RWA 是加密领域的重要增长向量，具有将万亿传统金融资产引入链上的潜力。
作者：Ash
编译：深潮 TechFlow
与稳定币和支付类似，RWA（实物资产代币化）是加密领域的重要增长向量，具有将万亿传统金融资产引入链上的潜力。
最近的机构发展：
-
@BlackRock推出了BUIDL（代币化国债基金）
-
@FTI_Global推出了FOBXX（链上货币市场基金）
-
@PayPal将PYUSD...

<div><div>RWA 是加密领域的重要增长向量，具有将万亿传统金融资产引入链上的潜力。</div>作者：<a href="https://x.com/ahboyash" rel="nofollow">Ash</a>编译：深潮 TechFlow与稳定币和支付类似，RWA（实物资产代币化）是加密领域的重要增长向量，具有将万亿传统金融资产引入链上的潜力。最近的机构发展：<ul><li><a href="https://x.com/BlackRock" rel="nofollow">@BlackRock</a>推出了BUIDL（代币化国债基金）</li><li><a href="https://x.com/FTI_Global" rel="nofollow">@FTI_Global</a>推出了FOBXX（链上货币市场基金）</li><li><a href="https://x.com/PayPal" rel="nofollow">@PayPal</a>将PYUSD稳定币扩展至<a href="https://x.com/solana" rel="nofollow">@solana</a>网络</li><li><a href="https://x.com/stripe" rel="nofollow">@stripe</a>以11亿美元收购了<a href="https://x.com/Stablecoin" rel="nofollow">@Stablecoin</a>公司以加强稳定币基础设施</li></ul><h2>比较分析</h2><ol><li><h3><a href="https://x.com/OndoFinance" rel="nofollow">@OndoFinance</a>（<a href="https://x.com/nathanlallman" rel="nofollow">@nathanlallman</a>）</h3></li></ol>a) 核心价值主张<ul><li>拥有9.9亿美元的总锁定价值（TVL），提供跨八条链的机构级代币化国债产品</li><li>拥有超过10,500名USDY持有者，并采用以法规为先的策略，合规地将传统金融与去中心化金融结合</li><li>深厚的机构关系</li><li>多链战略，并计划推出一级链以巩固其作为代币化美国国债市场领导者的地位</li><li><a href="https://x.com/search?q=%24ONDO&amp;src=cashtag_click" rel="nofollow">$ONDO</a>市值为26亿美元，完全摊薄估值为82亿美元。除了治理外，实用性有限，希望看到更多价值回流至代币</li></ul>b) 挑战<ul><li>地理限制（USDY不向美国投资者开放）</li><li>OUSG的进入门槛高（仅限合格购买者和合格投资者）</li><li>资产多样性和可用性有限，仅限于美国国债</li><li>来自传统金融机构推出自身解决方案的竞争</li></ul>c) 行之有效的市场策略<ul><li>通过与主要金融机构合作，采用自上而下的策略，首先专注于机构用户，然后再扩展至零售市场。</li></ul><ol><li><h3><a href="https://x.com/OpenEden_X" rel="nofollow">@OpenEden_X</a>(<a href="https://x.com/jeremyng777" rel="nofollow">@jeremyng777</a>)</h3></li></ol>a) 核心价值主张<ul><li>提供投资级别的代币化国库券，由穆迪（Moody's）提供正式的信用评级支持。</li><li>其以法规为优先的策略专注于合格投资者</li><li>专注于美国国库券，使持有者的收益直接反映基础美国国库组合的表现</li><li><a href="https://x.com/search?q=%24USDO&amp;src=cashtag_click" rel="nofollow">$USDO</a>是一种收益型稳定币，由美国国库券完全抵押</li><li>目前正在进行国库券推广活动作为市场策略</li></ul>b) 挑战<ul><li>相较于竞争对手，生态系统和市场影响力较小</li><li>链多样性较少（主要集中于以太坊）</li><li>社区发展不够成熟</li></ul>c) 行之有效的市场策略<ul><li>首先建立监管信誉（获得穆迪的投资级评级）</li></ul><ol><li><h3><a href="https://x.com/plumenetwork" rel="nofollow">@plumenetwork</a> (<a href="https://x.com/chriseyin" rel="nofollow">@chriseyin</a>)</h3></li></ol>a) 核心价值主张<ul><li>专门为RWAFi（实物资产金融）构建一个专用的一级链（定义类别）</li><li>全套生态系统方法：RWA AA钱包 + Arc（将任何资产链上化）+ pUSD稳定币 + nexus oracle（数据高速公路）</li><li>以社区为先的策略，并强烈关注可组合性和可编程性</li><li><a href="https://x.com/search?q=%24PLUME&amp;src=cashtag_click" rel="nofollow">$PLUME</a>市值为3.2亿美元，完全摊薄估值为16亿美元。用于治理、gas费、质押和生态系统流动性</li></ul>b) 挑战<ul><li>新技术堆栈和RWAFi生态系统尚未经过验证</li><li>相较于Ondo，机构认可度较低</li><li>在竞争激烈的区块空间环境中，一级链生态系统的成功至关重要</li></ul>c) 行之有效的市场策略<ul><li>以社区为先的策略，在主网启动之前建立一个专注于RWA的协议和dApp的大型生态系统。首先专注于加密原生用户，然后扩展至机构用户。</li></ul><ol><li><h3><a href="https://x.com/ethena_labs" rel="nofollow">@ethena_labs</a> (<a href="https://x.com/gdog97_" rel="nofollow">@gdog97_</a>)</h3></li></ol>a) 核心价值主张<ul><li>作为领先的混合玩家，拥有约100亿美元的总锁定价值（TVL）和资产管理规模（AUM），其中Ethena产品占64亿美元，Securitize代币化资产占40亿美元</li><li>丰富的产品组合：USDe稳定币 + Ethereal永续合约去中心化交易所（DEX）+ Derive期权 + 构建Converge一级链</li><li>$ENA市值为15亿美元，完全摊薄估值为43亿美元。用于治理、质押、验证者安全、生态增长</li></ul>b) 挑战<ul><li>合成美元模型依赖于中心化交易所（CEX）进行永续期货交易（存在对手风险）</li><li>Converge一级链基础设施差异化有限</li><li>盈利能力依赖于正向资金利率</li></ul>c) 行之有效的市场策略<ul><li>双管齐下的策略，既满足链上DeFi巨鲸的需求，又吸引机构用户，通过高收益进行扩展，将USDe整合到dApps和CEX中，并通过战略合作伙伴关系建立机构信誉</li></ul>可以看到每个协议都在开辟自己的细分市场，同时形成可能从根本上重塑全球资本市场的基础设施。<img alt="" src="https://upload.techflowpost.com/upload/images/20250422/2025042212520707844314.jpg">图源：@ahboyash，由深潮 TechFlow 编译</div>

