（来源：吴说） Ethena 的合成稳定币 USDe 自 10 月以来的 TVL 已从 148 亿美元回落至 76 亿美元，跌幅超过 50%，主 要受 Aave 等借贷协议上高杠杆循环策略集中平仓所推动。随着永续合约资金费率下行，USDe 的年化 收益降至约 5.1%，已低于 Aave 上约 5.4% 的 USDC 借贷成本，导致此前依靠 sUSDe 反复质押、实现 10 倍以上杠杆以获取息差的 carry 交易不再具备正收益并快速出清。（The Block） 来源：市场资讯 ...

Core Insights - The rise of Real World Assets (RWA) is transforming the financial landscape by tokenizing physical assets like real estate and art on blockchain, creating a new market for digital securities [1][2] - Despite the impressive growth in RWA market size, challenges such as liquidity issues and regulatory constraints remain significant hurdles [3][6] Group 1: Definition and Market Overview - RWA refers to the tokenization of tangible assets, allowing them to be traded on blockchain, which revolutionizes asset liquidity and trading [2] - The market for tokenized non-liquid assets is projected to reach $16 trillion by 2030, representing nearly 10% of global GDP [2] - As of mid-2025, approximately $24 to $25 billion of RWA has been successfully migrated to blockchain, a significant increase from under $5 billion in early 2023 [3] Group 2: Market Dynamics and Challenges - The RWA market is dominated by private credit and tokenized U.S. Treasury bonds, 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 [3] - Despite high market valuations, RWA assets often serve as "on-chain savings accounts" for institutional and high-net-worth investors, leading to low trading activity [3][6] - Liquidity issues are prevalent, with tokenized real estate and art facing severe trading challenges, often resulting in significant price discrepancies [6][8] Group 3: Driving Factors Behind RWA Popularity - The disparity in yields between decentralized finance (DeFi) protocols and U.S. Treasury bonds has driven capital towards the latter, enhancing the appeal of tokenized bonds [5] - Traditional financial institutions are increasingly entering the RWA space, providing legitimacy and support for the market [5] - RWA offers democratized investment opportunities, allowing smaller investors to access high-value assets that were previously out of reach [5] Group 4: Structural Barriers to RWA Development - Regulatory challenges exist as many RWA tokens are classified as securities, limiting market participation due to compliance requirements [7] - The lack of a unified trading platform leads to fragmented liquidity, making price discovery inefficient and increasing transaction costs [7] - The unique nature of each RWA asset complicates valuation, creating significant bid-ask spreads and hindering market participation [8] Group 5: Future Pathways for RWA - A hybrid market structure combining centralized and decentralized platforms may provide a solution to current challenges, allowing for compliant issuance and trading [9] - Utilizing collateralized lending models can enhance liquidity for RWA holders without necessitating asset sales [9] - Establishing standardized asset disclosures and valuation frameworks will help reduce information asymmetry and improve market efficiency [9][10]

Tether, the company behind the world’s largest stablecoin USDT (USDT), said Thursday it has invested in Parfin, a Latin American crypto firm that builds digital asset infrastructure for institutions. The firm said the deal will help scale tools for banks and institutions to move more of their operations onto blockchain rails, a shift Tether sees as critical for making crypto infrastructure more practical and accessible in regions with limited financial infrastructure. The firms did not disclose details o ...

加密 ETP 发行商 21shares 宣布在纳斯达克斯德哥尔摩新增六只加密 ETP 产品，包括 Aave（AAVE）、 Cardano（AADA）、Chainlink（LINK）、Polkadot（ADOT）以及两只加密篮子指数产品（HODL、 HODLX），使其在该交易所的产品总数增至 16 只。官方表示，该举措旨在回应北欧市场对合规加密资 产配置的持续需求。 来源：市场资讯 （来源：吴说） ...

阿布扎比、卢森堡等主权机构的密集动作，彻底打破了比特币"投机工具"的刻板印象，它正悄悄成为传统储备资产的战略补充，改写全球投资格局。 2023-2025年统计显示，全球主权基金32%投股票、28%投固定收益，而黄金等大宗商品仅占0.8%。比特币此前因归类问题被限制，但现货ETF的出现打通了 关键堵点。像贝莱德IBIT这样的产品，把比特币包装成合规金融工具，让主权基金能光明正大地纳入配置。 欧洲首家主权基金卢森堡FSIL紧随其后，10月宣布将1%资产（约700万欧元）配置比特币。 卢森堡财政大臣直言不讳，这是对冲通胀和货币风险的关键布局。两大顶级主权机构的选择绝非偶然，背后是对宏观经济的精准判断，全球通胀高企、法定 货币贬值压力下，比特币固定供应量、去中心化的特性，成了对抗风险的新武器。 2025年第三季度，阿布扎比投资委员会（ADIC）干了件大事，在比特币信托基金的持股直接翻三倍，砸5.18亿美元拿下800万股。关键的是，这笔投资刚好 在加密市场暴跌20%前完成，这种"逆市抄底"的操作，绝非短期投机，而是对其长期价值的笃定。 2023-2025年比特币年化收益率远超黄金、标普500和美国国债。虽然波动性是51 ...

