{"id":3728,"date":"2026-10-24T12:37:27","date_gmt":"2026-10-24T04:37:27","guid":{"rendered":"https:\/\/www.yqcsfz.com\/?p=3728"},"modified":"2026-10-24T12:37:27","modified_gmt":"2026-10-24T04:37:27","slug":"%e6%88%bf%e5%9c%b0%e4%ba%a7%e3%80%81%e5%9b%bd%e5%80%ba%e7%ad%89%e8%b5%84%e4%ba%a7rwa%e4%b8%8a%e9%93%be%e7%9a%84%e6%8a%80%e6%9c%af%e9%80%82%e9%85%8d%e4%b8%8e%e8%90%bd%e5%9c%b0%e7%93%b6%e9%a2%88","status":"publish","type":"post","link":"https:\/\/www.hzzhyy120.com\/?p=3728","title":{"rendered":"\u623f\u5730\u4ea7\u3001\u56fd\u503a\u7b49\u8d44\u4ea7RWA\u4e0a\u94fe\u7684\u6280\u672f\u9002\u914d\u4e0e\u843d\u5730\u74f6\u9888 –"},"content":{"rendered":"

\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7\uff08RWA, Real World Assets\uff09\u6b63\u5728\u63a8\u52a8\u5168\u7403\u91d1\u878d\u4f53\u7cfb\u7ecf\u5386\u7ed3\u6784\u6027\u91cd\u6784\uff0c\u5176\u6838\u5fc3\u5728\u4e8e\u901a\u8fc7\u533a\u5757\u94fe\u6280\u672f\u5c06\u73b0\u5b9e\u7ecf\u6d4e\u4e2d\u7684\u8bc1\u5238\u3001\u623f\u5730\u4ea7\u7b49\u4f20\u7edf\u8d44\u4ea7\u6570\u5b57\u5316\uff0c\u4f7f\u4f20\u7edf\u8d44\u4ea7\u80fd\u591f\u5728\u5168\u7403\u8303\u56f4\u5185\u8fdb\u884c\u900f\u660e\u3001\u5373\u65f6\u3001\u53ef\u5ba1\u8ba1\u7684\u94fe\u4e0a\u4ea4\u6613\uff0c\u5b9e\u73b0\u6d41\u52a8\u6027\u91cd\u6784\u4e0e\u8d44\u672c\u6548\u7387\u63d0\u5347\u3002\u5c3d\u7ba1 RWA \u5728\u5b8f\u89c2\u903b\u8f91\u4e0a\u5177\u6709“\u94fe\u4e0a\u5316\u91d1\u878d\u57fa\u77f3”\u7684\u6f5c\u529b\uff0c\u4f46\u5176\u843d\u5730\u8fc7\u7a0b\u6b63\u9762\u4e34\u4e09\u91cd\u6311\u6218\uff1a\u6280\u672f\u5e95\u5c42\u7684\u53ef\u4fe1\u8fb9\u754c\u3001\u5236\u5ea6\u5c42\u9762\u7684\u5408\u89c4\u6096\u8bba\u4e0e\u5e02\u573a\u5c42\u9762\u7684\u6d41\u52a8\u6027\u56f0\u5883\u3002<\/p>\n

01 RWA \u94fe\u4e0a\u5316\u7684\u6743\u8861\u6846\u67b6<\/h3>\n

\u5728\u4f20\u7edf\u91d1\u878d\u4f53\u7cfb\u4e2d\uff0c\u8d44\u4ea7\u7684\u786e\u6743\u3001\u4ea4\u6613\u548c\u7ed3\u7b97\u901a\u5e38\u4f9d\u8d56\u7eb8\u8d28\u5951\u7ea6\u548c\u4e2d\u5fc3\u5316\u4e2d\u4ecb\u7f51\u7edc\uff0c\u8fd9\u79cd\u4f20\u7edf\u7684\u4ea4\u6613\u65b9\u5f0f\u6548\u7387\u76f8\u5bf9\u4f4e\u4e0b\u4e14\u6210\u672c\u9ad8\u6602\uff0c\u4e5f\u9650\u5236\u4e86\u8d44\u4ea7\u8de8\u5883\u6d41\u52a8\u7684\u80fd\u529b\u3002\u968f\u7740\u533a\u5757\u94fe\u6280\u672f\u7684\u53d1\u5c55\uff0c\u5c24\u5176\u662f\u4ee5\u667a\u80fd\u5408\u7ea6\u548c\u53bb\u4e2d\u5fc3\u5316\u8d26\u672c\u4e3a\u6838\u5fc3\u7684\u516c\u94fe\u57fa\u7840\u8bbe\u65bd\u7684\u6210\u719f\uff0cRWA \u4ee3\u5e01\u5316\u6b63\u5728\u4e3a\u5168\u7403\u91d1\u878d\u5e02\u573a\u63d0\u4f9b\u5168\u65b0\u7684\u64cd\u4f5c\u8303\u5f0f\uff0c\u8d44\u4ea7\u53ef\u4ee5\u5728\u94fe\u4e0a\u5b9e\u73b0\u900f\u660e\u3001\u53ef\u8ffd\u6eaf\u7684\u4ea4\u6613\uff0c\u5176\u73b0\u91d1\u6d41\u3001\u6743\u5229\u5173\u7cfb\u548c\u4ea4\u6613\u5386\u53f2\u5747\u53ef\u4ee5\u901a\u8fc7\u4ee3\u7801\u548c\u53bb\u4e2d\u5fc3\u5316\u673a\u5236\u8fdb\u884c\u8bb0\u5f55\u548c\u6267\u884c\uff0c\u4ece\u800c\u5927\u5e45\u964d\u4f4e\u4fe1\u606f\u4e0d\u5bf9\u79f0\u548c\u64cd\u4f5c\u98ce\u9669\u3002<\/p>\n

\u5728 RWA \u7684\u843d\u5730\u5b9e\u8df5\u4e2d\uff0c\u516c\u94fe\u627f\u62c5\u7740\u8fde\u63a5\u73b0\u5b9e\u8d44\u4ea7\u4e0e\u94fe\u4e0a\u4ea4\u6613\u7684\u5173\u952e\u89d2\u8272\u3002\u901a\u8fc7\u667a\u80fd\u5408\u7ea6\uff0c\u8d44\u4ea7\u7684\u6240\u6709\u6743\u7ed3\u6784\u3001\u6536\u76ca\u5206\u914d\u89c4\u5219\u548c\u5408\u89c4\u7ea6\u675f\u53ef\u4ee5\u5728\u94fe\u4e0a\u88ab\u7f16\u7801\u88ab\u6267\u884c\uff0c\u4f7f\u4f20\u7edf\u91d1\u878d\u4e2d\u7684\u4e2d\u4ecb\u89d2\u8272\u88ab\u7f16\u7a0b\u4fe1\u4efb\u6240\u66ff\u4ee3\u3002\u8fd9\u79cd\u673a\u5236\u4e0d\u4ec5\u589e\u5f3a\u4e86\u4ea4\u6613\u900f\u660e\u5ea6\uff0c\u4e5f\u4e3a\u8de8\u5883\u8d44\u4ea7\u6d41\u901a\u63d0\u4f9b\u4e86\u6280\u672f\u57fa\u7840\u3002\u4f8b\u5982\uff0c\u901a\u8fc7\u8de8\u94fe\u534f\u8bae\uff0c\u5e95\u5c42\u8d44\u4ea7\u767b\u8bb0\u5728\u8054\u76df\u94fe\u6216\u8bb8\u53ef\u94fe\u4e2d\uff0c\u800c\u6d41\u901a\u5c42\u5728\u9ad8\u6d41\u52a8\u6027\u7684\u516c\u94fe\u4e0a\u5b8c\u6210\u4ea4\u6613\uff0c\u4ece\u800c\u5728\u5408\u89c4\u6027\u548c\u6d41\u52a8\u6027\u4e4b\u95f4\u5f62\u6210\u5e73\u8861\u3002<\/p>\n

\u5728\u8fd9\u4e00\u8fc7\u7a0b\u4e2d\uff0c\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7\u7684\u94fe\u4e0a\u5316\u4e0d\u662f\u5355\u7eaf\u7684\u6280\u672f\u8fc1\u79fb\uff0c\u800c\u662f\u6d89\u53ca\u6280\u672f\u80fd\u529b\u3001\u76d1\u7ba1\u8981\u6c42\u548c\u5e02\u573a\u5b9e\u8df5\u7684\u591a\u7ef4\u5ea6\u6743\u8861\u3002\u516c\u94fe\u4f5c\u4e3a\u5e95\u5c42\u57fa\u7840\u8bbe\u65bd\uff0c\u9700\u8981\u5728\u53bb\u4e2d\u5fc3\u5316\u7406\u60f3\u4e0e\u5f3a\u76d1\u7ba1\u73b0\u5b9e\u4e4b\u95f4\u5bfb\u6c42\u5e73\u8861\uff0c\u540c\u65f6\u6ee1\u8db3\u8d44\u4ea7\u786e\u6743\u3001\u6570\u636e\u53ef\u4fe1\u3001\u4ea4\u6613\u6548\u7387\u53ca\u6d41\u52a8\u6027\u7b49\u591a\u91cd\u9700\u6c42\u3002\u5bf9\u4e8e\u4e0d\u540c\u7c7b\u578b\u7684\u8d44\u4ea7\uff0c\u5982\u56fd\u503a\u4e0e\u623f\u5730\u4ea7\uff0c\u5176\u6743\u8861\u6846\u67b6\u5b58\u5728\u660e\u663e\u5dee\u5f02\uff0c\u8fd9\u51b3\u5b9a\u4e86\u516c\u94fe\u7684\u6280\u672f\u9009\u62e9\u3001\u67b6\u6784\u8bbe\u8ba1\u548c\u751f\u6001\u9002\u914d\u8def\u5f84\u7b49\u591a\u91cd\u8003\u91cf\u3002<\/p>\n

1.1 \u8d44\u4ea7\u786e\u6743\u4e0e\u4fe1\u4efb<\/strong><\/h4>\n

\u94fe\u4e0a\u5316\u7684\u9996\u8981\u95ee\u9898\u662f\u5982\u4f55\u786e\u4fdd\u8d44\u4ea7\u786e\u6743\u4e0e\u4ea4\u6613\u53ef\u4fe1\u3002RWA \u4ee3\u5e01\u901a\u5e38\u4e0d\u76f4\u63a5\u4ee3\u8868\u5e95\u5c42\u8d44\u4ea7\u7684\u7269\u6743\uff0c\u800c\u662f\u901a\u8fc7\u7279\u6b8a\u76ee\u7684\u8f7d\u4f53 SPV\uff08Special Purpose Vehicle \uff09\u5f62\u6210\u5bf9\u8d44\u4ea7\u7684\u503a\u6743\u6216\u80a1\u6743\u3002\u516c\u94fe\u9700\u8981\u5177\u5907\u6620\u5c04\u94fe\u4e0b\u6cd5\u5f8b\u7ed3\u6784\u7684\u80fd\u529b\uff0c\u4f7f\u94fe\u4e0a\u4ee3\u5e01\u80fd\u591f\u51c6\u786e\u5bf9\u5e94 SPV \u7684\u6743\u76ca\u4efd\u989d\uff0c\u540c\u65f6\u5e94\u901a\u8fc7\u6cd5\u5f8b\u4e0e\u5408\u89c4\u5b89\u6392\uff0c\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u7834\u4ea7\u9694\u79bb\u4e0e\u8ffd\u7d22\u6743\u4fdd\u969c\u3002\u5728\u6807\u51c6\u5316\u8d44\u4ea7\u5982\u56fd\u503a\u4e2d\uff0c\u8fd9\u4e00\u6620\u5c04\u8f83\u4e3a\u76f4\u63a5\uff0cSPV \u6301\u6709\u5e95\u5c42\u56fd\u503a\uff0c\u901a\u8fc7\u667a\u80fd\u5408\u7ea6\u53d1\u884c\u4ee3\u5e01\uff0c\u94fe\u4e0a\u4ea4\u6613\u76f4\u63a5\u5bf9\u5e94\u73b0\u91d1\u6d41\u548c\u6536\u76ca\u5206\u914d\u3002\u7136\u800c\uff0c\u5728\u975e\u6807\u8d44\u4ea7\u5982\u623f\u5730\u4ea7\u4e2d\uff0c\u94fe\u4e0a\u4ee3\u5e01\u4e0e\u5e95\u5c42\u7269\u6743\u4e4b\u95f4\u5b58\u5728\u590d\u6742\u7684\u6cd5\u5f8b\u65ad\u5c42\u7ebf\uff0c\u6b64\u7c7b\u975e\u6807\u8d44\u4ea7\u4e0a\u94fe\u8981\u6c42\u516c\u94fe\u5e73\u53f0\u63d0\u4f9b\u66f4\u52a0\u7075\u6d3b\u7684\u89c4\u5219\u7f16\u7801\u6280\u672f\uff0c\u540c\u65f6\u8f85\u4ee5\u8de8\u6cd5\u57df\u7684\u6cd5\u5f8b\u4e92\u8ba4\u673a\u5236\uff0c\u4ee5\u4fdd\u8bc1\u8d44\u4ea7\u6d41\u52a8\u6027\u4e0e\u53ef\u8ffd\u7d22\u6743\u7684\u5b9e\u73b0\u3002<\/p>\n

\u5728\u6570\u636e\u53ef\u4fe1\u5c42\u9762\uff0c\u94fe\u4e0a\u516c\u94fe\u901a\u5e38\u4f9d\u8d56\u53bb\u4e2d\u5fc3\u5316\u9884\u8a00\u673a\uff08\u5982 Chainlink\uff09\u63d0\u4f9b\u8d44\u4ea7\u51c0\u503c\uff08NAV\uff09\u3001\u50a8\u5907\u91d1\u8bc1\u660e\u53ca\u8de8\u94fe\u4e92\u64cd\u4f5c\u6027\u670d\u52a1\u3002\u6807\u51c6\u5316\u8d44\u4ea7\u7684\u73b0\u91d1\u6d41\u53ef\u901a\u8fc7\u73b0\u6709\u6570\u636e\u6e90\u76f4\u63a5\u9a8c\u8bc1\uff0c\u800c\u975e\u6807\u8d44\u4ea7\u7684\u52a8\u6001\u4f30\u503c\u5219\u9700\u8981 AI \u4e0e\u7269\u8054\u7f51\uff08IoT\uff09\u7684\u878d\u5408\u3002IoT \u4f20\u611f\u5668\u5b9e\u65f6\u91c7\u96c6\u8d44\u4ea7\u8fd0\u8425\u6570\u636e\uff0c\u5982\u79df\u91d1\u6d41\u3001\u8bbe\u5907\u72b6\u6001\u3001\u80fd\u8017\u6570\u636e\uff0cAI \u6a21\u578b\u6574\u5408\u5e02\u573a\u4fe1\u606f\u548c\u8fd0\u8425\u6570\u636e\uff0c\u5b9e\u73b0\u52a8\u6001\u4f30\u503c\u4e0e\u98ce\u9669\u5b9a\u4ef7\uff0c\u4e3a\u94fe\u4e0a\u4ee3\u5e01\u63d0\u4f9b\u53ef\u4fe1\u7684\u4ef7\u503c\u951a\u5b9a\u3002\u8fd9\u79cd“\u6570\u5b57\u5b6a\u751f”\u65b9\u5f0f\u65e2\u662f\u6280\u672f\u624b\u6bb5\uff0c\u4e5f\u662f\u6cd5\u5f8b\u5408\u89c4\u7684\u91cd\u8981\u652f\u6491\uff0c\u4e3a\u975e\u6807\u8d44\u4ea7\u7684\u53ef\u4ea4\u6613\u6027\u63d0\u4f9b\u5e95\u5c42\u652f\u6491\u3002<\/p>\n