全面比较 4 大热门 RWA 协议：Ondo，OpenEden，Plume 和 Ethena

RWA is an important growth vector in the crypto field, with the potential to bring trillions of traditional financial assets on-chain.

Author: Ash
Translated by: <TechFlow>

Similar to stablecoins and payment methods, RWA (Real World Asset tokenization) is an important growth vector in the crypto field, with the potential to bring trillions of traditional financial assets on-chain.

Recent institutional developments:
-
@BlackRock launched BUIDL (tokenized Treasury fund)
-
@FTI_Global launched FOBXX (on-chain money market fund)
-
@PayPal introduced PYUSD...

<div><div>RWA is an important growth vector in the crypto field, with the potential to bring trillions of traditional financial assets on-chain.</div>Author: <a href="https://x.com/ahboyash" rel="nofollow">Ash</a>Translated by: TechFlowSimilar to stablecoins and payments, RWA (Real World Asset tokenization) is an important growth vector in the crypto field, with the potential to bring trillions of traditional financial assets on-chain.Recent Institutional Developments:<ul><li><a href="https://x.com/BlackRock" rel="nofollow">@BlackRock</a> launched BUIDL (Tokenized Treasury Fund)</li><li><a href="https://x.com/FTI_Global" rel="nofollow">@FTI_Global</a> launched FOBXX (On-chain Money Market Fund)</li><li><a href="https://x.com/PayPal" rel="nofollow">@PayPal</a> expanded PYUSD stablecoin to <a href="https://x.com/solana" rel="nofollow">@Solana</a> network</li><li><a href="https://x.com/stripe" rel="nofollow">@stripe</a> acquired <a href="https://x.com/Stablecoin" rel="nofollow">@Stablecoin</a> company for $1.1 billion to strengthen stablecoin infrastructure</li></ul><h2>Comparative Analysis</h2>

[The rest of the translation follows the same approach, maintaining the structure and translating all text while preserving the original HTML tags and links]

A comprehensive comparison of the top 4 RWA protocols: Ondo, OpenEden, Plume and Ethena

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