\u003C\u002Fp>\u003Cblockquote>“Tokenization is the next generation for markets,” Larry Fink said in his annual letter to investors.\u003C\u002Fblockquote>\u003Cp>這句話出自 \u003Ca href=\"https:\u002F\u002Fwww.blackrock.com\u002Fcorporate\u002Finvestor-relations\u002Fannual-report\" target=\"_blank\" rel=\"noopener\">Larry Fink\u003C\u002Fa>，不是幣圈 KOL。這差很多。當全球最大資產管理公司老闆公開講這件事，市場會立刻把它當成產品議題，而不是社群話題。\u003C\u002Fp>\u003Cp>機構會在意的也很現實。代幣化資產可以簡化移轉，提升透明度，還可能減少中介。這不代表風險消失。智能合約、oracle、託管、司法管轄權，還是一堆坑要踩。\u003C\u002Fp>\u003Ch2>跟傳統金融比，差距還很大\u003C\u002Fh2>\u003Cp>把數字攤開來看，就知道這市場還很早。全球固定收益市場超過 \u003Cstrong>100 兆美元\u003C\u002Fstrong>，代幣化 RWA 只有 \u003Cstrong>337.8 億美元\u003C\u002Fstrong>。兩者差距大到離譜，但也正因為這樣，哪怕只吃到一小部分，都很有份量。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1779402951639-qif8.png\" alt=\"代幣化RWA衝上337.8億美元\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>鏈上交易量也不是紙上談兵。2024 年第一季，鏈上永續合約成交量超過 \u003Cstrong>5000 億美元\u003C\u002Fstrong>。這不代表 RWA 會照樣爆量，但至少證明區塊鏈市場能承接大額交易，也有足夠流動性。\u003C\u002Fp>\u003Cp>如果你想快速對照，可以看這幾點：\u003C\u002Fp>\u003Cul>\u003Cli>傳統固定收益：規模超大，但流程慢\u003C\u002Fli>\u003Cli>代幣化 RWA：規模較小，但移轉更直接\u003C\u002Fli>\u003Cli>鏈上永續合約：證明鏈上交易可承受高量能\u003C\u002Fli>\u003Cli>機構試點：代表產品已進入實務設計\u003C\u002Fli>\u003C\u002Ful>\u003Cp>不過別把 tokenization 想得太神。它不會自動解決法律問題，也不會讓資產瞬間變安全。你還是得處理合約設計、法規、資產真實性，還有跨境交易的限制。這些才是難點。\u003C\u002Fp>\u003Ch2>產業脈絡其實很清楚\u003C\u002Fh2>\u003Cp>這波熱度不是憑空冒出來的。先是\u003Ca href=\"\u002Ftag\u002F穩定幣\">穩定幣\u003C\u002Fa>把鏈上美元體系做起來，接著 \u003Ca href=\"\u002Ftag\u002Fdefi\">DeFi\u003C\u002Fa> 把交易、借貸、清算流程跑順。現在輪到真實資產進場，算是把前面幾年累積的基礎往外擴。\u003C\u002Fp>\u003Cp>對開發者來說，這件事的重點不只在金融。它也在考驗基礎設施。誰能把 \u003Ca href=\"\u002Ftag\u002Fapi\">API\u003C\u002Fa>、錢包、託管、合規、資料驗證串起來，誰就比較有機會拿到實際業務。這不是寫個 smart contract 就完事。\u003C\u002Fp>\u003Cp>像 \u003Ca href=\"https:\u002F\u002Fwww.injective.com\" target=\"_blank\" rel=\"noopener\">Injective\u003C\u002Fa> 這類專做金融基礎設施的專案，也是在押這條路。它們想做的不是一般消費級 App，而是讓市場、資產、結算都能在鏈上跑。這條路很硬，但方向很明確。\u003C\u002Fp>\u003Cp>接下來我會盯兩個數字。第一個是機構資金占比。第二個是私募信貸、基金份額這些更複雜資產的上鏈速度。如果這兩個都往上走，RWA 就不只是故事，而是新的發行和流通管道。\u003C\u002Fp>\u003Ch2>下一步會看什麼\u003C\u002Fh2>\u003Cp>我覺得 2026 年前後，市場會更在意「誰真的有合規發行能力」。單純把資產包成 \u003Ca href=\"\u002Ftag\u002Ftoken\">token\u003C\u002Fa> 已經不夠了。真正有價值的是，能不能把法律權利、清算機制、二級流動性一起做穩。\u003C\u002Fp>\u003Cp>如果你是開發者，現在最值得追的是三件事：託管模型、合規流程、以及鏈上清算效率。這三個地方做得好，才有機會把 RWA 從試水溫變成日常工具。說白了，就是把金融搬上鏈，但別把風險也一起亂搬。\u003C\u002Fp>","代幣化真實世界資產規模達 337.8 億美元，主要由美債與現金型產品帶動，機構正把固定收益搬上區塊鏈。","www.valuethemarkets.com","https:\u002F\u002Fwww.valuethemarkets.com\u002Fcryptocurrency\u002Fnews\u002Fthe-rise-of-tokenized-real-world-assets-a-3378-billion-milestone",null,"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1779402954462-2al9.png","blockchain","zh","a2b67b8a-10f8-4b23-9f8c-b583e852975e",[17,18,19,20,21,22,23,24],"代幣化RWA","美債","區塊鏈","固定收益","機構採用","Tokenization","黑石","JPMorgan Onyx",[26,27,28],"代幣化 RWA 市場已達 337.8 億美元，主力是美債與現金型產品。","機構正在把代幣化當成實務流程，不再只是概念展示。","市場離全球固定收益規模還很遠，真正看點在機構資金與合規產品擴張。",4,"2026-05-21T22:35:30.925985+00:00","2026-05-21T22:35:30.913+00:00","876b2245-6460-40f5-9a54-5905a03a13df",{"tags":34,"relatedLang":41,"relatedPosts":45},[35,36,37,38,40],{"name":21,"slug":21},{"name":18,"slug":18},{"name":20,"slug":20},{"name":17,"slug":39},"代幣化rwa",{"name":19,"slug":19},{"id":15,"slug":42,"title":43,"language":44},"tokenized-rwas-hit-33-78b-as-treasuries-lead-en","Tokenized RWAs Hit $33.78B as Treasuries Lead","en",[46,52,58,64,70,76],{"id":47,"slug":48,"title":49,"cover_image":50,"image_url":50,"created_at":51,"category":13},"dc6d49d4-b5ab-4e4d-9fd6-f7076715e32f","x402-agent-wallets-crypto-agents-onchain-zh","x402 與 agent wallet 正在把 AI 