吴说获悉，据 Ondo 官方面板，Ondo Global Markets 总交易量（CEX+DEX+Mint/Redeem）已突破 10 亿 美元，其中 Mint/Redeem 交易量超 4.5 亿美元。目前 Ondo 代币化资产 TVL 达 3.22 亿美元，其中 TVL 超过 1,000 万美元的资产均为代币化 ETF，而最高的代币化股票为 Alphabet Class A 达 560 万美元。 （来源：吴说） 来源：市场资讯 ...

（来源：吴说） 据 SEC 最新 13F 报告，截至 2025 年第三季度末，李林创立的 Avenir Group 持有 18,297,107 股 IBIT， 持仓市值达 11.89 亿美元，较上季增长约 18%，并已连续五个季度稳居亚洲最大比特币 ETF 机构持有 人。Avenir Group 近期持续在加密金融领域加码布局，参与 OSL 集团 3 亿美元融资、入股老虎证券、 领投 Metalpha PIPE，并通过 Avenir Crypto 基金及多项合作扩展比特币、以太坊与 Solana 生态版图。 来源：市场资讯 ...

Group 1 - Tether Holdings SA is accelerating its entry into the physical gold market by hiring two senior precious metals trading executives from HSBC [1] - The company aims to leverage its substantial capital to build a large gold reserve and challenge traditional financial institutions in the gold market [1] - Tether's recent expansion in the precious metals sector has made it one of the largest gold buyers globally, holding over $12 billion in gold [2] Group 2 - Tether has been increasing its gold holdings by over one ton per week on average over the past year, positioning itself just behind central banks and some national reserve institutions [2] - The company issues a stablecoin backed by physical gold, Tether Gold, which currently has a circulation of approximately $2 billion [2] - Tether's profit for 2024 is projected to be around $13 billion, comparable to major Wall Street investment banks, with an expected profit of $15 billion for the current year [2]

政策破冰：从审慎观望到理性接纳 近日，美联储理事克里斯托弗·沃勒在怀俄明州区块链研讨会上发表重磅讲话，首次公开表示对智能合约与代币化技术在日常交易中的应用"无需担忧"。这 一表态被视为美国监管高层对RWA（真实世界资产）代币化领域的重大政策转向，为传统资产上链进程注入了强劲动力。 沃勒作为美联储核心成员，其表态具有重要指标意义： 技术本质的深度认知 沃勒没有停留在简单的合规讨论层面，而是从技术本质出发，将加密交易解构为智能合约、代币化和分布式账本三个组成部分，并逐一论证其合理性。这种 基于深入理解的技术认可，为RWA代币化发展提供了坚实的政策基础。 监管框架的主动构建 与此同时，美国证券交易委员会（SEC）加密货币特别工作组已与相关交易所举行会谈，核心议题正是"传统资产的代币化"。监管机构的态度已从被动防御 转向主动构建，致力于建立适应新型金融基础设施的监管体系。 对资产持有者的现实意义 市场响应：机构布局与规模增长并进 在政策利好的推动下，市场展现出积极态势： 机构加速入场 全球领先的金融公司WSPN迅速宣布了六大稳定币应用场景战略，全面推进在供应链金融、企业资金管理和跨境结算等领域的标准化产品落地。Gal ...

Core Viewpoint - Coinbase's investment management division has partnered with Apollo Global Management to launch credit strategies for its stablecoin, aiming to capitalize on the expected significant growth of the stablecoin market, projected to increase from $300 billion in October 2025 to $30 trillion by 2030 [1] Group 1: Partnership and Market Strategy - The collaboration aims to bridge stablecoins, private credit lending, and the tokenized economy, focusing on identifying quality credit opportunities within the rapidly evolving stablecoin ecosystem [1] - Strategies will include over-collateralized asset loans, direct corporate loans, and holding tokenized credit assets, prioritizing projects that meet the requirements of the GENIUS Act [1] Group 2: Transparency and Market Potential - Coinbase emphasizes transparency through monthly audits and a 1:1 reserve mechanism to ensure the integrity of its credit strategies [1] - The global stablecoin ecosystem operates continuously on blockchain platforms, creating opportunities that traditional private credit portfolios cannot provide, with expectations of collaboration with companies worldwide to explore this new market [1]