1.2 \u6280\u672f\u6027\u80fd\u4e0e\u7a33\u5b9a\u6027<\/strong><\/h4>\n

\u516c\u94fe\u627f\u62c5\u9ad8\u6d41\u52a8\u6027\u4ea4\u6613\u548c\u8de8\u5883\u6d41\u8f6c\uff0c\u5728\u5408\u89c4\u6027\u4e0e\u5e02\u573a\u6df1\u5ea6\u4e4b\u95f4\u627e\u5230\u5e73\u8861\u3002\u6280\u672f\u6027\u80fd\u4e0e\u7a33\u5b9a\u6027\u662f\u4fdd\u969c\u673a\u6784\u7ea7\u8d44\u4ea7\u5b89\u5168\u3001\u6548\u7387\u4e0e\u53ef\u8ffd\u7d22\u6027\u7684\u5173\u952e\uff0c\u4f20\u7edf\u91d1\u878d\u673a\u6784\u5bf9\u516c\u94fe\u7684\u8981\u6c42\u8fdc\u8d85\u666e\u901a\u52a0\u5bc6\u9879\u76ee\uff0c\u4e0d\u540c\u7c7b\u578b\u7684\u8d44\u4ea7\u4e0e\u76d1\u7ba1\u73af\u5883\u5bf9\u67b6\u6784\u7684\u8981\u6c42\u4e5f\u6709\u5dee\u5f02\u663e\u8457\u3002\u673a\u6784\u7ea7\u4fdd\u5b88\u6d3e\uff08\u5982\u6b27\u76df\uff09\u503e\u5411\u91c7\u7528\u8bb8\u53ef\u578b\u8054\u76df\u94fe\uff0c\u727a\u7272\u90e8\u5206\u53bb\u4e2d\u5fc3\u5316\u4e0e\u6d41\u52a8\u6027\u4ee5\u6362\u53d6\u5408\u89c4\u9002\u914d\u6027\u3002\u8fd9\u7c7b\u94fe\u80fd\u591f\u63d0\u4f9b\u660e\u786e\u7684\u8bbf\u95ee\u63a7\u5236\u3001\u5ba1\u8ba1\u8bb0\u5f55\u548c\u6570\u636e\u5b58\u50a8\u5408\u89c4\u6027\uff0c\u9002\u5408\u5b58\u653e\u5bf9\u6cd5\u5f8b\u7ea6\u675f\u9ad8\u5ea6\u654f\u611f\u7684\u8d44\u4ea7\u3002\u800c\u5e02\u573a\u9a71\u52a8\u6d3e\uff08\u5982\u7f8e\u56fd\u3001\u9999\u6e2f\uff09\u4e3a\u4e86\u6ee1\u8db3\u4f4e\u5ef6\u8fdf\u7684\u9ad8\u9891\u4ea4\u6613\u548c T+0 \u6e05\u7b97\u76ee\u6807\uff0c\u5219\u66f4\u503e\u5411\u4ee5\u592a\u574a\u3001Solana \u7b49\u516c\u94fe\uff0c\u901a\u8fc7\u6df7\u5408\u67b6\u6784\u5e73\u8861\u5408\u89c4\u4e0e\u6027\u80fd\u3002\u4f8b\u5982\u62db\u94f6\u56fd\u9645\u5728 Solana \u4e0a\u90e8\u7f72\u7f8e\u5143\u8d27\u5e01\u5e02\u573a\u57fa\u91d1\uff0c\u770b\u91cd\u5176\u7406\u8bba TPS\u4e0a\u9650 65,000\u3001\u533a\u5757\u65f6\u95f4 0.39 \u79d2\u7684\u6027\u80fd\u4f18\u52bf\u3002<\/p>\n

1.3 \u6d41\u52a8\u6027\u4e0e\u751f\u6001\u878d\u5408<\/strong><\/h4>\n

RWA \u672c\u8eab\u6d41\u52a8\u6027\u6709\u9650\uff0c\u9700\u8981\u63a5\u5165 DeFi \u751f\u6001\uff0c\u5b9e\u73b0\u8d44\u4ea7\u518d\u5faa\u73af\u3002\u6d41\u52a8\u6027\u6df1\u5ea6\u4e0e\u751f\u6001\u878d\u5408\u80fd\u529b\u51b3\u5b9a RWA \u4ee3\u5e01\u7684\u4ea4\u6613\u4fbf\u5229\u6027\u3001\u53ef\u7ec4\u5408\u6027\u53ca\u8d44\u91d1\u518d\u5faa\u73af\u80fd\u529b\uff0c\u662f\u8d44\u4ea7\u589e\u503c\u7684\u6838\u5fc3\u3002<\/p>\n

•\u751f\u6001\u6210\u719f\u5ea6\u4e0e\u6d41\u52a8\u6027\u6df1\u5ea6\uff1aRWA \u9700\u5177\u5907\u63a5\u5165\u5168\u7403\u6d41\u52a8\u6027\u7684\u80fd\u529b\uff0c\u4ee5\u592a\u574a\u867d\u5728\u4ea4\u6613\u541e\u5410\u91cf\u548c\u786e\u8ba4\u65f6\u95f4\u4e0a\u5b58\u5728\u6548\u7387\u4e0d\u8db3\u7684\u95ee\u9898\uff0c\u4f46\u51ed\u501f\u5b89\u5168\uff0c\u53bb\u4fe1\u4efb\u7a0b\u5ea6\u9ad8\u4e0e\u5e9e\u5927\u751f\u6001\u6210\u4e3a\u591a\u6570 TradFi \u673a\u6784\u9996\u9009\uff1b\u540c\u65f6\u9700\u4f9d\u6258\u6210\u719f DeFi \u751f\u6001\u62d3\u5c55\u573a\u666f\uff0c\u4f8b\u5982\uff0cAAVE Horizon \u5df2\u652f\u6301\u5178\u578b\u7684\u56fd\u503a RWA \u4ee3\u5e01[1] [2]\uff0c\u7528\u6237\u53ef\u4ee5\u901a\u8fc7\u501f\u8d37\u64cd\u4f5c\u5c06\u4ee3\u5e01\u5316\u8d44\u4ea7\u8f6c\u5316\u4e3a\u53ef\u751f\u606f\u91d1\u878d\u6a21\u5757\u3002\u8fd9\u79cd\u751f\u6001\u878d\u5408\u4e0d\u4ec5\u589e\u5f3a\u8d44\u4ea7\u6d41\u52a8\u6027\uff0c\u4e5f\u4e3a\u7a33\u5b9a\u5e01\u63d0\u4f9b\u4e86\u62b5\u62bc\u57fa\u7840\uff0c\u4ece\u800c\u5f62\u6210“\u53d1\u5e01\u5373\u8d2d\u503a”\u7684\u95ed\u73af\u3002<\/p>\n

•\u7a33\u5b9a\u5e01\u7684\u57fa\u77f3\u4f5c\u7528\uff1a\u7a33\u5b9a\u5e01\u662f RWA \u8ba1\u4ef7\u3001\u7ed3\u7b97\u4e0e\u6d41\u52a8\u6027\u652f\u6491\u7684\u6838\u5fc3\uff0c\u5176\u5408\u89c4\u6027\u76f4\u63a5\u5f71\u54cd\u751f\u6001\u4fe1\u4efb\u3002\u7f8e\u56fd\u300aGENIUS \u6cd5\u6848\u300b\u8981\u6c42\u7f8e\u5143\u7a33\u5b9a\u5e01\u7531\u7f8e\u5143\u5b58\u6b3e\u3001\u7f8e\u56fd\u56fd\u503a 1:1 \u5168\u989d\u50a8\u5907\uff0c\u5f62\u6210 “\u53d1\u5e01\u5373\u8d2d\u503a” \u95ed\u73af\uff0c\u5c06\u7a33\u5b9a\u5e01\u4fe1\u7528\u4e0e\u7f8e\u5143\u4e3b\u6743\u4fe1\u7528\u6df1\u5ea6\u6346\u7ed1\uff1b\u9999\u6e2f\u300a\u7a33\u5b9a\u5e01\u6761\u4f8b\u300b\uff082025 \u5e74 8 \u6708\u751f\u6548\uff09\u4f5c\u4e3a\u5168\u7403\u9996\u4e2a\u6cd5\u5e01\u7a33\u5b9a\u5e01\u7efc\u5408\u76d1\u7ba1\u6846\u67b6\uff0c\u4e3a RWA \u751f\u6001\u63d0\u4f9b\u6e05\u6670\u5408\u89c4\u9884\u671f[3]\u3002<\/p>\n

•\u8de8\u94fe\u4e92\u64cd\u4f5c\u6027\uff1aRWA \u9700\u5728 “\u8bb8\u53ef\u94fe\u786e\u6743 + \u516c\u94fe\u6d41\u901a” \u7684\u6df7\u5408\u67b6\u6784\u4e0b\u5b9e\u73b0\u5168\u7403\u6d41\u8f6c\uff0c\u516c\u94fe\u9700\u901a\u8fc7 Chainlink CCIP \u7b49\u8de8\u94fe\u534f\u8bae\u642d\u5efa\u53ef\u4fe1\u901a\u9053\uff0c\u4f8b\u5982\u56fd\u6cf0\u541b\u5b89\u4e0e\u8682\u8681\u6570\u79d1\u7684 “\u4e24\u94fe\u4e00\u6865” \u67b6\u6784\uff0c\u901a\u8fc7\u8de8\u94fe\u6865\u8fde\u63a5\u8054\u76df\u94fe\u5408\u89c4\u8d44\u4ea7\u4e0e\u4ee5\u592a\u574a\u5168\u7403\u6d41\u52a8\u6027\uff0c\u4f46\u8de8\u94fe\u6865\u7684\u793e\u4f1a\u4fe1\u4efb\u4f9d\u8d56\u98ce\u9669\u4ecd\u96be\u4ee5\u6839\u9664\u3002\u8fd9\u7c7b\u98ce\u9669\u4e3b\u8981\u6765\u6e90\u4e8e\u6865\u63a5\u65b9\u3001\u9a8c\u8bc1\u8282\u70b9\u53ca\u94fe\u4e0b\u7ba1\u7406\u673a\u6784\u7684\u4fe1\u4efb\u57fa\u7840\uff0c\u4e00\u65e6\u6865\u63a5\u65b9\u884c\u4e3a\u4e0d\u900f\u660e\u6216\u53d1\u751f\u64cd\u4f5c\u5931\u8bef\uff0c\u53ef\u80fd\u5bfc\u81f4\u8d44\u4ea7\u51bb\u7ed3\u3001\u5ef6\u8fdf\u6e05\u7b97\u6216\u4ea4\u6613\u6570\u636e\u5931\u771f\u3002\u793e\u4f1a\u4fe1\u4efb\u4f9d\u8d56\u98ce\u9669\u4e0d\u4ec5\u589e\u52a0\u4e86\u6295\u8d44\u8005\u5bf9\u8de8\u94fe\u8d44\u4ea7\u5b89\u5168\u6027\u7684\u987e\u8651\uff0c\u4e5f\u5f71\u54cd\u4e86\u8d44\u4ea7\u5b9a\u4ef7\u7684\u51c6\u786e\u6027\u548c\u6d41\u52a8\u6027\u3002\u5177\u4f53\u800c\u8a00\uff0c\u4ea4\u6613\u53cc\u65b9\u5fc5\u987b\u989d\u5916\u4f9d\u8d56\u4e2d\u4ecb\u6216\u7b2c\u4e09\u65b9\u670d\u52a1\u5bf9\u8d44\u4ea7\u72b6\u6001\u8fdb\u884c\u786e\u8ba4\uff0c\u8fd9\u79cd\u4fe1\u4efb\u6210\u672c\u4f7f\u5f97\u4ea4\u6613\u6d41\u7a0b\u590d\u6742\u5316\u3001\u94fe\u4e0a\u900f\u660e\u5ea6\u964d\u4f4e\uff0c\u540c\u65f6\u53ef\u80fd\u5f62\u6210\u6d41\u52a8\u6027\u5206\u5272\uff0c\u4e0d\u540c\u94fe\u95f4\u7684\u8d44\u4ea7\u65e0\u6cd5\u81ea\u7531\u3001\u9ad8\u6548\u6d41\u8f6c\uff0c\u9650\u5236\u4e86 RWA \u5168\u7403\u5316\u6d41\u901a\u7684\u6f5c\u529b\u3002<\/p>\n

02 \u516c\u94fe\u5b9e\u8df5\u7684\u9002\u914d\u6027\u62c6\u89e3<\/h3>\n

2.1 \u6807\u51c6\u5316\u8d44\u4ea7\u7684\u516c\u94fe\u5b9e\u8df5<\/strong><\/h4>\n

\u56fd\u503a\u4f5c\u4e3a\u6807\u51c6\u5316\u3001\u9ad8\u6d41\u52a8\u6027\u7684\u91d1\u878d\u8d44\u4ea7\uff0c\u56e0\u5176\u7a33\u5b9a\u6536\u76ca\u3001\u900f\u660e\u73b0\u91d1\u6d41\u548c\u5e7f\u6cdb\u8ba4\u53ef\u7684\u5e02\u573a\u673a\u5236\uff0c\u6210\u4e3a RWA \u94fe\u4e0a\u5316\u7684\u9996\u9009\u5bf9\u8c61\u3002\u516c\u94fe\u5728\u56fd\u503a\u4ee3\u5e01\u5316\u4e2d\u4e3b\u8981\u627f\u62c5\u4e09\u7c7b\u529f\u80fd\uff1a\u5408\u89c4\u5d4c\u5165\u3001\u4ea4\u6613\u6548\u7387\u652f\u6491\u548c\u6570\u636e\u53ef\u4fe1\u9a8c\u8bc1\u3002<\/p>\n

2.1.1 \u8d44\u4ea7\u5c5e\u6027\u4e0e\u5408\u89c4\u9002\u914d<\/strong><\/p>\n

\u56fd\u503a\u4ee3\u5e01\u5316\uff08\u5c24\u5176\u662f\u7f8e\u56fd\u56fd\u503a\u4ee3\u5e01\u5316\uff09\u662f RWA \u8d5b\u9053\u4e2d\u53d1\u5c55\u6700\u6210\u719f\u3001\u89c4\u6a21\u6700\u5927\u7684\u9886\u57df\u3002\u56fd\u503a\u4e4b\u6240\u4ee5\u80fd\u7387\u5148\u5728 RWA \u5e02\u573a\u5b9e\u73b0\u89c4\u6a21\u5316\u7a81\u56f4\uff0c\u6839\u6e90\u5728\u4e8e\u5176\u6807\u51c6\u5316\u3001\u4f4e\u98ce\u9669\u7684\u8d44\u4ea7\u5c5e\u6027\uff0c\u5b8c\u7f8e\u5951\u5408\u516c\u94fe\u5bf9 “\u6570\u636e\u53ef\u9a8c\u8bc1\u6027”“\u7ed3\u6784\u53ef\u590d\u5236\u6027” \u7684\u5e95\u5c42\u8981\u6c42\uff0c\u6210\u4e3a\u673a\u6784\u8d44\u672c\u8fdb\u5165 RWA[4]\u9886\u57df\u7684\u5b89\u5168\u5165\u53e3\u3002<\/p>\n

