文 | 投行圈子 代币化的美国国债在链上生息，房产和艺术品被切割成数字碎片，传统金融巨头与加密新贵争相布局 ——RWA正成为当下最炙手可热的风口。 香港数码港的会议室里，一位年轻投资者向我们展示他的数字钱包：" 这是我上个月购入的贝莱德美元债券代币，这些是代币化的黄金，最这边还有一块美国商业地产的碎片 化权益。" 币安创始人赵长鹏在香港"加密金融论坛2025"上一语道破天机："RWA没有想象中容易，尤其非金融类 RWA资产若本身交易性不强，有可能陷入流动性不足。" 一边是花旗银行预测2030年将有45万亿美元的代币化数字证券，另一边是众多RWA代币每月活跃地址 不足10个的冰冷现实。 这场被誉为"区块链杀手级应用"的RWA运动，究竟是连接传统金融与加密世界的桥梁，还是市场狂热 吹起的又一场泡沫？ 01 什么是RWA：现实资产与区块链的碰撞 RWA，全称为Real World Assets，即现实世界资产，指的是通过代币化进入区块链的实物资产。这些资 产可以是金融资产如国债、债券，也可以是实体资产如房地产、艺术品，甚至可以是私募股权、应收账 款等。 RWA的本质是将传统世界中有价值的资产通过区块链技术转化为可交 ...

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]