蚂蚁数科与产业伙伴在新能源资产通证化方面的实践，为行业提供了可参考路径。实物资产通证化不仅 代表实体与数字世界的融合，更为不动产、工业设备、可再生能源设施等低流动性资产注入新的活力， 使其能够通过链上流转对接多元资金。报告进一步阐述，通证化支付结算网络作为通证经济的"血液循 环系统"，高效支撑价值流通。未来央行数字货币、商业银行通证化等新型支付工具有望协同发展，重 塑跨机构和跨境结算体系。 9月11日，在2025 Inclusion·外滩大会通证经济论坛上，蚂蚁集团研究院发布国内首份聚焦通证经济的行 业报告——《真实世界通证经济 2025》（简称"报告"）。报告指出，通证经济正从虚拟世界中的"小众 试验场"走向服务实体经济的广阔天地，回归价值本源。 报告提出，行业不再仅仅是将链下资产简单上链，而是致力于构建真实世界的通证经济生态，以通证作 为新型价值载体，实现更高效的价值流通与协作。报告指出，现实世界资产通证化（RWA）和通证化 支付结算是生态发展的重要支柱：RWA 提供丰富的价值标的，通证支付推动高效流转。而可信技术作 为底层能力，为系统提供坚实保障。 针对RWA发展，报告强调"万物皆可通证化"需要前提，包 ...

Core Viewpoint - The future of token economy must be deeply rooted in the real economy to truly unleash value, transitioning from a virtual world focus to addressing trust, efficiency, and cost issues in the physical economy [1]. Group 1: Token Economy and Real Economy Integration - The global scale of Web3 native assets has exceeded $3.8 trillion, but most of it remains focused on speculative trading and value storage, lacking sufficient interaction with real industries [2]. - Ant Group has been exploring the token economy, particularly through its RWA sandbox practice, aiming to anchor real value and enhance efficient circulation and value interconnection in the real economy [3]. Group 2: Technological Advancements and Applications - The current moment is seen as the "dawn" of the token economy, driven by advancements in blockchain infrastructure, AI, and IoT, which are creating more digital assets suitable for tokenization [3]. - Asset tokenization is expanding from the financial sector to broader real industries such as renewable energy and computing power, transitioning from serving on-chain investments to supporting real industry financing [3]. Group 3: Compliance and Risk Management - The exploration of tokenization should balance value exploration and risk management, with compliance being essential for innovation [4]. - Ant Group has established clear boundaries from the beginning, avoiding virtual currency issuance and speculative activities, focusing instead on technological infrastructure to serve rather than disrupt industries [4].

Core Viewpoint - The CEO of Ant Group, Han Xinyi, believes that the token economy is at a "dawn moment" and must be deeply rooted in the real economy to truly unlock its value [1][4]. Group 1: Token Economy Insights - The global Web3 native asset scale has exceeded $3.8 trillion, but most of it is still focused on speculative trading and value storage, lacking deep interaction with the real economy [4]. - If tokens remain confined to internal cycles within the virtual world, their value potential will be very limited [4]. - Ant Group has been exploring the token economy for years, particularly through recent RWA sandbox practices, aiming to anchor real value and enhance efficient circulation and value interconnection in the real economy [4]. Group 2: Technological and Application Developments - The token economy is seen as emerging, requiring ongoing exploration based on the maturity of technology, assets, and scenarios [5]. - Advances in blockchain infrastructure, AI, and IoT are creating more digital assets suitable for tokenization, while privacy computing technologies are evolving traditional trust models into digital trust mechanisms [5]. - Asset tokenization is expanding from the financial sector to broader real industries, transitioning from serving on-chain investments to supporting real industry financing [5]. Group 3: Future Growth Engines - "Asset tokenization" and "token payments" are identified as key growth engines in the Web3 space, facilitating the deep integration of the crypto economy with the real economy [5]. - These two elements are expected to merge into a new infrastructure that supports efficient value circulation in the real economy [5]. Group 4: Compliance and Risk Management - The exploration of tokenization should balance the pursuit of value and risk management equally [6]. - Compliance is viewed as the lifeline of innovation, with Ant Group focusing on technological infrastructure to create new value while clearly defining boundaries from the outset [6]. - Continuous exploration and research are emphasized as more important than merely seeking speed and novelty [6].