\u4f5c\u4e3a\u5168\u7403\u4f4e\u98ce\u9669\u8d44\u4ea7\u6807\u6746\uff0c\u56fd\u503a\u7684\u6536\u76ca\u7387\u3001\u5230\u671f\u65e5\u3001\u8fdd\u7ea6\u6982\u7387\u53ca\u56de\u6b3e\u8def\u5f84\u5747\u53ef\u7cbe\u51c6\u91cf\u5316\u5ba1\u8ba1\uff0c\u6ee1\u8db3\u673a\u6784\u6295\u8d44\u8005\u5bf9\u98ce\u63a7\u4e0e\u5408\u89c4\u7684\u4e25\u82db\u8981\u6c42\uff1b\u5176\u63d0\u4f9b\u7684\u7a33\u5b9a\u65e0\u98ce\u9669\u6536\u76ca\u7387\uff0c\u6070\u597d\u5339\u914d\u673a\u6784\u4e0e\u9ad8\u51c0\u503c\u6295\u8d44\u8005\u5bf9 “\u7968\u606f\u66ff\u4ee3” \u578b\u8d44\u4ea7\u7684\u914d\u7f6e\u9700\u6c42\uff0c\u6210\u4e3a RWA \u6f14\u8fdb\u4e2d\u7684\u73b0\u91d1\u6d41\u5e95\u5ea7\u3002\u622a\u81f3 2025 \u5e74\u7b2c\u4e09\u5b63\u5ea6\uff0c\u4ee3\u5e01\u5316\u7f8e\u56fd\u56fd\u503a\u603b\u89c4\u6a21\u5df2\u8fbe 70 \u4ebf\u81f3 80 \u4ebf\u7f8e\u5143\uff0c\u5360\u636e\u94fe\u4e0a RWA \u5e02\u573a\u7684\u7edd\u5bf9\u4e3b\u5bfc\u5730\u4f4d\uff0c\u5370\u8bc1\u5e02\u573a\u5bf9\u5b89\u5168\u6027\u4e0e\u6d41\u52a8\u6027\u4f18\u52bf\u7684\u5e7f\u6cdb\u8ba4\u53ef\u3002<\/p>\n

\u5728\u4ee3\u5e01\u5316\u8def\u5f84\u4e0a\uff0c\u56fd\u503a\u5df2\u5f62\u6210\u9ad8\u5ea6\u6807\u51c6\u5316\u7684\u64cd\u4f5c\u6d41\u7a0b\uff0c\u6613\u4e8e\u5728\u516c\u94fe\u4e0a\u590d\u5236\u6269\u5c55\uff1a\u901a\u5e38\u7531\u7279\u6b8a\u76ee\u7684\u8f7d\u4f53\uff08SPV\uff09\u6216\u57fa\u91d1\u6301\u6709\u5e95\u5c42\u77ed\u671f\u56fd\u503a\uff08T-Bills\uff09\/MMF\uff0c\u5e76\u59d4\u6258\u53d7\u76d1\u7ba1\u6258\u7ba1\u4eba\u4fdd\u7ba1\u8d44\u4ea7\uff1b\u5e73\u53f0\u901a\u8fc7\u667a\u80fd\u5408\u7ea6\u5728\u516c\u94fe\u53d1\u884c\u53ef\u8d4e\u56de\u4ee3\u5e01\u4efd\u989d\uff1b\u5206\u7ea2\u4e0e\u8d44\u4ea7\u51c0\u503c\uff08NAV\uff09\u5168\u7a0b\u5728\u94fe\u4e0a\u8bb0\u8d26\u66f4\u65b0\uff0c\u5b9e\u73b0\u53d1\u884c\u3001\u6258\u7ba1\u3001\u6d41\u8f6c\u7684\u5168\u6d41\u7a0b\u900f\u660e\u5316\uff0c\u5927\u5e45\u964d\u4f4e\u6280\u672f\u4e0e\u5408\u89c4\u7684\u91cd\u590d\u5efa\u8bbe\u6210\u672c\u3002<\/p>\n

2.1.2 \u6280\u672f\u9002\u914d\u4e0e\u6027\u80fd\u4f18\u5316<\/strong><\/p>\n

\u56fd\u503a\u4ee3\u5e01\u5316\u5bf9\u94fe\u4e0a\u4ea4\u6613\u6548\u7387\u548c\u7ed3\u7b97\u8981\u6c42\u6781\u9ad8\u3002\u516c\u94fe\u9700\u6ee1\u8db3\u9ad8 TPS\u3001\u4f4e\u5ef6\u8fdf\uff0c\u5e76\u80fd\u4e0e\u4f20\u7edf\u91d1\u878d\u5e02\u573a\u6e05\u7b97\u5468\u671f\uff08T+1\uff09\u8854\u63a5\uff0c\u5e76\u4e14\u9700\u8981\u6ee1\u8db3\u6570\u636e\u53ef\u4fe1\u5c42\u9762\u7684\u627f\u8bfa\u3002<\/p>\n

\u6807\u51c6\u5316\u8d44\u4ea7\u5728 RWA \u516c\u94fe\u5b9e\u8df5\u4e2d\u7684\u6280\u672f\u9002\u914d\uff0c\u4e3b\u8981\u4f9d\u8d56\u4e8e\u5408\u89c4\u7684\u4ee3\u5e01\u6807\u51c6\uff08ERC-1400\/3643\uff09\u3001\u667a\u80fd\u5408\u7ea6\u7684 KYC\/AML \u767d\u540d\u5355\u5d4c\u5165\uff0c\u4ee5\u53ca\u9884\u8a00\u673a\u6765\u6865\u63a5\u94fe\u4e0b\u6570\u636e\u3002Chainlink \u9884\u8a00\u673a\u63d0\u4f9b\u5206\u7ea2\u4e0e\u8d44\u4ea7\u51c0\u503c NAV\u3001\u50a8\u5907\u91d1\u8bc1\u660e\u53ca\u8de8\u94fe\u4e92\u64cd\u4f5c\u6027\u670d\u52a1\uff0c\u786e\u4fdd\u4ee3\u5e01\u4ef7\u503c\u4e0e\u5e95\u5c42\u56fd\u503a\u8d44\u4ea7\u540c\u6b65\u3002\u8fd9\u4e00\u673a\u5236\u786e\u4fdd\u94fe\u4e0a\u6570\u636e\u7684\u900f\u660e\u5ea6\uff0c\u4e5f\u4e3a\u673a\u6784\u6295\u8d44\u8005\u63d0\u4f9b\u53ef\u5ba1\u8ba1\u7684\u4ea4\u6613\u6865\u6881\u3002\u5e76\u4e14\uff0c\u4e3a\u4e86\u6ee1\u8db3\u4e25\u683c\u7684\u5408\u89c4\u8981\u6c42\uff0c\u8bb8\u591a RWA \u9879\u76ee\u91c7\u7528\u8bb8\u53ef\u767d\u540d\u5355\u5408\u7ea6\uff0c\u786e\u4fdd\u53ea\u6709\u7ecf\u8fc7\u94fe\u4e0b\u673a\u6784\uff08\u5982\u6301\u724c\u91d1\u878d\u673a\u6784\uff09KYC\/AML \u5ba1\u67e5\u7684\u5408\u683c\u6295\u8d44\u8005\u5730\u5740\u624d\u80fd\u6301\u6709\u4ee3\u5e01\u6216\u53c2\u4e0e\u4ea4\u6613\u3002<\/p>\n

\u6027\u80fd\u4f18\u5316\u5219\u53ef\u4ee5\u901a\u8fc7\u6218\u7565\u6027\u5730\u9009\u62e9\u9ad8\u6027\u80fd\u516c\u94fe\uff08\u5982 Solana\uff09\u6216\u8005 Layer 2 \u6269\u5c55\u89e3\u51b3\u65b9\u6848\u6765\u7f13\u89e3 Layer 1 \u516c\u94fe\u7684\u6027\u80fd\u74f6\u9888\uff0c\u6700\u7ec8\u76ee\u6807\u662f\u5b9e\u73b0\u5373\u65f6\u3001\u5b89\u5168\u7684\u539f\u5b50\u5316\u7ed3\u7b97\u3002Layer 2 \u89e3\u51b3\u65b9\u6848\uff08\u5982 Polygon\u3001Arbitrum\u3001Optimism\uff09\u901a\u8fc7\u5c06\u4ea4\u6613\u5904\u7406\u8f6c\u79fb\u5230\u94fe\u4e0b\uff0c\u663e\u8457\u63d0\u5347\u4e86\u4ea4\u6613\u5904\u7406\u901f\u5ea6\u5e76\u964d\u4f4e\u4e86 Gas \u8d39\u7528\uff0c\u540c\u65f6\u4fdd\u6301\u4e86\u4ee5\u592a\u574a\u4e3b\u7f51\u7684\u5b89\u5168\u6027\u3002\u4f46\u662f\u5728\u6027\u80fd\u63d0\u5347\u7684\u540c\u65f6\uff0c\u901a\u5e38\u9700\u8981\u5728\u6027\u80fd\u548c\u53bb\u4e2d\u5fc3\u5316\u7a0b\u5ea6\u4e4b\u95f4\u8fdb\u884c\u6743\u8861\uff0c\u5bfb\u6c42\u9ad8\u6548\u7387\uff08\u5982 Solana\uff09\u5f80\u5f80\u610f\u5473\u7740\u5728\u53bb\u4e2d\u5fc3\u5316\u548c\u5b89\u5168\u6027\u4e0a\u505a\u51fa\u4e00\u5b9a\u59a5\u534f\u3002\u5bf9\u4e8e\u673a\u6784\u800c\u8a00\uff0c\u5728\u6027\u80fd\u548c\u5408\u89c4\u4e4b\u95f4\u627e\u5230\u5e73\u8861\u70b9\uff0c\u662f RWA[5]\u9879\u76ee\u6210\u529f\u7684\u5173\u952e\u3002<\/p>\n

2.2 \u975e\u6807\u8d44\u4ea7\u7684\u516c\u94fe\u6539\u9020<\/strong><\/h4>\n

\u623f\u5730\u4ea7\uff08Real Estate\uff09\u4f5c\u4e3a\u5178\u578b\u7684\u975e\u6807\u8d44\u4ea7\uff0c\u5176\u4ee3\u5e01\u5316\u662f RWA\uff08\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7\uff09\u94fe\u4e0a\u5b9e\u8df5\u4e2d\u6f5c\u529b\u4e0e\u6311\u6218\u5e76\u5b58\u7684\u6838\u5fc3\u9886\u57df\u3002\u5176\u96be\u9898\u5728\u4e8e\uff0c\u5982\u4f55\u901a\u8fc7\u516c\u94fe\u6280\u672f\u624b\u6bb5\u7834\u89e3\u94fe\u4e0b\u623f\u5730\u4ea7\u5728\u6cd5\u5f8b\u786e\u6743\u590d\u6742\u6027\u4e0e\u4f30\u503c\u900f\u660e\u5ea6\u4e0d\u8db3\u7684\u56fa\u6709\u74f6\u9888\u3002\u8fd9\u4e00\u6280\u672f\u6539\u9020\u5e76\u975e\u7b80\u5355\u7684 “\u8d44\u4ea7\u4e0a\u94fe” \u64cd\u4f5c\uff0c\u800c\u662f\u6d89\u53ca\u6240\u6709\u6743\u7ed3\u6784\u8c03\u6574\u3001\u6570\u636e\u53ef\u4fe1\u6027\u9a8c\u8bc1\u3001\u667a\u80fd\u5408\u7ea6\u81ea\u52a8\u5316\u7ba1\u7406\u7684\u591a\u7ef4\u5ea6\u7cfb\u7edf\u5de5\u7a0b\uff0c\u9700\u5b9e\u73b0\u6280\u672f\u521b\u65b0\u4e0e\u6cd5\u5f8b\u6846\u67b6\u7684\u6df1\u5ea6\u534f\u540c\u3002<\/p>\n

2.2.1 \u6240\u6709\u6743\u5206\u5272\u4e0e\u6d41\u52a8\u6027\u91ca\u653e<\/strong><\/p>\n

\u623f\u5730\u4ea7\u4ee3\u5e01\u5316\u901a\u8fc7\u5206\u5272\uff0c\u5c06\u4e0d\u52a8\u4ea7\u6743\u76ca\u62c6\u5206\u4e3a\u53ef\u4ea4\u6613\u4ee3\u5e01\uff0c\u5b9e\u73b0\u8d44\u4ea7\u788e\u7247\u5316\u3002\u8fd9\u4e00\u788e\u7247\u5316\u6539\u9020\u4f7f\u4e0d\u52a8\u4ea7\u6743\u76ca\u62c6\u5206\u4e3a\u6807\u51c6\u5316\u53ef\u4ea4\u6613\u4ee3\u5e01\uff0c\u7406\u8bba\u4e0a\u5927\u5e45\u964d\u4f4e\u6295\u8d44\u95e8\u69db\uff0c\u8ba9\u5168\u7403\u96f6\u552e\u6295\u8d44\u8005\u5f97\u4ee5\u53c2\u4e0e\u4ee5\u5f80\u4ec5\u9650\u5927\u578b\u673a\u6784\u6d89\u8db3\u7684\u5546\u4e1a\u5730\u4ea7\u3001\u79c1\u52df\u80a1\u6743\u7b49\u8d44\u4ea7\u914d\u7f6e\uff0c\u8fea\u62dc\u5df2\u51fa\u73b0\u5546\u4e1a\u5730\u4ea7\u6240\u6709\u6743\u5206\u5272\u4ee3\u5e01\u5316\u7684\u8bd5\u70b9\u9879\u76ee\uff0c\u9a8c\u8bc1\u4e86\u8def\u5f84\u53ef\u884c\u6027\u3002<\/p>\n

\u7136\u800c\uff0c\u516c\u94fe\u4e0a\u7684\u6240\u6709\u6743\u5206\u5272\u672c\u8d28\u4e0a\u4f9d\u8d56\u94fe\u4e0b\u6cd5\u5f8b\u67b6\u6784\u7684\u652f\u6491\u3002\u5f53\u524d\u591a\u6570\u673a\u6784\u7ea7\u9879\u76ee\u5e76\u975e\u76f4\u63a5\u5b9e\u73b0\u5e95\u5c42\u4e0d\u52a8\u4ea7\u7684\u7269\u6743\u4ee3\u5e01\u5316\uff0c\u800c\u662f\u901a\u8fc7\u5728\u8fea\u62dc\u56fd\u9645\u91d1\u878d\u4e2d\u5fc3\uff08DIFC\uff09\u7b49 “\u6cd5\u5f8b\u98de\u5730” \u8bbe\u7acb\u7279\u6b8a\u76ee\u7684\u8f7d\u4f53\uff08SPV\uff09\uff0c\u5c06\u4ee3\u5e01\u951a\u5b9a\u4e3a\u5bf9 SPV \u7684\u503a\u6743\u6216\u80a1\u6743\u3002\u8fd9\u8981\u6c42\u516c\u94fe\u6280\u672f\u5fc5\u987b\u9002\u914d\u590d\u6742\u7684\u6cd5\u5f8b\u6743\u76ca\u6620\u5c04\uff0c\u4f8b\u5982\u901a\u8fc7 ERC-3643 \u6216 ERC-1400 \u7b49\u8bc1\u5238\u578b\u4ee3\u5e01\u6807\u51c6\uff0c\u5185\u7f6e\u5408\u89c4\u7ba1\u63a7\u529f\u80fd\uff0c\u786e\u4fdd\u94fe\u4e0a\u4ee3\u5e01\u4e0e\u94fe\u4e0b SPV \u6743\u76ca\u7684\u4e00\u4e00\u5bf9\u5e94\uff0c\u6ee1\u8db3\u76d1\u7ba1\u5bf9\u8d44\u4ea7\u6743\u5c5e\u6e05\u6670\u6027\u7684\u8981\u6c42\u3002<\/p>\n

2.2.2 \u6570\u636e\u53ef\u4fe1\u6027\u4e0e AI+IoT \u7684\u878d\u5408<\/strong><\/p>\n

\u623f\u5730\u4ea7\u4f5c\u4e3a\u975e\u6807\u8d44\u4ea7\uff0c\u7f3a\u4e4f\u7edf\u4e00\u6807\u51c6\u5316\u4f30\u503c\u4f53\u7cfb\uff0c\u4e14\u4ef7\u503c\u53d7\u8fd0\u8425\u72b6\u6001\u3001\u5e02\u573a\u73af\u5883\u7b49\u591a\u7ef4\u5ea6\u52a8\u6001\u5f71\u54cd\uff0c\u516c\u94fe\u6280\u672f\u9700\u901a\u8fc7\u5f15\u5165\u5916\u90e8\u53ef\u4fe1\u6570\u636e\uff0c\u652f\u6491\u94fe\u4e0a\u4ee3\u5e01\u4ef7\u503c\u7684\u771f\u5b9e\u6027\u4e0e\u900f\u660e\u6027\uff0c\u8fd9\u4e00\u76ee\u6807\u4f9d\u8d56\u4eba\u5de5\u667a\u80fd\uff08AI\uff09\u4e0e\u7269\u8054\u7f51\uff08IoT\uff09\u7684\u6df1\u5ea6\u878d\u5408\u3002<\/p>\n

