风口下的RWA：万亿市场盛宴，还是破裂前的泡沫？

Core Insights - Real World Assets (RWA) are becoming a hot trend, bridging traditional finance and the crypto world through tokenization of physical assets like real estate and art [2][3] - The market for tokenized assets is projected to reach $45 trillion by 2030, but current engagement levels are low, with many RWA tokens having fewer than 10 active addresses monthly [2][4] Definition and Market Overview - RWA refers to physical assets that are tokenized and entered into the blockchain, including financial assets like government bonds and tangible assets like real estate and art [3] - The tokenization of non-liquid assets could create a market worth $16 trillion, representing nearly 10% of global GDP by 2030 [3] Market Growth and Composition - As of mid-2025, $24 to $25 billion of RWA has been successfully migrated to blockchain, a significant increase from under $5 billion in early 2023 [4] - Private credit and tokenized U.S. government bonds dominate the RWA market, with BlackRock's BUIDL token valued at $2.42 billion and Ondo Finance's OUSG token at $1.76 billion, together accounting for nearly 20% of the market [4] Liquidity Challenges - Despite the impressive market size, liquidity remains a significant issue, with BlackRock's BUIDL token having only 85 holders and 30 active addresses monthly [6] - Tokenized real estate and art face severe liquidity constraints, often being illiquid "digital specimens" with minimal trading activity [4][6] Driving Factors Behind RWA Interest - The recent surge in interest for RWA is driven by yield differentials, with U.S. Treasury yields rising from 0.3% to 5%, attracting capital to safer, higher-yielding assets [5] - Traditional financial institutions are increasingly entering the RWA space, providing legitimacy and support for the market [5] Structural Barriers to Development - Regulatory challenges exist, as many RWA tokens are classified as securities, limiting market participation to accredited investors and complicating cross-border transactions [8] - The market is fragmented, with various decentralized exchanges and platforms creating liquidity "islands," hindering efficient price discovery [9] Future Development Pathways - A hybrid market structure combining centralized and decentralized elements may be the best approach, allowing for compliant issuance and trading of tokenized assets [12] - Emphasizing collateralized lending as a means to enhance liquidity, allowing RWA holders to access funds without selling their assets [13][14] Ecosystem Improvement Strategies - Regulatory innovation and the establishment of standardized asset disclosure and valuation frameworks are essential to reduce information asymmetry [15] - Industry self-regulation and the involvement of rating agencies can enhance market credibility and transparency [15] Investment Strategies - Investors should focus on liquid asset classes and compliant platforms, recognizing the inherent risks and diversifying investments across different RWA categories [16] - Advanced investors may consider participating in the foundational aspects of the RWA ecosystem, such as market-making or governance [17]