RWA 代币化：下一个万亿级增长蓝海

Core Insights - The report highlights the dominance of stablecoins in the Real-world asset (RWA) tokenization market, while non-stablecoin RWA tokenization shows significant growth potential as regulatory barriers are removed [1][2][3] - The current market size for non-stablecoin RWA tokenization is $23 billion, representing only 10% of the stablecoin market [3][9] - Regulatory reforms in jurisdictions like Singapore, Switzerland, the EU, and Jersey are supportive, but inconsistencies, particularly regarding KYC requirements, remain a challenge [3][19] Market Overview - The non-stablecoin RWA tokenization market is primarily dominated by private credit ($13 billion) and U.S. Treasury bonds ($7 billion) [9] - The tokenization of U.S. Treasury bonds is relatively mature, attracting traditional finance participants [9] - The private credit market, led by Figure, is gaining traction by simplifying loan verification and approval processes [9][13] Growth Potential - Private equity and illiquid commodities are expected to be the next growth areas for non-stablecoin tokenization [4] - Successful tokenization projects often address unmet needs that traditional products do not fulfill, such as the yield from tokenized U.S. Treasury bonds [12][18] - The growth of on-chain private credit is driven by improved access for investors, enhancing liquidity [13] Regulatory Challenges - Regulatory frameworks are evolving, but inconsistencies across jurisdictions pose challenges for tokenization [19] - Inefficiencies in KYC requirements for fund holders create friction, limiting accessibility and scalability [19] Other Challenges - The gap between decentralized finance (DeFi) and traditional finance (TradFi) participants affects the potential scale and speed of non-stablecoin tokenization [20] - Solutions are needed to bridge this gap, including trusted third-party custodians and distribution solutions for tokenized digital assets [20]