\u5728\u6570\u636e\u771f\u5b9e\u6027\u9a8c\u8bc1\u5c42\u9762\uff0cIoT \u6280\u672f\u662f\u6838\u5fc3\u652f\u6491\u3002\u901a\u8fc7\u90e8\u7f72\u667a\u80fd\u4f20\u611f\u5668\u5b9e\u65f6\u91c7\u96c6\u8d44\u4ea7\u8fd0\u8425\u6570\u636e\uff08\u5982\u79df\u91d1\u5230\u8d26\u8bb0\u5f55\u3001\u5546\u4e1a\u5730\u4ea7\u5ba2\u6d41\u91cf\u3001\u8bbe\u5907\u8fd0\u8f6c\u72b6\u6001\u3001\u80fd\u8017\u6570\u636e\u7b49\uff09\uff0c\u5e76\u5c06\u8fd9\u4e9b\u6570\u636e\u901a\u8fc7\u52a0\u5bc6\u534f\u8bae\u4e0a\u94fe\uff0c\u786e\u4fdd\u8d44\u4ea7\u6536\u76ca\u7684\u900f\u660e\u53ef\u8ffd\u6eaf\u3002\u4f8b\u5982\u8682\u8681\u6570\u79d1\u5728\u65b0\u80fd\u6e90\u9886\u57df\u5e94\u7528\u7684 “\u533a\u5757\u94fe + IoT” AntChain Inside \u67b6\u6784\uff0c\u5df2\u5b9e\u73b0\u65b0\u80fd\u6e90\u8bbe\u5907\u8fd0\u8f6c\u6570\u636e\u7684\u5b9e\u65f6\u4e0a\u94fe\uff0c\u89e3\u51b3\u94fe\u4e0a\u6570\u636e\u4e0e\u7269\u7406\u8d44\u4ea7\u72b6\u6001\u7684\u4e00\u81f4\u6027\u95ee\u9898 —— \u8fd9\u4e00\u6a21\u5f0f\u53ef\u5ef6\u4f38\u81f3\u5546\u4e1a\u5730\u4ea7\uff0c\u901a\u8fc7\u5b9e\u65f6\u76d1\u63a7\u73b0\u91d1\u6d41\u4e0e\u8fd0\u8425\u72b6\u51b5\uff0c\u7f13\u89e3\u6295\u8d44\u8005\u5bf9\u8d44\u4ea7\u5b9e\u9645\u4ef7\u503c\u7684\u4fe1\u606f\u4e0d\u5bf9\u79f0\u62c5\u5fe7\u3002<\/p>\n

\u5728\u52a8\u6001\u4f30\u503c\u4e0e\u98ce\u9669\u5b9a\u4ef7\u5c42\u9762\uff0cAI \u6280\u672f\u6210\u4e3a\u5173\u952e\u8865\u5145\u3002\u9488\u5bf9\u975e\u6807\u8d44\u4ea7\u4f30\u503c\u7f3a\u4e4f\u7edf\u4e00\u6807\u51c6\u7684\u75db\u70b9\uff0cAI \u6a21\u578b\u53ef\u6574\u5408 IoT \u91c7\u96c6\u7684\u8fd0\u8425\u6570\u636e\u4e0e\u5916\u90e8\u5e02\u573a\u6570\u636e\uff08\u5982\u533a\u57df\u5730\u4ef7\u6307\u6570\u3001\u79df\u91d1\u6ce2\u52a8\u8d8b\u52bf\u3001\u5b8f\u89c2\u7ecf\u6d4e\u6307\u6807\uff09\uff0c\u5b9e\u73b0\u81ea\u52a8\u5316\u4f30\u503c\u4e0e\u98ce\u9669\u5b9a\u4ef7\uff0c\u4e3a\u94fe\u4e0a\u4ee3\u5e01\u63d0\u4f9b\u52a8\u6001\u516c\u5141\u7684\u4ef7\u503c\u951a\u70b9\u3002\u8fd9\u8981\u6c42\u516c\u94fe\u5e73\u53f0\u5177\u5907\u5f3a\u5927\u7684\u8ba1\u7b97\u4e0e\u6570\u636e\u5904\u7406\u80fd\u529b\uff0c\u80fd\u591f\u517c\u5bb9\u591a\u6e90\u5f02\u6784\u6570\u636e\u7684\u6574\u5408\u4e0e\u5206\u6790\uff0c\u4e3a\u8d44\u4ea7\u6d41\u52a8\u6027\u63d0\u4f9b\u4f30\u503c\u57fa\u7840\u3002\u202fJLL \u62a5\u544a\u6307\u51fa\uff0c\u5728\u5546\u4e1a\u5730\u4ea7\u4f30\u503c\u4e2d\u5df2\u5e7f\u6cdb\u4f7f\u7528\u81ea\u52a8\u4f30\u503c\u6a21\u578b\u202f(AVM)\uff0c\u7ed3\u5408 AI\u202f\u6280\u672f\u5904\u7406\u5305\u62ec\u51c0\u8fd0\u8425\u6536\u5165\u3001\u79df\u8d41\u60c5\u51b5\u3001\u5e02\u573a\u53d8\u5316\u5728\u5185\u7684\u591a\u7ef4\u6570\u636e\uff0c\u4ece\u800c\u663e\u8457\u63d0\u5347\u4f30\u503c\u6548\u7387\u4e0e\u900f\u660e\u5ea6[10]\u3002\u202fC3.ai \u7684 “Commercial Property Appraisal”[11]\u7cfb\u7edf\u6574\u5408\u7ed3\u6784\u5316\u4e0e\u975e\u7ed3\u6784\u5316\u6570\u636e\uff0c\u652f\u6491\u591a\u79cd\u4f30\u503c\u65b9\u6cd5\uff08\u6536\u5165\u6cd5\u3001\u6bd4\u8f83\u6cd5\u3001\u6210\u672c\u6cd5\uff09\u4ee5\u589e\u5f3a\u4f30\u503c\u7cbe\u51c6\u5ea6\u3002\u867d\u7136\u76ee\u524d\u4e3b\u8981\u5e94\u7528\u4e8e\u4f20\u7edf\u5730\u4ea7\u9886\u57df\uff0c\u4f46\u5c06 AI\u202f\u6a21\u578b\u5f15\u5165\u202fRWA\u202f\u4ee3\u5e01\u5316\u7684\u4f30\u503c\u4e0e\u98ce\u9669\u5b9a\u4ef7\u73af\u8282\uff0c\u5e76\u975e\u7eaf\u7406\u5ff5\uff0c\u800c\u5df2\u6709\u53ef\u64cd\u4f5c\u8def\u5f84\u3002\u4e0d\u8fc7\u4e5f\u9700\u8b66\u60d5\uff0c\u5f53\u524d\u5b9e\u8df5\u4e3b\u8981\u805a\u7126\u4e8e\u6709\u5f62\u4e0d\u52a8\u4ea7\u6216\u5df2\u5efa\u8d44\u4ea7\uff0c\u5c06\u8be5\u80fd\u529b\u8fc1\u79fb\u81f3\u94fe\u4e0a\u202fRWA\u202f\uff08\u5c24\u5176\u6d89\u53ca\u5e95\u5c42\u8d44\u4ea7\u8de8\u5883\u3001\u6cd5\u57df\u5dee\u5f02\u3001\u901a\u8bc1\u5316\u7ed3\u6784\uff09\u4ecd\u5904\u4e8e\u521d\u671f\u9636\u6bb5\uff0c\u6280\u672f\u3001\u6570\u636e\u3001\u5408\u89c4\u4e09\u8005\u540c\u6b65\u63a8\u8fdb\u5c24\u4e3a\u5173\u952e\u3002<\/p>\n

2.2.3 \u53ef\u7f16\u7a0b\u4fe1\u4efb\u7684\u81ea\u52a8\u5316\u4e0e\u5408\u89c4\u5185\u7f6e<\/strong><\/p>\n

\u667a\u80fd\u5408\u7ea6\u662f\u516c\u94fe\u8d4b\u4e88\u623f\u5730\u4ea7\u4ee3\u5e01\u5316 “\u53ef\u7f16\u7a0b\u4fe1\u4efb” \u7684\u6838\u5fc3\u6280\u672f\uff0c\u627f\u62c5\u8d44\u4ea7\u81ea\u52a8\u5316\u7ba1\u7406\u4e0e\u5408\u89c4\u903b\u8f91\u5185\u7f6e\u7684\u53cc\u91cd\u804c\u80fd\uff0c\u662f\u8fde\u63a5\u6280\u672f\u67b6\u6784\u4e0e\u76d1\u7ba1\u8981\u6c42\u7684\u5173\u952e\u7ebd\u5e26\u3002<\/p>\n

\u5728\u6536\u76ca\u7ba1\u7406\u4e0e\u8d44\u91d1\u76d1\u7ba1\u65b9\u9762\uff0c\u667a\u80fd\u5408\u7ea6\u53ef\u5c06\u79df\u91d1\u6536\u76ca\u5206\u914d\u3001\u8d44\u4ea7\u5206\u7ea2\u7b49\u89c4\u5219\u56fa\u5316\u4e3a\u4ee3\u7801\uff0c\u5b9e\u73b0\u6536\u76ca\u7684\u81ea\u52a8\u8ba1\u7b97\u4e0e\u5206\u53d1\uff0c\u5927\u5e45\u51cf\u5c11\u4f20\u7edf\u4e2d\u4ecb\u53c2\u4e0e\u5e26\u6765\u7684\u6469\u64e6\u6210\u672c\u4e0e\u5ef6\u8fdf\uff1b\u5728\u623f\u5730\u4ea7\u9884\u552e\u3001\u9884\u4ed8\u79df\u91d1\u7b49\u4fe1\u4efb\u654f\u611f\u573a\u666f\uff0c\u667a\u80fd\u5408\u7ea6\u53ef\u8bbe\u7f6e\u8d44\u91d1\u76d1\u7ba1\u8d26\u6237\uff0c\u901a\u8fc7 “\u4e13\u6b3e\u4e13\u7528”“\u6309\u7ea6\u652f\u4ed8” \u7684\u4ee3\u7801\u903b\u8f91\uff0c\u786e\u4fdd\u8d44\u91d1\u4f7f\u7528\u7b26\u5408\u7ea6\u5b9a\uff0c\u5728\u7f3a\u4e4f\u4f20\u7edf\u4fe1\u4efb\u4e2d\u4ecb\u7684\u60c5\u51b5\u4e0b\u63d0\u4f9b\u5c65\u7ea6\u4fdd\u969c\u3002<\/p>\n

\u5728\u5408\u89c4\u7ba1\u63a7\u5c42\u9762\uff0c\u667a\u80fd\u5408\u7ea6\u9700\u5185\u7f6e KYC\/AML \u767d\u540d\u5355\u673a\u5236\u4e0e\u53d7\u9650\u8f6c\u8ba9\u6761\u6b3e\u3002\u4f8b\u5982\u57fa\u4e8e\u8bc1\u5238\u578b\u4ee3\u5e01\u6807\u51c6\u7684\u5408\u7ea6\uff0c\u53ef\u901a\u8fc7\u6743\u9650\u63a7\u5236\u529f\u80fd\uff0c\u4ec5\u5141\u8bb8\u901a\u8fc7\u8d44\u8d28\u5ba1\u6838\u7684\u5408\u89c4\u6295\u8d44\u8005\u6301\u6709\u6216\u4ea4\u6613\u4ee3\u5e01\uff0c\u540c\u65f6\u81ea\u52a8\u62e6\u622a\u8fdd\u89c4\u8f6c\u8ba9\u884c\u4e3a\uff0c\u6ee1\u8db3\u76d1\u7ba1\u5bf9\u6295\u8d44\u8005\u9002\u5f53\u6027\u7ba1\u7406\u7684\u8981\u6c42\uff0c\u4e3a\u4f20\u7edf\u91d1\u878d\u673a\u6784\u53c2\u4e0e\u623f\u5730\u4ea7\u4ee3\u5e01\u5316\u63d0\u4f9b\u5408\u89c4\u57fa\u7840\u3002<\/p>\n

2.3 \u516c\u94fe\u5171\u6027\u6280\u672f\u652f\u6491\u4e0e\u7ade\u4e89\u683c\u5c40<\/strong><\/h4>\n

\u4ece\u5e02\u573a\u7ade\u4e89\u683c\u5c40\u770b\uff0c\u516c\u94fe\u5728 RWA \u843d\u5730\u4e2d\u5448\u73b0\u4e09\u7c7b\u7279\u5f81[6]\uff1a<\/p>\n

•\u9ad8\u53bb\u4e2d\u5fc3\u5316\u516c\u94fe\uff08\u5982\u4ee5\u592a\u574a\uff09\uff1a\u751f\u6001\u6210\u719f\u3001\u6d41\u52a8\u6027\u5f3a\uff0c\u4f46\u6027\u80fd\u53d7\u9650\u3002<\/p>\n

•\u9ad8\u6027\u80fd\u516c\u94fe\uff08\u5982 Solana\u3001Sei\uff09\uff1a\u9002\u5408\u9ad8\u9891\u4ea4\u6613\u548c\u7ed3\u7b97\uff0c\u4f46\u53bb\u4e2d\u5fc3\u5316\u7a0b\u5ea6\u8f83\u4f4e\u3002<\/p>\n

•\u8bb8\u53ef\/\u8054\u76df\u94fe\uff08\u5982\u8682\u8681\u94fe\u3001Euroclear DLT\uff09\uff1a\u5408\u89c4\u53cb\u597d\u3001\u6cd5\u5f8b\u53ef\u63a7\uff0c\u4f46\u6d41\u52a8\u6027\u6709\u9650\u3002<\/p>\n

\u6b64\u5916\uff0c\u805a\u7126 RWA \u4e0e\u7a33\u5b9a\u5e01\u573a\u666f\u7684 Pharos Network \u4f5c\u4e3a\u65b0\u5174\u5dee\u5f02\u5316\u9009\u9879\uff0c\u65e2\u5177\u5907\u9ad8\u6027\u80fd\u652f\u6491\uff0c\u53c8\u9002\u914d\u5408\u89c4\u9700\u6c42\uff0c\u8fdb\u4e00\u6b65\u4e30\u5bcc\u4e86\u6280\u672f\u9009\u578b\u8303\u56f4\u3002\u4e0d\u540c\u8d44\u4ea7\u548c\u6295\u8d44\u8005\u5bf9\u94fe\u7684\u9009\u62e9\u5b58\u5728\u5dee\u5f02\uff0c\u5f62\u6210\u4ee5\u6df7\u5408\u67b6\u6784\u4e3a\u4e3b\u6d41\u5b9e\u8df5\u8def\u5f84\uff1a<\/p>\n

\"\u623f\u5730\u4ea7\u3001\u56fd\u503a\u7b49\u8d44\u4ea7RWA\u4e0a\u94fe\u7684\u6280\u672f\u9002\u914d\u4e0e\u843d\u5730\u74f6\u9888<\/p>\n