9月11日，在2025Inclusion.外滩大会通证经济论坛上，蚂蚁集团研究院发布国内首份聚焦通证经济的行业报告—— 《真实世界通证经济2025》(简称"报告")。报告指出，通证经济正从虚拟世界中的"小众试验场"走向服务实体经济 的广阔天地，回归价值本源。 报告提出，行业不再仅仅是将链下资产简单上链，而是致力于构建真实世界的通证经济生态，以通证作为新型价 值载体，实现更高效的价值流通与协作。报告指出，现实世界资产通证化(RWA)和通证化支付结算是生态发展的 重要支柱：RWA提供丰富的价值标的，通证支付推动高效流转。而可信技术作为底层能力，为系统提供坚实保 障。 针对RWA发展，报告强调"万物皆可通证化"需要前提，包括成功规模化的资产需满足状态可验证、权属可编程、 价值可量化三大条件。目前RWA已成为加密市场中增长第二快的类别，但绝大部分仍由私募信贷和美国国债占 据，产业资产落地案例相对有限。"通证化对金融资产更多是'锦上添花'，对实体产业才是'雪中送炭'，"蚂蚁集团 研究院院长李振华在外滩大会上表示，通证化的真正价值蓝海在于服务实体融资需求，从投资需求驱动转向融资 需求驱动是未来的必然趋势。 蚂蚁数科与产业 ...

在信任机制方面，安全可信环境被视作通证经济的核心保障。全球监管框架的完善为通证化带来法律信任与制度基础，机构需从资产真实、身份合规、交易 安全三大层面构建可信环境，将安全治理深度融入通证化战略，以建立可持续、可扩展的生态。 9月11日，在2025 Inclusion·外滩大会通证经济论坛上，蚂蚁集团研究院发布国内首份聚焦通证经济的行业报告——《真实世界通证经济 2025》（简称"报 告"）。报告指出，通证经济正从虚拟世界中的"小众试验场"走向服务实体经济的广阔天地，回归价值本源。 蚂蚁数科与产业伙伴在新能源资产通证化方面的实践，为行业提供了可参考路径。实物资产通证化不仅代表实体与数字世界的融合，更为不动产、工业设 备、可再生能源设施等低流动性资产注入新的活力，使其能够通过链上流转对接多元资金。报告进一步阐述，通证化支付结算网络作为通证经济的"血液循 环系统"，高效支撑价值流通。未来央行数字货币、商业银行通证化等新型支付工具有望协同发展，重塑跨机构和跨境结算体系。 报告提出，行业不再仅仅是将链下资产简单上链，而是致力于构建真实世界的通证经济生态，以通证作为新型价值载体，实现更高效的价值流通与协作。报 告指出，现 ...

Core Insights - The future of token economy must be rooted in the real economy to truly release value [1] - The global Web3 native asset scale has exceeded $3.8 trillion, but most of it is still focused on speculative trading and value storage, lacking deep interaction with the real industry [1] - Ant Group has been exploring the token economy, particularly through RWA sandbox practices, aiming to leverage technology to enhance efficient circulation and value interconnection in the real economy [1] Group 1 - Asset tokenization and token payments are key growth engines in the Web3 space, acting as a bridge to integrate the crypto economy with the real economy [2] - The exploration of tokenization should balance value exploration and risk prevention, with compliance being essential for innovation [2] - Ant Group has clearly defined its boundaries from the beginning, refusing to issue virtual currencies or engage in speculation, focusing instead on technological infrastructure to serve rather than disrupt industries [2]

