"链上化债"数量激增 当前，美国出现"链上化债"迹象。基于区块链技术的美国国债产品——代币化国债爆发，由去年年中的不到13亿美元、快速增加至近期的超70 亿美元。与此同时，与现实世界美元、美债等法定资产挂钩的特殊加密货币稳定币发展势头迅猛，如发行泰达币的Tether公司2024年已成为美 国国债第七大外国买家。"链上化债"展露美国新型金融霸权，凸显其债务输出路径转换，将给全球金融秩序带来隐忧。 多家外媒援引第三方平台数据称，到今年8月下旬，链上美债已达74.5亿美元新高。去年年中时，这一市场规模还"不到13亿美元"。 随着区块链、虚拟货币等快速发展，与之关系密切的真实世界资产代币化关注度不断提升，美债代币化是其中重要类型之一。 业界人士表示，资产代币化是通过区块链技术，将现实中的实体资产，如房产、设备、债券等，转化为链上可交易的数字通证，从而在链上进 行标识和交易。这种将传统资产与区块链融合的方式，一定程度被视为连接传统金融和去中心化金融的桥梁。 知名资产管理公司贝莱德于2024年与资产代币化平台合作推出的代币化基金BUIDL，扩张快、规模大。外媒报道称，到今年年中该基金规模 已超20亿美元，吸引了不少来自亚 ...

Group 1 - RWA (Real World Asset) is a blockchain-based digital asset securitization investment project that significantly increases asset liquidity and lowers investment thresholds by tokenizing large, hard-to-trade assets [5][9][10] - As of July 16, 2025, the on-chain asset scale of RWA reached $25.52 billion, with 310,573 asset holders and 251 issuers [10] - RWA has various applications in overseas markets, including tokenized government bonds, REITs, stocks, and private credit [5][9] Group 2 - Tokenized government bonds are a key application of RWA, enhancing secondary market liquidity and reducing cross-border transaction friction through digital mapping of sovereign debt [35][36] - The tokenization of real estate is exemplified by projects like RealT and Reinno, which allow fractional ownership and provide liquidity to real estate investments [5][9] - RWA's relationship with traditional financial products like ABS and REITs shows both similarities and differences, with RWA offering broader asset scope and lower standardization [16][19] Group 3 - The regulatory landscape for RWA varies significantly across regions, with China maintaining strict regulations while regions like Hong Kong, the EU, and the US adopt more positive regulatory frameworks [22][23] - RWA's emergence poses challenges for financial regulation, particularly regarding asset ownership and collateralization risks [5][9] - The report highlights the importance of ensuring clear ownership and compliance with legal frameworks when mapping real-world assets onto blockchain [5][9]