03 RWA\u843d\u5730\u7684\u591a\u91cd\u969c\u788d<\/h3>\n

\u5c3d\u7ba1\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7\uff08RWA\uff09\u4ee3\u5e01\u5316\u5728\u56fd\u503a\u3001\u623f\u5730\u4ea7\u7b49\u9886\u57df\u5df2\u5f62\u6210\u521d\u6b65\u5b9e\u8df5\uff0c\u4f46\u8ddd\u79bb\u89c4\u6a21\u5316\u5546\u4e1a\u843d\u5730\u4ecd\u5b58\u5728\u663e\u8457\u969c\u788d\u3002\u8fd9\u4e9b\u74f6\u9888\u4e0d\u4ec5\u6e90\u81ea\u6280\u672f\u4e0e\u6027\u80fd\u9650\u5236\uff0c\u66f4\u6df1\u5c42\u6b21\u5730\u53cd\u6620\u51fa\u6cd5\u5f8b\u4f53\u7cfb\u3001\u76d1\u7ba1\u903b\u8f91\u4e0e\u53bb\u4e2d\u5fc3\u5316\u91d1\u878d\u673a\u5236\u4e4b\u95f4\u7684\u7ed3\u6784\u6027\u9519\u4f4d\u3002<\/p>\n

3.1 \u6cd5\u5f8b\u4e0e\u76d1\u7ba1\u7684\u7ed3\u6784\u6027\u74f6\u9888<\/strong><\/h4>\n

\u6cd5\u5f8b\u4e0e\u76d1\u7ba1\u7684\u9002\u914d\u6027\u662f RWA \u89c4\u6a21\u5316\u843d\u5730\u7684\u9996\u8981\u969c\u788d\uff0c\u6838\u5fc3\u77db\u76fe\u5728\u4e8e\u94fe\u4e0a\u4ee3\u5e01\u8f6c\u79fb\u8bb0\u5f55\u4e0e\u94fe\u4e0b\u6cd5\u5f8b\u6743\u76ca\u7684\u65ad\u5c42\u96be\u4ee5\u5f25\u5408\uff0c\u5bfc\u81f4\u8d44\u4ea7\u786e\u6743\u4e0e\u6d41\u901a\u9762\u4e34\u6839\u672c\u6027\u7684\u53f8\u6cd5\u4e0d\u786e\u5b9a\u6027\u3002<\/p>\n

\u591a\u6570 RWA \u4ee3\u5e01\uff08\u5982\u4ee3\u5e01\u5316\u56fd\u503a\u3001\u79c1\u4eba\u4fe1\u8d37\uff09\u5e76\u975e\u76f4\u63a5\u4ee3\u8868\u5e95\u5c42\u8d44\u4ea7\u7684\u7269\u6743\uff0c\u800c\u662f\u5bf9\u7279\u6b8a\u76ee\u7684\u8f7d\u4f53\uff08SPV\uff09\u7684\u503a\u6743\u6216\u80a1\u6743\u6743\u76ca[7]\u3002\u8fd9\u4e00\u7ed3\u6784\u5e26\u6765\u7684\u5b9e\u8d28\u6027\u6cd5\u5f8b\u96be\u9898\u5728\u4e8e\uff0c\u5f53\u6258\u7ba1\u94f6\u884c\u7834\u4ea7\u6216\u53d1\u884c\u4eba\u8fdd\u7ea6\u65f6\uff0c\u4ee3\u5e01\u6301\u6709\u8005\u80fd\u5426\u5728\u53f8\u6cd5\u5b9e\u8df5\u4e2d “\u7a7f\u900f SPV” \u5e76\u5bf9\u5e95\u5c42\u8d44\u4ea7\u884c\u4f7f\u8ffd\u7d22\u6743\u3002 \u8fd9\u4e00\u95ee\u9898\u5728\u7f8e\u82f1\u7b49\u666e\u901a\u6cd5\u53f8\u6cd5\u8f96\u533a\u7f3a\u4e4f\u660e\u786e\u5224\u4f8b\uff0c\u53f8\u6cd5\u7ed3\u679c\u5b58\u5728\u9ad8\u5ea6\u4e0d\u786e\u5b9a\u6027\u3002\u6cd5\u5f8b\u610f\u89c1\u4e66\u4ec5\u80fd\u5728\u73b0\u6709\u6846\u67b6\u5185\u89e3\u91ca\u6743\u5229\u5173\u7cfb\uff0c\u65e0\u6cd5\u521b\u8bbe\u6cd5\u5f8b\u672a\u660e\u786e\u8d4b\u4e88\u7684\u7269\u6743\u6548\u529b\uff0c\u8fdb\u4e00\u6b65\u52a0\u5267\u4e86\u6743\u76ca\u4fdd\u969c\u7684\u8106\u5f31\u6027\u3002<\/p>\n

RWA \u7684\u5168\u7403\u6d41\u901a\u6027\u4e0e\u5e95\u5c42\u8d44\u4ea7\u7684\u5730\u57df\u6027\u3001\u4e3b\u6743\u76d1\u7ba1\u4e4b\u95f4\u7684\u51b2\u7a81\u65e5\u76ca\u51f8\u663e\uff0c\u5f62\u6210\u591a\u91cd\u6cd5\u5f8b\u65ad\u5c42\u7ebf\u3002\u5728\u8fea\u62dc\u7b49\u53cc\u6cd5\u57df\u5730\u533a\uff0c\u5e95\u5c42\u4e0d\u52a8\u4ea7\u9075\u5faa\u5927\u9646\u6cd5\u7269\u6743\u89c4\u5219\uff0c\u800c\u4ee3\u5e01\u4ee3\u8868\u7684\u5408\u540c\u6743\u76ca\u5374\u53ef\u80fd\u5728\u666e\u901a\u6cd5\u91d1\u878d\u4e2d\u5fc3\uff08\u5982 DIFC\uff09\u8bbe\u7acb\uff0c\u8fd9\u79cd\u6cd5\u5f8b\u4f53\u7cfb\u7684\u5dee\u5f02\u53ef\u80fd\u5bfc\u81f4\u6240\u6709\u6743\u8ffd\u7d22\u65f6\u4e0d\u540c\u6cd5\u57df\u6cd5\u9662\u505a\u51fa\u77db\u76fe\u88c1\u51b3\uff0c\u5f15\u53d1 “\u53f8\u6cd5\u5185\u6218” \u98ce\u9669\u3002\u5728\u7f8e\u56fd\uff0c\u76d1\u7ba1\u673a\u6784\u5bf9\u4ee3\u5e01\u6027\u8d28\u7684\u754c\u5b9a\u5b58\u5728\u6301\u7eed\u535a\u5f08\uff0cSEC \u575a\u6301 “\u5b9e\u8d28\u91cd\u4e8e\u5f62\u5f0f” \u539f\u5219\uff0c\u901a\u8fc7\u8c6a\u5a01\u6d4b\u8bd5\uff08Howey Test\uff09\u5c06\u591a\u6570\u6536\u76ca\u578b RWA \u4ee3\u5e01\u8ba4\u5b9a\u4e3a\u8bc1\u5238\uff0c\u5f3a\u5236\u5176\u9075\u5faa\u4e25\u683c\u7684\u300a\u8bc1\u5238\u6cd5\u300b\u6ce8\u518c\u6d41\u7a0b\uff0c\u4e3a\u9879\u76ee\u65b9\u5e26\u6765\u6781\u9ad8\u5408\u89c4\u6210\u672c\u4e0e\u4e0d\u786e\u5b9a\u6027\u3002\u5408\u89c4\u56e2\u961f\u9700\u5728\u6301\u7eed\u4fe1\u606f\u62ab\u9732\u900f\u660e\u5ea6\u4e0e ICT \u4fe1\u606f\u5b89\u5168\u4fdd\u5bc6\u6027\u4e4b\u95f4\u5bfb\u6c42\u8270\u96be\u5e73\u8861\uff0c\u8fdb\u4e00\u6b65\u589e\u52a0\u4e86\u76d1\u7ba1\u9002\u914d\u7684\u6469\u64e6\u6210\u672c\u3002<\/p>\n

\u5bf9\u4e8e\u6d89\u53ca\u4e2d\u56fd\u5185\u5730\u8d44\u4ea7\u7684 RWA \u9879\u76ee\uff0c\u6570\u636e\u4e3b\u6743\u4e0e\u8de8\u5883\u4f20\u8f93\u9650\u5236\u6784\u6210\u4e0d\u53ef\u56de\u907f\u7684\u5408\u89c4\u74f6\u9888[8]\u3002\u4e2d\u56fd\u300a\u6570\u636e\u5b89\u5168\u6cd5\u300b\u660e\u786e “\u91cd\u8981\u6570\u636e\u539f\u5219\u4e0a\u4e0d\u5f97\u51fa\u5883”\uff0c\u8feb\u4f7f\u9879\u76ee\u91c7\u7528\u5ba1\u614e\u7684\u6570\u636e\u672c\u5730\u5316\u4e0e\u8de8\u5883\u6d41\u52a8\u7b56\u7565\uff1b\u4f01\u4e1a\u9700\u901a\u8fc7\u56fd\u5bb6\u7f51\u4fe1\u529e\u7684\u8de8\u5883\u5b89\u5168\u8bc4\u4f30\uff0c\u5ba1\u6279\u5468\u671f\u957f\u8fbe 45 \u81f3 60 \u4e2a\u5de5\u4f5c\u65e5\uff0c\u6210\u4e3a\u5f71\u54cd\u9879\u76ee\u8fdb\u5ea6\u7684\u5173\u952e\u56e0\u7d20\u3002\u8fd9\u79cd\u9650\u5236\u53ef\u80fd\u5bfc\u81f4\u5168\u7403\u6295\u8d44\u8005\u65e0\u6cd5\u83b7\u53d6\u539f\u59cb\u5b8c\u6574\u7684\u5e95\u5c42\u8d44\u4ea7\u6570\u636e\uff0c\u524a\u5f31\u8d44\u4ea7\u900f\u660e\u5ea6\uff0c\u6700\u7ec8\u5f71\u54cd\u5b9a\u4ef7\u4e0e\u6d41\u52a8\u6027\u3002<\/p>\n

\"\u623f\u5730\u4ea7\u3001\u56fd\u503a\u7b49\u8d44\u4ea7RWA\u4e0a\u94fe\u7684\u6280\u672f\u9002\u914d\u4e0e\u843d\u5730\u74f6\u9888<\/p>\n

3.2 \u8d22\u52a1\u4e0e\u5236\u5ea6\u6210\u672c\u74f6\u9888<\/strong><\/h4>\n

\u9ad8\u6602\u7684\u521d\u671f\u6295\u5165\u3001\u6f2b\u957f\u7684\u843d\u5730\u5468\u671f\u53ca\u4e25\u683c\u7684\u8d44\u672c\u7ba1\u5236\uff0c\u5c06 RWA \u521b\u65b0\u9650\u5236\u5728\u5c11\u6570\u5927\u578b\u673a\u6784\u8303\u56f4\u5185\uff0c\u5f62\u6210\u663e\u8457\u7684\u884c\u4e1a\u51c6\u5165\u58c1\u5792\u3002<\/p>\n

\u673a\u6784\u7ea7\u5408\u89c4\u6210\u672c\u6784\u6210 RWA \u9879\u76ee\u7684\u6838\u5fc3\u95e8\u69db\uff0c\u4f7f\u5176\u5728\u5f53\u524d\u9636\u6bb5\u66f4\u50cf\u662f\u4e3a\u884c\u4e1a\u5de8\u5934\u5b9a\u5236\u7684 “\u5962\u4f88\u54c1”\u3002RWA \u5b8c\u6574\u843d\u5730\u6d41\u7a0b\u901a\u5e38\u957f\u8fbe 18 \u81f3 24 \u4e2a\u6708\uff0c\u957f\u5468\u671f\u53e0\u52a0\u76d1\u7ba1\u653f\u7b56\u7684\u52a8\u6001\u53d8\u5316\uff0c\u5c06\u5927\u91cf\u4e2d\u5c0f\u521b\u65b0\u9879\u76ee\u62d2\u4e4b\u95e8\u5916\u3002\u4f8b\u5982\u5fb7\u56fd\u52a0\u5bc6\u724c\u7167\u7684\u5e73\u5747\u5ba1\u6279\u65f6\u95f4\u8fbe 18 \u4e2a\u6708\uff0c\u671f\u95f4\u653f\u7b56\u8c03\u6574\u53ef\u80fd\u5bfc\u81f4\u524d\u671f\u6295\u5165\u4f5c\u5e9f\uff0c\u52a0\u5267\u4e86\u9879\u76ee\u7684\u4e0d\u786e\u5b9a\u6027\u98ce\u9669\u3002<\/p>\n

\u8de8\u5883\u8d44\u91d1\u56de\u6d41\u7684\u590d\u6742\u6027\u662f RWA \u95ed\u73af\u7684\u5173\u952e\u8106\u5f31\u70b9\u3002\u5883\u5916\u8d44\u91d1\u9700\u901a\u8fc7 QFLP\uff08\u5408\u683c\u5883\u5916\u6709\u9650\u5408\u4f19\u4eba\uff09\u3001ODI\uff08\u5883\u5916\u76f4\u63a5\u6295\u8d44\uff09\u7b49\u5b98\u65b9\u901a\u9053\u56de\u6d41\u5185\u5730\u5b9e\u4f53\u8d26\u6237\uff0c\u6d41\u7a0b\u590d\u6742\u4e14\u653f\u7b56\u4e0d\u786e\u5b9a\u6027\u9ad8\uff1b\u5355\u7b14\u5206\u7ea2\u8d85 500 \u4e07\u7f8e\u5143\u65f6\u9700\u5728\u5916\u6c47\u5c40\u7cfb\u7edf\u5907\u6848\uff0c\u4efb\u4f55\u8bd5\u56fe\u901a\u8fc7\u8868\u9762\u8d38\u6613\u7ed3\u7b97\u63a9\u76d6\u865a\u62df\u8d44\u4ea7\u6295\u8d44\u7684\u884c\u4e3a\uff0c\u5747\u53ef\u80fd\u5728\u7a7f\u900f\u5f0f\u5ba1\u67e5\u4e2d\u5931\u6548\uff0c\u5236\u7ea6\u4e86\u8d44\u91d1\u6d41\u8f6c\u7684\u7075\u6d3b\u6027\u3002<\/p>\n

3.3 \u6280\u672f\u4e0e\u5b89\u5168\u8106\u5f31\u6027\u6311\u6218<\/strong><\/h4>\n

RWA \u5bf9\u6280\u672f\u9002\u914d\u6027\u8981\u6c42\u4e25\u82db\uff0c\u4f46\u8fde\u63a5\u94fe\u4e0b\u4e0e\u94fe\u4e0a\u7684\u6838\u5fc3\u6280\u672f\u7ec4\u4ef6\u5f80\u5f80\u662f\u4f53\u7cfb\u4e2d\u6700\u8584\u5f31\u7684\u73af\u8282\uff0c\u4e14\u6027\u80fd\u63d0\u5347\u5e38\u4ee5\u727a\u7272\u53bb\u4e2d\u5fc3\u5316\u4e3a\u4ee3\u4ef7\uff0c\u5f62\u6210\u6280\u672f\u5b89\u5168\u4e0e\u6548\u7387\u7684\u5185\u5728\u5f20\u529b\u3002<\/p>\n