Core Viewpoint - The future of token economy must be rooted in the real economy to truly release value, transitioning from a speculative and storage role in the virtual world to solving trust, efficiency, and cost issues in the physical economy [1] Group 1: Token Economy Definition and Importance - Token economy is a new economic ecosystem based on blockchain technology and tokens, aimed at addressing trust, efficiency, and intermediary costs in traditional economies [1] - The current global Web3 native asset scale exceeds $3.8 trillion, but most of it remains focused on speculative trading and value storage, lacking deep interaction with the real economy [2] Group 2: Technological Advancements and Industry Integration - The token economy is at a "dawn moment," with continuous breakthroughs in blockchain infrastructure and the integration of AI and IoT creating more digital assets suitable for tokenization [2] - Asset tokenization is expanding from the financial sector to broader industries such as renewable energy and computing power, shifting from serving on-chain investments to supporting real industry financing [2] Group 3: Key Growth Engines in Web3 - Asset tokenization and token payments are seen as key growth engines in the Web3 space, facilitating the deep integration of the crypto economy with the real economy [3] - The company emphasizes that compliance is crucial for innovation, clearly defining boundaries to avoid issuing virtual currencies or engaging in speculative activities [3] Group 4: Long-term Exploration and Value Creation - The focus is on technological infrastructure to serve industries rather than disrupt them, aiming to create new value rather than compete for existing resources [4] - Continuous exploration and research are deemed essential for understanding value and risk, prioritizing stability and long-term progress over rapid innovation [4]

Group 1 - The core viewpoint emphasizes that the future of token economy must be rooted in the real economy to truly release value [1] - The global scale of Web3 native assets has exceeded $3.8 trillion, but most of it is still focused on speculative trading and value storage, lacking deep interaction with the real industry [1] - Ant Group has been exploring the token economy, particularly through RWA sandbox practices, aiming to anchor real value and enhance efficient circulation and value interconnection in the real economy [1] Group 2 - "Asset tokenization" and "token payment" are seen as key growth engines in the Web3 field, promoting deep integration between the crypto economy and the real economy [2] - Compliance is considered the lifeline of innovation, with Ant Group clearly defining boundaries from the beginning: no issuance of virtual currencies and no participation in any form of speculation [2] - The understanding of value and risk is still evolving, and long-term exploration and research are deemed more important than merely seeking speed and novelty [2]

Core Insights - The future of token economy must be rooted in the real economy to truly unleash its value [2] - The current global Web3 native asset scale exceeds $3.8 trillion, but most of it is still focused on speculative trading and value storage, lacking deep interaction with real industries [2] - Ant Group has been exploring the token economy, particularly through RWA sandbox practices, aiming to anchor real value and enhance efficient circulation and value interconnection in the real economy [2] Group 1: Technological and Application Developments - Continuous breakthroughs in blockchain infrastructure regarding performance and scalability are enabling more industry assets suitable for tokenization, driven by the deep integration of AI and IoT [4] - Asset tokenization is expanding from the financial sector to broader real industries such as renewable energy and computing power, transitioning from serving on-chain investments to supporting real industry financing [4] - Token payments are gradually extending from cryptocurrency trading scenarios to consumer and business payment scenarios, facilitated by active engagement from banks and payment institutions [4] Group 2: Strategic Focus and Compliance - Asset tokenization and token payments are seen as key growth engines in the Web3 space, acting as a bridge to deeply integrate the crypto economy with the real economy [4] - The exploration of tokenization should balance the pursuit of value and risk control, with compliance being emphasized as the lifeline of innovation [4] - Ant Group has clearly defined its boundaries from the outset: it will not issue virtual currencies or engage in any form of speculation, focusing instead on technological infrastructure to serve rather than disrupt industries [4]

他强调："通证经济的未来，必须深深植根于实体经济，才能真正释放价值。" 韩歆毅认为，在探索通证化之路上，通证经济价值的探索和风险的防控应放在同等位置。他强调，"合 规是创新的生命线"。（一财科技 ） 9月11日，在2025 Inclusion·外滩大会上，蚂蚁集团CEO、蚂蚁数科董事长韩歆毅首次公开谈通证经 济话题。 他说："通证只有从虚拟世界中的价值存储和投机交易对象，转变为解决实体经济中信任、效率与成本 问题的工具，才能真正形成可持续、有深度、有广度的生态体系，迸发出应有的价值。" ...