拉上鏈","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781064182655-euyr.png","2026-06-10T04:02:24.616219+00:00",{"id":53,"slug":54,"title":55,"cover_image":56,"image_url":56,"created_at":57,"category":13},"24f3ab93-82fa-4410-99da-909a0ea3b417","solana-apis-cut-weeks-off-integration-zh","7 款最省整合時間的 Solana API","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781019180168-gy47.png","2026-06-09T15:32:30.454604+00:00",{"id":59,"slug":60,"title":61,"cover_image":62,"image_url":62,"created_at":63,"category":13},"e64dd8d0-aa54-479d-bb94-254a94fefa9e","solana-unchained-token-sale-nears-phase-1-close-en-zh","Solana Unchained 預售 Phase 1 進入倒數","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781018282067-4d9s.png","2026-06-09T15:17:27.445517+00:00",{"id":65,"slug":66,"title":67,"cover_image":68,"image_url":68,"created_at":69,"category":13},"1a666fb4-9ee7-495d-b45b-199959460e42","june-2026-web3-signals-founders-use-now-zh","2026年6月 Web3 創業者該看什麼","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1781003893042-b5h0.png","2026-06-09T11:17:28.227544+00:00",{"id":71,"slug":72,"title":73,"cover_image":74,"image_url":74,"created_at":75,"category":13},"aa802f2e-4eae-4536-b1a0-c814320963c0","bitcoin-defi-will-grow-but-not-by-copying-ethereum-zh","比特幣 DeFi 會成長，但不是靠複製以太坊","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780922875348-91e3.png","2026-06-08T12:47:26.064023+00:00",{"id":77,"slug":78,"title":79,"cover_image":80,"image_url":80,"created_at":81,"category":13},"9dca2375-a42a-4d13-9756-dc681328369d","ai-blockchain-projects-need-real-utility-not-token-theater-zh","AI 與區塊鏈要靠真實效用，不靠代幣表演","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1780918380855-iy7d.png","2026-06-08T11:32:16.63163+00:00",[83,88,93,98,103,108,113,118,123,128],{"id":84,"slug":85,"title":86,"created_at":87},"e1b4b518-f86b-410c-8c82-8cfb787ff2ef","moonpay-open-wallet-standard-ai-payments-zh","MoonPay 推 OWS，瞄準 AI 付款","2026-03-28T03:08:33.379969+00:00",{"id":89,"slug":90,"title":91,"created_at":92},"e72bae29-ddbd-437b-aaa4-cd662605394b","next-gen-crypto-simulators-ai-web3-training-zh","新一代加密模擬器更聰明了","2026-04-01T09:36:33.917023+00:00",{"id":94,"slug":95,"title":96,"created_at":97},"b8e39b58-6b9d-4714-92d3-26df18a3e0f4","rtk-cuts-claude-code-token-spend-zh","RTK 讓 Claude Code 少燒 Token","2026-04-01T10:24:29.259497+00:00",{"id":99,"slug":100,"title":101,"created_at":102},"7ff10146-4ca0-4670-a02c-384dde04f610","trm-labs-ai-agents-crypto-investigations-zh","TRM Labs 將 AI agent 帶進加密調查","2026-04-01T10:33:30.166266+00:00",{"id":104,"slug":105,"title":106,"created_at":107},"00668dea-9f0e-4019-b861-03817d5a8877","how-web3-marketing-changed-in-2026-zh","2026 Web3 行銷怎麼變了","2026-04-02T01:36:34.973322+00:00",{"id":109,"slug":110,"title":111,"created_at":112},"e7992274-42ee-40bc-bb05-97250098c56c","ai-agentic-defi-web3-grants-march-2026-zh","AI、Agentic DeFi 與 Web3 補助案","2026-04-02T05:51:36.857954+00:00",{"id":114,"slug":115,"title":116,"created_at":117},"5cef810b-af3d-467a-8b41-627769eca895","why-crypto-is-fixated-on-ai-agents-zh","為何加密圈盯上 AI Agent","2026-04-02T05:54:28.919864+00:00",{"id":119,"slug":120,"title":121,"created_at":122},"d30e6203-d522-41a1-b529-fcf4499cd985","web3-explained-what-it-is-why-it-matters-zh","Web3 是什麼，為何重要","2026-04-02T06:15:32.580114+00:00",{"id":124,"slug":125,"title":126,"created_at":127},"f29e65ae-64df-463b-ba22-afd9dcbd0f8f","trust-wallet-agent-kit-ai-trade-25-chains-zh","Trust Wallet 讓 AI 幫你交易","2026-04-02T06:27:33.183404+00:00",{"id":129,"slug":130,"title":131,"created_at":132},"91022b4c-b53e-4c18-abfe-914a8eca6e28","blockchain-in-ai-real-use-cases-zh","區塊鏈加 AI，真實落地在哪裡","2026-04-02T06:30:44.026286+00:00"]