\u8de8\u94fe\u6865\u4f5c\u4e3a\u8fde\u63a5\u8bb8\u53ef\u94fe \/ \u8054\u76df\u94fe\u786e\u6743\u5c42\u4e0e\u516c\u94fe\u6d41\u901a\u5c42\u7684\u5173\u952e\u67a2\u7ebd\uff0c\u88ab\u516c\u8ba4\u4e3a\u751f\u6001\u6700\u8584\u5f31\u4e14\u5177\u4e89\u8bae\u7684\u73af\u8282\u3002\u5176\u5b89\u5168\u6027\u591a\u4f9d\u8d56\u5c11\u6570\u53c2\u4e0e\u8005\u7684 “\u4fe1\u4efb\u5047\u8bbe”\uff0c\u800c\u975e\u5bc6\u7801\u5b66\u53bb\u4fe1\u4efb\u5316\u4fdd\u8bc1\uff0c\u5bfc\u81f4\u8de8\u94fe\u6865\u6210\u4e3a\u9ed1\u5ba2\u653b\u51fb\u7684\u91cd\u707e\u533a\uff1b\u591a\u6570\u6df7\u5408\u67b6\u6784\u4e2d\uff0c\u8de8\u94fe\u6865\u3001\u9884\u8a00\u673a\u6216\u5e95\u5c42 Layer 2 \u4ecd\u5b58\u5728\u4e2d\u5fc3\u5316\u63a7\u5236\u70b9\u3002\u4f8b\u5982\u9ad8\u6027\u80fd Layer 2 \u5e38\u4ee5\u727a\u7272\u53bb\u4e2d\u5fc3\u5316\u4e3a\u4ee3\u4ef7\uff0c\u4f7f\u7528\u6237\u5728\u4eab\u53d7\u9ad8\u541e\u5410\u91cf\u7684\u540c\u65f6\uff0c\u9700\u5c06\u90e8\u5206\u4fe1\u4efb\u4ea4\u8fd8\u8fd0\u8425\u65b9\uff0c\u80cc\u79bb\u4e86\u533a\u5757\u94fe\u6280\u672f\u7684\u6838\u5fc3\u4fe1\u4efb\u903b\u8f91\u3002<\/p>\n

\u5e95\u5c42\u516c\u94fe\u7684\u5916\u90e8\u6027\u98ce\u9669\u6784\u6210\u91cd\u5927\u6280\u672f\u4e0e\u5730\u7f18\u653f\u6cbb\u655e\u53e3\u3002\u5c06\u5173\u952e\u91d1\u878d\u57fa\u7840\u8bbe\u65bd\u4f9d\u6258\u4e8e\u4ee5\u592a\u574a\u7b49\u5883\u5916\u516c\u94fe\uff0c\u610f\u5473\u7740\u4e3b\u6743\u65b9\u65e0\u6cd5\u5bf9\u5176\u65bd\u52a0\u76f4\u63a5\u5f71\u54cd\uff0c\u4e00\u65e6\u5916\u90e8\u7f51\u7edc\u906d\u9047\u76d1\u7ba1\u9650\u5236\u3001\u534f\u8bae\u5347\u7ea7\u6216\u793e\u533a\u6cbb\u7406\u53d8\u52a8\uff0c\u53ef\u80fd\u5355\u65b9\u9762\u6539\u53d8 RWA \u4ea4\u6613\u89c4\u5219\u6216\u5207\u65ad\u6d41\u901a\u901a\u9053\uff0c\u8fd9\u79cd\u98ce\u9669\u65e0\u6cd5\u901a\u8fc7\u9879\u76ee\u81ea\u8eab\u6280\u672f\u4f18\u5316\u5b8c\u5168\u89c4\u907f\u3002<\/p>\n

\u6280\u672f\u4e0e\u6cd5\u5f8b\u7684\u5185\u5728\u5f20\u529b\u8fdb\u4e00\u6b65\u52a0\u5267\u4e86\u7cfb\u7edf\u8106\u5f31\u6027\u3002\u667a\u80fd\u5408\u7ea6 “\u4ee3\u7801\u5373\u6cd5\u5f8b” \u7684\u7279\u6027\u5728\u73b0\u5b9e\u53f8\u6cd5\u4f53\u7cfb\u4e2d\u9762\u4e34\u6469\u64e6\uff0c\u5f53\u4ee3\u7801\u56e0\u6f0f\u6d1e\u4e0e\u767d\u76ae\u4e66\u6cd5\u5f8b\u610f\u56fe\u51b2\u7a81\u65f6\uff0c\u6cd5\u9662\u901a\u5e38\u4f18\u5148\u7ef4\u62a4\u6709\u5f62\u6cd5\u5f8b\u610f\u6db5\uff0c\u800c\u975e\u6709\u7455\u75b5\u7684\u4ee3\u7801\u6267\u884c\uff1bRWA \u4f53\u7cfb\u9ad8\u5ea6\u4f9d\u8d56\u9884\u8a00\u673a\u4f20\u8f93\u94fe\u4e0b\u8d44\u4ea7\u4fe1\u606f\uff0c\u82e5\u9884\u8a00\u673a\u53bb\u4e2d\u5fc3\u5316\u4e0d\u8db3\u6216\u5b58\u5728\u6570\u636e\u6e90\u5355\u4e00\u6545\u969c\u70b9\uff0c\u653b\u51fb\u8005\u53ef\u901a\u8fc7\u64cd\u7eb5\u6570\u636e\u74e6\u89e3\u8d44\u4ea7\u4ef7\u503c\u57fa\u7840\uff0c\u5f62\u6210\u7cfb\u7edf\u6027\u5b89\u5168\u9690\u60a3\u3002<\/p>\n

3.4 \u7cfb\u7edf\u6027\u4e0e\u5e02\u573a\u63a5\u53d7\u5ea6\u98ce\u9669<\/strong><\/h4>\n

\u6d41\u52a8\u6027\u9519\u914d\u662f RWA \u6700\u5173\u952e\u7684\u7cfb\u7edf\u6027\u98ce\u9669\uff0c\u5176\u672c\u8d28\u662f\u94fe\u4e0a\u4ea4\u6613\u5373\u65f6\u6027\u4e0e\u5e95\u5c42\u8d44\u4ea7\u73b0\u91d1\u6d41\u957f\u671f\u6027\u7684\u65f6\u95f4\u9519\u4f4d\u3002\u94fe\u4e0a\u53ef\u5b9e\u73b0\u5b9e\u65f6\u4ea4\u6613\uff0c\u4f46\u5e95\u5c42\u8d44\u4ea7\uff08\u5982 180 \u5929\u5e94\u6536\u8d26\u6b3e\u3001\u957f\u671f\u503a\u5238\u3001\u4e0d\u52a8\u4ea7\uff09\u7684\u73b0\u91d1\u6d41\u56de\u6536\u5468\u671f\u6f2b\u957f\u3002\u4e00\u65e6\u5e02\u573a\u51fa\u73b0\u6050\u614c\uff0c\u5927\u89c4\u6a21\u5373\u65f6\u8d4e\u56de\u9700\u6c42\u53ef\u80fd\u8fdc\u8d85\u9879\u76ee\u73b0\u91d1\u50a8\u5907\uff0c\u89e6\u53d1\u6e05\u7b97\u673a\u5236\u5e76\u5f15\u53d1\u4ee3\u5e01\u4ef7\u683c\u66b4\u8dcc\u3002\u4f8b\u5982\u67d0\u5e94\u6536\u8d26\u6b3e RWA \u9879\u76ee\u66fe\u56e0\u8d44\u4ea7\u671f\u9650\u4e0e\u8d4e\u56de\u627f\u8bfa\u4e0d\u5339\u914d\uff0c\u5728\u5e02\u573a\u6050\u614c\u4e0b\u5355\u65e5\u8d4e\u56de\u7533\u8bf7\u6fc0\u589e 3 \u4ebf\u7f8e\u5143\uff0c\u6700\u7ec8\u542f\u52a8\u6e05\u7b97\uff0c\u51f8\u663e\u4e86\u8fd9\u4e00\u98ce\u9669\u7684\u73b0\u5b9e\u5371\u5bb3\u3002<\/p>\n

\u975e\u6807\u8d44\u4ea7\u7684\u4f30\u503c\u6311\u6218\u5236\u7ea6\u7740 RWA \u7684\u6807\u51c6\u5316\u8fdb\u7a0b\u3002\u623f\u5730\u4ea7\u3001\u77e5\u8bc6\u4ea7\u6743\u3001\u827a\u672f\u54c1\u7b49\u975e\u6807\u8d44\u4ea7\u7f3a\u4e4f\u7edf\u4e00\u4f30\u503c\u4f53\u7cfb\uff0c\u5176\u4ef7\u503c\u53d7\u5e02\u573a\u73af\u5883\u3001\u8d44\u4ea7\u72b6\u6001\u7b49\u591a\u91cd\u56e0\u7d20\u5f71\u54cd\uff0c\u9700\u4f20\u7edf\u5ba1\u8ba1\u4e0e AI\u3001\u7269\u8054\u7f51\uff08IoT\uff09\u7b49\u6280\u672f\u6df1\u5ea6\u878d\u5408\uff0c\u6784\u5efa\u52a8\u6001\u53ef\u4fe1\u7684\u6570\u5b57\u955c\u50cf\uff0c\u624d\u80fd\u7f13\u89e3\u4f30\u503c\u516c\u5141\u6027\u96be\u9898\uff0c\u4f46\u5f53\u524d\u6280\u672f\u878d\u5408\u7a0b\u5ea6\u4ecd\u4e0d\u8db3\u4ee5\u5b8c\u5168\u6d88\u9664\u4f30\u503c\u4e89\u8bae\u3002<\/p>\n

\u5e02\u573a\u63a5\u53d7\u5ea6\u7684 “\u8eab\u4efd\u5371\u673a” \u8fdb\u4e00\u6b65\u963b\u788d RWA \u666e\u53ca\u3002\u5bf9\u4f20\u7edf\u91d1\u878d\u673a\u6784\uff08TradFi\uff09\u800c\u8a00\uff0cRWA \u9700\u5177\u5907\u7edd\u5bf9\u76d1\u7ba1\u786e\u5b9a\u6027\u4e0e\u5b89\u5168\u6027\uff1b\u5bf9\u52a0\u5bc6\u539f\u751f\u6295\u8d44\u8005\u800c\u8a00\uff0c\u7531\u6301\u724c\u673a\u6784\u4e3b\u5bfc\u3001\u8bb8\u53ef\u94fe\u4e0a\u4e25\u683c KYC \u7684 RWA \u4ea7\u54c1\uff0c\u88ab\u89c6\u4e3a\u5bf9\u53bb\u4e2d\u5fc3\u5316\u7cbe\u795e\u7684\u80cc\u79bb\u3002\u8fd9\u79cd\u8eab\u4efd\u8ba4\u540c\u6495\u88c2\u53ef\u80fd\u5bfc\u81f4\u5b9a\u4ef7\u6743\u6f02\u79fb\u3002 \u82e5 RWA \u4e3b\u8981\u6d41\u52a8\u6027\u6765\u6e90\u4e8e\u6d77\u5916\u52a0\u5bc6\u5e02\u573a\uff0c\u5176\u4ef7\u683c\u5c06\u53d7\u8be5\u5e02\u573a\u6295\u673a\u60c5\u7eea\u4e0e\u5b8f\u89c2\u6d41\u52a8\u6027\u51b2\u51fb\u5f71\u54cd\uff0c\u5e72\u6270\u672c\u571f\u8d44\u4ea7\u4f30\u503c\u4f53\u7cfb\u7684\u72ec\u7acb\u6027\u4e0e\u7a33\u5b9a\u6027\u3002<\/p>\n

04 RWA\u516c\u94fe\u5b9e\u8df5\u7684\u4fe1\u4efb\u7834\u5c40<\/h3>\n

RWA\uff08\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7\uff09\u94fe\u4e0a\u5316\u7684\u6838\u5fc3\u6311\u6218\uff0c\u5728\u4e8e\u5982\u4f55\u5728\u4f20\u7edf\u91d1\u878d\u5bf9\u7a33\u5b9a\u4e0e\u53ef\u63a7\u7684\u9700\u6c42\u4e0e\u516c\u94fe\u53bb\u4e2d\u5fc3\u5316\u7684\u6280\u672f\u903b\u8f91\u4e4b\u95f4\uff0c\u627e\u5230\u4e00\u6761\u53ef\u6301\u7eed\u7684\u5e73\u8861\u8def\u5f84\u3002\u6362\u8a00\u4e4b\uff0cRWA \u7684\u7834\u5c40\u4e4b\u8def\uff0c\u5b9e\u8d28\u4e0a\u662f\u4e00\u573a\u5236\u5ea6\u4fe1\u4efb\u4e0e\u7b97\u6cd5\u4fe1\u4efb\u7684\u878d\u5408\u7834\u5c40\u3002\u5b83\u4e0d\u662f\u5355\u4e00\u7ef4\u5ea6\u7684\u6280\u672f\u653b\u575a\uff0c\u800c\u662f\u4e00\u4e2a\u6db5\u76d6\u76d1\u7ba1\u9002\u914d\u3001\u67b6\u6784\u521b\u65b0\u4e0e\u8d44\u4ea7\u7b56\u7565\u7684\u7cfb\u7edf\u6027\u65b9\u6848\u3002\u8fd9\u79cd\u65b9\u6848\u65e2\u8981\u786e\u4fdd\u6cd5\u5f8b\u610f\u4e49\u4e0a\u7684\u6743\u5c5e\u6e05\u6670\u4e0e\u76d1\u7ba1\u53ef\u53ca\uff0c\u53c8\u8981\u6700\u5927\u5316\u5229\u7528\u516c\u94fe\u5e26\u6765\u7684\u6d41\u52a8\u6027\u4e0e\u6548\u7387\u4f18\u52bf\u3002<\/p>\n

RWA \u7684\u672c\u8d28\u662f“\u73b0\u5b9e\u8d44\u4ea7\u7684\u6570\u5b57\u6620\u5c04”\uff0c\u5176\u4ef7\u503c\u6839\u57fa\u4ecd\u7136\u5b58\u5728\u4e8e\u94fe\u4e0b\u7684\u6cd5\u5f8b\u6743\u76ca\u4e0e\u76d1\u7ba1\u6846\u67b6\u4e2d\u3002\u56e0\u6b64\uff0c\u4efb\u4f55 RWA \u9879\u76ee\u82e5\u65e0\u6cd5\u6709\u6548\u8854\u63a5\u76d1\u7ba1\u4f53\u7cfb\u4e0e\u94fe\u4e0a\u673a\u5236\uff0c\u5176\u94fe\u4e0a\u4ee3\u5e01\u5373\u4fbf\u5177\u5907\u5b8c\u7f8e\u7684\u6280\u672f\u5b9e\u73b0\uff0c\u4e5f\u53ea\u662f“\u5931\u6839\u7684\u7b26\u53f7”\u3002<\/p>\n

\u56e0\u6b64\uff0cRWA \u516c\u94fe\u5316\u7684\u7b2c\u4e00\u9053\u7834\u5c40\u53e3\uff0c\u5728\u4e8e\u5982\u4f55\u5728\u53bb\u4e2d\u5fc3\u5316\u7cfb\u7edf\u4e2d\u5d4c\u5165\u5408\u89c4\u6027\uff0c\u6784\u5efa\u8d77\u53ef\u9a8c\u8bc1\u3001\u53ef\u8ffd\u6eaf\u3001\u53ef\u76d1\u7ba1\u7684\u94fe\u4e0a\u4fe1\u4efb\u6865\u6881\u3002<\/p>\n

4.1 \u5d4c\u5165\u5f0f\u5408\u89c4<\/strong><\/h4>\n

\u4f20\u7edf\u91d1\u878d\u7684\u4fe1\u4efb\u6765\u81ea\u76d1\u7ba1\u673a\u6784\u3001\u6258\u7ba1\u94f6\u884c\u548c\u6cd5\u5f8b\u5408\u540c\uff0c\u800c RWA \u7684\u76ee\u6807\u5728\u4e8e\u5c06\u8fd9\u79cd\u4fe1\u4efb“\u4ee3\u7801\u5316”\u3002\u5728\u5b9e\u8df5\u4e2d\uff0c\u4e3b\u6d41 RWA \u9879\u76ee\u666e\u904d\u91c7\u7528\u767d\u540d\u5355\u673a\u5236\uff0c\u5373\u5728\u667a\u80fd\u5408\u7ea6\u5c42\u9762\u8bbe\u5b9a\u8eab\u4efd\u51c6\u5165\u6761\u4ef6\uff0c\u53ea\u6709\u901a\u8fc7\u94fe\u4e0b KYC\/AML\uff08\u4e86\u89e3\u5ba2\u6237\/\u53cd\u6d17\u94b1\uff09\u5ba1\u67e5\u7684\u5408\u683c\u6295\u8d44\u8005\uff0c\u624d\u80fd\u88ab\u6388\u4e88\u4ee3\u5e01\u6301\u6709\u4e0e\u4ea4\u6613\u7684\u94fe\u4e0a\u6743\u9650\u3002\u4f8b\u5982\uff0cSecuritize \u53d1\u884c\u7684\u8bc1\u5238\u578b\u4ee3\u5e01\u57fa\u4e8e ERC-1400 \u6807\u51c6\u5f00\u53d1\uff0c\u8be5\u6807\u51c6\u5141\u8bb8\u5728\u5408\u7ea6\u5c42\u9762\u5d4c\u5165\u8f6c\u8ba9\u9650\u5236\uff0c\u786e\u4fdd\u4ee3\u5e01\u4ec5\u80fd\u5728\u7b26\u5408\u76d1\u7ba1\u8981\u6c42\u7684\u94b1\u5305\u5730\u5740\u95f4\u6d41\u8f6c\u3002\u8fd9\u79cd\u673a\u5236\u5b9e\u73b0\u4e86\u4f20\u7edf\u91d1\u878d“\u5408\u683c\u6295\u8d44\u4eba\u5236\u5ea6”\u5728\u94fe\u4e0a\u7684\u81ea\u52a8\u5316\u8fc1\u79fb\u3002<\/p>\n

\u540c\u65f6\uff0c\u6cd5\u5f8b\u6865\u6881\u7684\u5efa\u7acb\u662f\u786e\u4fdd RWA \u5408\u89c4\u6027\u7684\u5173\u952e\u3002\u901a\u5e38\uff0c\u9879\u76ee\u65b9\u4f1a\u901a\u8fc7\u7279\u6b8a\u76ee\u7684\u8f7d\u4f53\uff08SPV\uff09\u6216\u4fe1\u6258\u67b6\u6784\uff0c\u5c06\u5e95\u5c42\u8d44\u4ea7\uff08\u5982\u503a\u5238\u3001\u623f\u5730\u4ea7\u6216\u57fa\u91d1\u4efd\u989d\uff09\u7684\u6240\u6709\u6743\u6216\u6536\u76ca\u6743\u6620\u5c04\u81f3\u94fe\u4e0a\u4ee3\u5e01\u3002\u4ee3\u5e01\u6301\u6709\u4eba\u62e5\u6709 SPV \u7684\u7ecf\u6d4e\u6743\u76ca\uff0c\u800c\u975e\u5e95\u5c42\u8d44\u4ea7\u7684\u76f4\u63a5\u7269\u6743\u3002\u8fd9\u79cd\u7ed3\u6784\u6709\u6548\u5730\u5206\u79bb\u4e86\u8d44\u4ea7\u7684\u6cd5\u5f8b\u98ce\u9669\u4e0e\u94fe\u4e0a\u4ea4\u6613\u98ce\u9669\uff0c\u4f7f\u5f97\u4ee3\u5e01\u5316\u8d44\u4ea7\u65e2\u80fd\u7b26\u5408\u6cd5\u5f8b\u8981\u6c42\uff0c\u53c8\u5177\u5907\u94fe\u4e0a\u6d41\u52a8\u6027\u3002<\/p>\n

\u5408\u89c4\u7684\u521b\u65b0\u5e76\u975e\u610f\u5473\u7740\u4e25\u683c\u7684\u6536\u7d27\uff0c\u800c\u662f\u76d1\u7ba1\u6a21\u5f0f\u81ea\u8eab\u7684\u667a\u80fd\u5316\u6f14\u5316\u3002 “\u76d1\u7ba1\u6c99\u76d2”\u673a\u5236\u6210\u4e3a\u5168\u7403\u91d1\u878d\u76d1\u7ba1\u673a\u6784\u63a8\u52a8 RWA \u843d\u5730\u7684\u6838\u5fc3\u7b56\u7565\u3002 \u65b0\u52a0\u5761\u91d1\u878d\u7ba1\u7406\u5c40\uff08MAS\uff09\u7684“Project Guardian”\u4ee5\u53ca\u9999\u6e2f\u91d1\u7ba1\u5c40\u7684“Ensemble”\u8ba1\u5212\uff0c\u5747\u5728\u53d7\u63a7\u73af\u5883\u4e0b\u5141\u8bb8\u673a\u6784\u53d1\u884c\u548c\u6d4b\u8bd5\u4ee3\u5e01\u5316\u91d1\u878d\u5de5\u5177\u3002\u8fd9\u79cd\u673a\u5236\u8ba9\u521b\u65b0\u8005\u5728\u4e0d\u89e6\u72af\u65e2\u6709\u6cd5\u5f8b\u7684\u524d\u63d0\u4e0b\u63a2\u7d22\u65b0\u6a21\u5f0f\uff0c\u540c\u65f6\u4e3a\u76d1\u7ba1\u673a\u6784\u63d0\u4f9b\u4e86\u5b9e\u65f6\u89c2\u6d4b\u4e0e\u5e72\u9884\u7684\u63a5\u53e3\u3002<\/p>\n

\u4e0e\u4e4b\u76f8\u4f34\u7684\u662f“\u529f\u80fd\u76d1\u7ba1”\u7406\u5ff5\u7684\u5d1b\u8d77\u3002\u76d1\u7ba1\u8005\u9010\u6e10\u4ece“\u4ee5\u5f62\u5f0f\u8bba\u98ce\u9669”\u8f6c\u5411“\u4ee5\u529f\u80fd\u8bba\u98ce\u9669”\uff0c\u5373\u4e0d\u518d\u4ec5\u4ee5\u4ee3\u5e01\u5f62\u6001\u4e3a\u6807\u51c6\uff0c\u800c\u662f\u5173\u6ce8\u5176\u7ecf\u6d4e\u529f\u80fd\u662f\u5426\u6784\u6210\u8bc1\u5238\u3001\u57fa\u91d1\u6216\u884d\u751f\u54c1\u3002\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u5728\u8c6a\u5a01\u6d4b\u8bd5\uff08Howey Test\uff09\u4e2d\u63d0\u51fa\u7684“\u5b9e\u8d28\u91cd\u4e8e\u5f62\u5f0f”\u539f\u5219\uff0c\u6b63\u4f53\u73b0\u4e86\u8fd9\u4e00\u601d\u8def\u3002<\/p>\n

\u8fd9\u79cd\u8f6c\u53d8\u4f7f\u5f97 RWA \u53ef\u4ee5\u5728\u65e2\u6709\u6cd5\u5f8b\u6846\u67b6\u4e2d\u627e\u5230\u9002\u914d\u7a7a\u95f4\uff0c\u907f\u514d\u56e0\u5f62\u5f0f\u5dee\u5f02\u800c\u9677\u5165\u76d1\u7ba1\u771f\u7a7a\u3002<\/p>\n

4.2 \u591a\u5c42\u4f53\u7cfb\u4e0e\u8de8\u94fe\u4e92\u8054<\/strong><\/h4>\n

RWA \u7684\u7b2c\u4e8c\u4e2a\u7834\u5c40\u65b9\u5411\u6765\u81ea\u6280\u672f\u67b6\u6784\u5c42\u9762\u7684\u6f14\u5316\u3002\u73b0\u5b9e\u8d44\u4ea7\u4ee3\u5e01\u5316\u4e0d\u4ec5\u8981\u6ee1\u8db3\u9ad8\u541e\u5410\u3001\u4f4e\u5ef6\u8fdf\u7684\u6027\u80fd\u9700\u6c42\uff0c\u66f4\u8981\u5e94\u5bf9\u8de8\u6cd5\u57df\u3001\u8de8\u7cfb\u7edf\u7684\u590d\u6742\u6d41\u901a\u95ee\u9898\u3002\u56e0\u6b64\uff0c\u516c\u94fe\u9700\u8981\u4ece\u5355\u4e00\u8d26\u672c\u5411\u591a\u5c42\u3001\u8de8\u94fe\u7684\u7ed3\u6784\u6027\u4f53\u7cfb\u8f6c\u578b\u3002<\/p>\n

Layer 2 \u7684\u53d1\u5c55\u4e3a\u8fd9\u4e00\u8f6c\u578b\u63d0\u4f9b\u4e86\u6280\u672f\u57fa\u7840\u3002\u5bf9\u4e8e\u56fd\u503a\u3001\u7968\u636e\u3001\u57fa\u91d1\u7b49\u9700\u8981\u9ad8\u9891\u7ed3\u7b97\u548c\u5b9a\u671f\u6536\u76ca\u5206\u914d\u7684\u8d44\u4ea7\uff0cLayer 2 \u65b9\u6848\u53ef\u4ee5\u627f\u62c5\u5927\u91cf\u9ad8\u9891\u4efb\u52a1\uff0c\u800c Layer 1 \u5219\u8d1f\u8d23\u6700\u7ec8\u786e\u6743\u4e0e\u5ba1\u8ba1\u3002\u4ee5 StarkNet \u4e3a\u4f8b\uff0c\u5176\u57fa\u4e8e\u96f6\u77e5\u8bc6\u8bc1\u660e\u7684 Rollup \u67b6\u6784\u65e2\u80fd\u4fdd\u6301\u9ad8\u6027\u80fd\uff0c\u53c8\u80fd\u5728 Layer 1 \u4e0a\u5b9e\u73b0\u7ed3\u679c\u53ef\u9a8c\u8bc1\u6027\u3002\u8fd9\u610f\u5473\u7740 RWA \u8d44\u4ea7\u5728\u4e0d\u540c\u5c42\u7ea7\u95f4\u53ef\u5206\u5de5\u8fd0\u884c\uff0c\u6536\u76ca\u8ba1\u7b97\u3001\u4ea4\u6613\u64ae\u5408\u5728 Layer 2 \u5b8c\u6210\uff0c\u800c\u76d1\u7ba1\u5ba1\u8ba1\u3001\u8d44\u4ea7\u767b\u8bb0\u5728 Layer 1 \u8fdb\u884c\uff0c\u65e2\u4fdd\u8bc1\u5b89\u5168\u6027\uff0c\u4e5f\u63d0\u5347\u4e86\u6d41\u52a8\u6548\u7387\u3002<\/p>\n

\u8de8\u94fe\u4e92\u64cd\u4f5c\u662f RWA \u5168\u7403\u5316\u6d41\u901a\u7684\u53e6\u4e00\u5173\u952e\u6761\u4ef6\u3002\u4e0d\u540c\u516c\u94fe\u5728\u865a\u62df\u673a\u3001\u5171\u8bc6\u673a\u5236\u4e0e\u6570\u636e\u683c\u5f0f\u4e0a\u5b58\u5728\u5dee\u5f02\uff0c\u5bfc\u81f4\u8d44\u4ea7\u5728\u94fe\u95f4\u6d41\u52a8\u56f0\u96be\u3002Chainlink \u7684 CCIP\u3001Cosmos \u7684 IBC\u3001\u4ee5\u53ca LayerZero \u7b49\u534f\u8bae\u7684\u51fa\u73b0\uff0c\u4e3a\u8d44\u4ea7\u5728\u591a\u94fe\u95f4\u81ea\u7531\u8f6c\u79fb\u63d0\u4f9b\u4e86\u5e95\u5c42\u901a\u4fe1\u80fd\u529b\u3002\u4f8b\u5982\uff0c\u4e00\u652f\u7f8e\u56fd\u56fd\u503a\u7684\u4ee3\u5e01\u53ef\u4ee5\u5728\u4ee5\u592a\u574a\u4e0a\u767b\u8bb0\u3001\u5728 Avalanche \u4e0a\u7ed3\u7b97\u3001\u5728 Solana \u4e0a\u53c2\u4e0e\u6d41\u52a8\u6027\u6c60\u3002\u6240\u6709\u72b6\u6001\u901a\u8fc7\u8de8\u94fe\u534f\u8bae\u4fdd\u6301\u4e00\u81f4\u3002\u8fd9\u79cd“\u591a\u94fe\u4e92\u8ba4”\u7684\u67b6\u6784\uff0c\u4f7f\u5f97\u94fe\u4e0a\u91d1\u878d\u771f\u6b63\u5177\u5907\u4e86\u5168\u7403\u5206\u5e03\u5f0f\u7ed3\u7b97\u7684\u53ef\u80fd\u6027\u3002<\/p>\n

\u76ee\u524d\uff0c\u4e3b\u6d41\u9879\u76ee\u9010\u6b65\u91c7\u7528\u9ad8\u6027\u80fd\u516c\u94fe\u6216 Layer 2 \u6269\u5c55\u65b9\u6848\uff0c\u4ee5\u5b9e\u73b0\u4ea4\u6613\u5c42\u9762\u7684\u9ad8\u6548\u8fd0\u884c\u3002Polygon\u3001Arbitrum \u7b49 L2 \u65b9\u6848\u901a\u8fc7\u5c06\u5927\u90e8\u5206\u4ea4\u6613\u8ba1\u7b97\u8fc1\u79fb\u81f3\u94fe\u4e0b\u6279\u5904\u7406\uff0c\u518d\u5c06\u7ed3\u679c\u4e0a\u94fe\uff0c\u4ece\u800c\u663e\u8457\u63d0\u5347\u541e\u5410\u91cf\u5e76\u964d\u4f4e Gas \u6210\u672c\u3002\u4f8b\u5982\uff0cArbitrum \u4e0a\u90e8\u5206 RWA \u534f\u8bae\u5df2\u5b9e\u73b0\u63a5\u8fd1\u4f20\u7edf\u8bc1\u5238\u4ea4\u6613\u7cfb\u7edf\u7684\u5904\u7406\u6548\u7387\uff0c\u800c\u4ea4\u6613\u7ed3\u7b97\u4ecd\u4fdd\u6301\u5728\u4ee5\u592a\u574a\u4e3b\u94fe\u7684\u5b89\u5168\u6846\u67b6\u4e4b\u5185\u3002<\/p>\n

\u5728\u9ad8\u6027\u80fd\u94fe\u65b9\u9762\uff0cSolana \u56e0\u5176\u8d85\u9ad8 TPS\uff08\u6bcf\u79d2\u7ea6 6. 5 \u4e07\u7b14\u4ea4\u6613\uff09\u4e0e\u6781\u4f4e\u8d39\u7528\uff0c\u6210\u4e3a\u90e8\u5206\u673a\u6784 RWA \u9879\u76ee\u7684\u9996\u9009\u5e73\u53f0\u3002\u62db\u94f6\u56fd\u9645\u4e0e\u9999\u6e2f\u5730\u533a\u7684\u90e8\u5206\u57fa\u91d1\u7ba1\u7406\u673a\u6784\u5df2\u5728 Solana \u4e0a\u90e8\u7f72\u8d27\u5e01\u5e02\u573a\u57fa\u91d1\uff08MMF\uff09\uff0c\u5b9e\u73b0\u4e86\u94fe\u4e0a\u57fa\u91d1\u4ea7\u54c1\u7684\u9ad8\u9891\u7ed3\u7b97\u3002<\/p>\n

\u7136\u800c\uff0c\u6027\u80fd\u4e0e\u53bb\u4e2d\u5fc3\u5316\u4e4b\u95f4\u4ecd\u5b58\u5728\u6839\u672c\u6027\u6743\u8861\u3002\u9ad8\u6027\u80fd\u94fe\u5f80\u5f80\u4f9d\u8d56\u8f83\u5c11\u9a8c\u8bc1\u8282\u70b9\uff0c\u610f\u5473\u7740\u5b89\u5168\u6027\u4e0e\u6297\u5ba1\u67e5\u6027\u6709\u6240\u6298\u635f\uff0c\u8fd9\u9700\u8981\u901a\u8fc7\u5236\u5ea6\u5316\u5ba1\u8ba1\u4e0e\u6280\u672f\u6df7\u5408\u67b6\u6784\u52a0\u4ee5\u5e73\u8861\u3002<\/p>\n

\u5bf9\u4e8e\u76d1\u7ba1\u8981\u6c42\u4e25\u683c\u3001\u8d44\u4ea7\u6743\u5c5e\u654f\u611f\u7684\u5e02\u573a\uff08\u5c24\u5176\u662f\u4e2d\u56fd\u5927\u9646\uff09\uff0cRWA \u7684\u73b0\u5b9e\u8def\u5f84\u66f4\u503e\u5411\u4e8e“\u6df7\u5408\u94fe”\u6a21\u5f0f\u3002\u5c06\u8d44\u4ea7\u786e\u6743\u4e0e\u5408\u89c4\u7ba1\u7406\u7f6e\u4e8e\u8054\u76df\u94fe\u4e4b\u4e0a\uff0c\u518d\u901a\u8fc7\u8de8\u94fe\u6865\u63a5\u5165\u516c\u94fe\u751f\u6001\u3002\u8fd9\u79cd“\u53cc\u94fe\u67b6\u6784”\u65e2\u80fd\u786e\u4fdd\u672c\u5730\u76d1\u7ba1\u7684\u53ef\u63a7\u6027\uff0c\u53c8\u80fd\u91ca\u653e\u5168\u7403\u8d44\u672c\u6d41\u52a8\u6027\u3002<\/p>\n

\u4ee5\u8682\u8681\u6570\u79d1\u4e0e\u56fd\u6cf0\u541b\u5b89\u56fd\u9645\u7684\u63a2\u7d22\u4e3a\u4f8b\uff0c\u5176\u91c7\u7528“\u4e24\u94fe\u4e00\u6865”\u67b6\u6784\u3002\u8d44\u4ea7\u7684\u786e\u6743\u3001\u767b\u8bb0\u4e0e\u5408\u89c4\u6d41\u7a0b\u5728\u8682\u8681\u94fe\u5b8c\u6210\uff0c\u800c\u4e0e\u56fd\u9645\u6295\u8d44\u8005\u7684\u4ea4\u4e92\u4e0e\u6d41\u52a8\u6027\u83b7\u53d6\u5219\u901a\u8fc7\u6865\u63a5\u4ee5\u592a\u574a\u751f\u6001\u5b9e\u73b0\u3002\u8fd9\u5957\u6a21\u5f0f\u517c\u987e\u4e86\u6570\u636e\u4e3b\u6743\u3001\u76d1\u7ba1\u8bbf\u95ee\u6743\u4e0e\u5168\u7403\u6d41\u52a8\u6027\u4e09\u5927\u76ee\u6807\uff0c\u662f\u673a\u6784\u7ea7 RWA \u7684\u73b0\u5b9e\u6298\u4e2d\u65b9\u6848\u3002<\/p>\n

\u5728\u6b27\u6d32\uff0c\u7c7b\u4f3c\u7406\u5ff5\u4f53\u73b0\u5728 Euroclear DLT \u4e0e SG-Forge \u7b49\u8bb8\u53ef\u578b\u5206\u5e03\u5f0f\u8d26\u672c\u7cfb\u7edf\u4e2d\u3002\u8fd9\u4e9b\u7cfb\u7edf\u7531\u53d7\u76d1\u7ba1\u91d1\u878d\u673a\u6784\u8fd0\u8425\uff0c\u4ea4\u6613\u6570\u636e\u53ef\u88ab\u76d1\u7ba1\u5b9e\u65f6\u8bbf\u95ee\uff0c\u540c\u65f6\u901a\u8fc7\u8de8\u94fe\u63a5\u53e3\u4e0e\u5f00\u653e\u516c\u94fe\u8854\u63a5\uff0c\u4ece\u800c\u5f62\u6210“\u76d1\u7ba1\u53ef\u89c1—\u6d41\u52a8\u53ef\u8fbe”\u7684\u53cc\u5c42\u4fe1\u4efb\u4f53\u7cfb\u3002<\/p>\n

4.3 \u6d41\u52a8\u6027\u98de\u8f6e<\/strong><\/h4>\n

\u6280\u672f\u4e0e\u76d1\u7ba1\u53ea\u662f RWA \u7684\u652f\u6491\u4f53\u7cfb\uff0c\u771f\u6b63\u51b3\u5b9a\u5e02\u573a\u89c4\u6a21\u4e0e\u53ef\u6301\u7eed\u6027\u7684\uff0c\u662f\u8d44\u4ea7\u4e0e\u6d41\u52a8\u6027\u7684\u9009\u62e9\u7b56\u7565\u3002 RWA \u8981\u60f3\u5f62\u6210\u7a33\u5b9a\u751f\u6001\uff0c\u5fc5\u987b\u4ece\u6700\u5177\u6807\u51c6\u5316\u3001\u6700\u6613\u4f30\u503c\u3001\u6700\u53d7\u76d1\u7ba1\u8ba4\u53ef\u7684\u8d44\u4ea7\u7c7b\u522b\u5165\u624b\uff0c\u9010\u6b65\u6784\u5efa\u673a\u6784\u7ea7\u7684\u6d41\u52a8\u6027\u98de\u8f6e\u3002<\/p>\n

4.3.1 \u6807\u51c6\u5316\u3001\u4f4e\u98ce\u9669\u8d44\u4ea7\u4f5c\u4e3a\u751f\u6001\u8d77\u70b9<\/strong><\/p>\n

RWA \u7684\u521d\u671f\u53d1\u5c55\u4f18\u5148\u7acb\u8db3\u4e8e\u6807\u51c6\u5316\u7a0b\u5ea6\u9ad8\u3001\u98ce\u9669\u53ef\u63a7\u3001\u4f30\u503c\u6e05\u6670\u7684\u8d44\u4ea7\u7c7b\u522b\u3002\u8fd9\u7c7b\u8d44\u4ea7\u7684\u73b0\u91d1\u6d41\u7ed3\u6784\u900f\u660e\u3001\u4fe1\u7528\u7b49\u7ea7\u9ad8\u3001\u76d1\u7ba1\u8ba4\u53ef\u5ea6\u5f3a\uff0c\u80fd\u591f\u5728\u65e9\u671f\u9636\u6bb5\u5efa\u7acb\u5e02\u573a\u4fe1\u4efb\u4e0e\u4f30\u503c\u5171\u8bc6\u3002<\/p>\n

\u5f53\u524d\u7684\u4e3b\u6d41\u5b9e\u8df5\u4e3b\u8981\u96c6\u4e2d\u4e8e\u56fd\u503a\u3001\u8d27\u5e01\u5e02\u573a\u57fa\u91d1\uff08MMF\uff09\u4ee5\u53ca\u4f18\u8d28\u4fe1\u8d37\u8d44\u4ea7\u3002\u56fd\u503a\u7c7b RWA \u4ee3\u5e01\uff0c\u5982\u8d1d\u83b1\u5fb7\uff08BlackRock\uff09\u7684 BUIDL \u57fa\u91d1\u548c Ondo Finance \u7684 OUSG \u4ea7\u54c1\uff0c\u4f9d\u6258\u4e8e\u7f8e\u56fd\u56fd\u503a\u6536\u76ca\uff0c\u65e2\u4e3a DeFi \u751f\u6001\u63d0\u4f9b\u4e86“\u65e0\u98ce\u9669\u6536\u76ca\u7387\u57fa\u51c6”\uff0c\u4e5f\u6210\u4e3a\u7a33\u5b9a\u5e01\u50a8\u5907\u548c DAO \u91d1\u5e93\u7684\u6838\u5fc3\u5e95\u5c42\u8d44\u4ea7\u3002\u8fd9\u7c7b\u8d44\u4ea7\u7684\u94fe\u4e0a\u5316\u4e0d\u4ec5\u5e26\u6765\u4e86\u900f\u660e\u7684\u6536\u76ca\u5206\u914d\u4e0e\u53ef\u7f16\u7a0b\u7684\u91d1\u878d\u5408\u7ea6\u7ed3\u6784\uff0c\u4e5f\u63a8\u52a8\u4e86\u94fe\u4e0a\u56fa\u5b9a\u6536\u76ca\u5e02\u573a\u7684\u5236\u5ea6\u5316\u5efa\u8bbe\u3002<\/p>\n

\u4e0e\u6b64\u540c\u65f6\uff0c\u79c1\u4eba\u4fe1\u8d37\uff08Private Credit\uff09\u9010\u6e10\u6210\u4e3a RWA \u751f\u6001\u4e2d\u7684\u9ad8\u6536\u76ca\u589e\u957f\u6781\u3002Centrifuge\u3001Maple \u7b49\u534f\u8bae\u901a\u8fc7\u94fe\u4e0a\u64ae\u5408\u673a\u5236\uff0c\u5c06\u4e2d\u5c0f\u4f01\u4e1a\u8d37\u6b3e\u4e0e\u673a\u6784\u6295\u8d44\u8005\u76f4\u63a5\u5339\u914d\uff0c\u5b9e\u73b0\u6536\u76ca\u7387\u533a\u95f4\u5728 8%–18% \u4e4b\u95f4\u7684\u8d44\u4ea7\u4ee3\u5e01\u5316\u6d41\u8f6c\u3002\u8fd9\u7c7b\u6a21\u5f0f\u6709\u6548\u62d3\u5bbd\u4e86\u8d44\u672c\u4f9b\u7ed9\u6e20\u9053\uff0c\u8ba9\u539f\u672c\u7f3a\u4e4f\u6d41\u52a8\u6027\u7684\u4e2d\u5c0f\u4f01\u4e1a\u878d\u8d44\u5e02\u573a\u88ab\u91cd\u65b0\u7eb3\u5165\u94fe\u4e0a\u91d1\u878d\u4f53\u7cfb\u4e2d\u3002\u66f4\u4e3a\u91cd\u8981\u7684\u662f\uff0c\u94fe\u4e0a\u4fe1\u8d37\u534f\u8bae\u901a\u8fc7\u667a\u80fd\u5408\u7ea6\u5b9e\u73b0\u5b9e\u65f6\u5ba1\u8ba1\u3001\u98ce\u9669\u8ba1\u91cf\u548c\u6536\u76ca\u81ea\u52a8\u5316\u5206\u914d\uff0c\u4ece\u6839\u672c\u4e0a\u63d0\u9ad8\u4e86\u900f\u660e\u5ea6\u4e0e\u8d44\u91d1\u5229\u7528\u6548\u7387\uff0c\u4e3a“\u94fe\u4e0a\u4fe1\u7528\u5e02\u573a”\u7684\u5f62\u6210\u5960\u5b9a\u4e86\u57fa\u7840\u3002<\/p>\n

\u8fd9\u79cd\u81ea\u4e0b\u800c\u4e0a\u7684\u8d44\u4ea7\u6f14\u8fdb\u8def\u5f84\uff0c\u4f7f RWA \u4ece“\u4f4e\u98ce\u9669\u951a\u5b9a”\u9010\u6b65\u8fc7\u6e21\u5230“\u9ad8\u6536\u76ca\u521b\u65b0”\uff0c\u5728\u6d41\u52a8\u6027\u4e0e\u6536\u76ca\u6027\u4e4b\u95f4\u5efa\u7acb\u4e86\u591a\u5c42\u6b21\u5e02\u573a\u7ed3\u6784\u3002<\/p>\n

4.3.2 \u673a\u6784\u4e3b\u5bfc\u4e0e\u8d44\u672c\u98de\u8f6e<\/strong><\/p>\n

RWA \u751f\u6001\u7684\u89c4\u6a21\u5316\u589e\u957f\uff0c\u79bb\u4e0d\u5f00\u4f20\u7edf\u91d1\u878d\u673a\u6784\u7684\u6df1\u5ea6\u53c2\u4e0e\u3002\u8d1d\u83b1\u5fb7\u3001\u5bcc\u5170\u514b\u6797·\u9093\u666e\u987f\uff08Franklin Templeton\uff09\u3001\u6469\u6839\u5927\u901a\uff08J. P. Morgan\uff09\u7b49\u5168\u7403\u5934\u90e8\u673a\u6784\u7684\u5165\u573a\uff0c\u6807\u5fd7\u7740 RWA \u5df2\u4ece\u52a0\u5bc6\u4e16\u754c\u7684\u8fb9\u7f18\u5b9e\u9a8c\uff0c\u6b63\u5f0f\u8f6c\u5316\u4e3a\u91d1\u878d\u4f53\u7cfb\u7684\u57fa\u7840\u8bbe\u65bd\u521b\u65b0\u3002\u673a\u6784\u7684\u53c2\u4e0e\u4e0d\u4ec5\u5e26\u6765\u4e86\u4fe1\u7528\u80cc\u4e66\u4e0e\u54c1\u724c\u4fe1\u4efb\uff0c\u66f4\u63a8\u52a8\u4e86\u5408\u89c4\u3001\u6258\u7ba1\u3001\u6e05\u7b97\u548c\u4f30\u503c\u7b49\u57fa\u7840\u8bbe\u65bd\u6807\u51c6\u7684\u7edf\u4e00\u4e0e\u5347\u7ea7\u3002<\/p>\n

\u968f\u7740\u673a\u6784\u8d44\u91d1\u7684\u6ce8\u5165\uff0cRWA \u4ee3\u5e01\u9010\u6e10\u6210\u4e3a DeFi \u534f\u8bae\u7684\u91cd\u8981\u5e95\u5c42\u62b5\u62bc\u8d44\u4ea7\uff0c\u53c2\u4e0e\u501f\u8d37\u3001\u884d\u751f\u54c1\u5b9a\u4ef7\u4e0e\u7a33\u5b9a\u5e01\u53d1\u884c\u3002\u8fd9\u79cd\u7ed3\u6784\u5f62\u6210\u4e86\u4e00\u4e2a\u5177\u6709\u81ea\u6211\u5f3a\u5316\u7279\u5f81\u7684\u8d44\u672c\u6548\u7387\u5faa\u73af\uff1a<\/p>\n

\u4ee3\u5e01\u5316\u8d44\u4ea7 → \u62b5\u62bc\u501f\u8d37 → \u8d44\u91d1\u590d\u7528 → \u6d41\u52a8\u6027\u589e\u5f3a → \u5438\u5f15\u66f4\u591a\u673a\u6784\u8d44\u4ea7<\/p>\n

\u5728\u8fd9\u8fc7\u7a0b\u4e2d\uff0c\u94fe\u4e0a\u8d44\u4ea7\u9010\u6b65\u4ece\u5355\u7eaf\u7684\u88ab\u52a8\u6301\u4ed3\u5de5\u5177\uff0c\u6f14\u5316\u4e3a\u91d1\u878d\u7f51\u7edc\u7684“\u53ef\u7ec4\u5408\u6a21\u5757\uff08Composable Asset\uff09”\uff0c\u65e2\u80fd\u5145\u5f53\u6536\u76ca\u751f\u6210\u5668\uff0c\u53c8\u80fd\u5728\u4e0d\u540c\u534f\u8bae\u4e4b\u95f4\u6d41\u8f6c\u590d\u7528\uff0c\u5f62\u6210\u7cfb\u7edf\u6027\u7684\u8d44\u91d1\u4e58\u6570\u6548\u5e94\u3002<\/p>\n

\u8fd9\u79cd\u673a\u5236\u4e0d\u4ec5\u63d0\u5347\u4e86\u8d44\u4ea7\u7684\u4f7f\u7528\u6548\u7387\uff0c\u66f4\u91cd\u5851\u4e86\u91d1\u878d\u5e02\u573a\u7684\u98ce\u9669\u5b9a\u4ef7\u4e0e\u6536\u76ca\u7ed3\u6784\u3002<\/p>\n

\u673a\u6784\u8d44\u672c\u7684\u6301\u7eed\u8fdb\u5165\uff0c\u4f7f\u5f97 RWA \u751f\u6001\u5f62\u6210\u4e86\u7531\u5236\u5ea6\u4fe1\u4efb\uff08\u5408\u89c4\u76d1\u7ba1\u3001\u6258\u7ba1\u5b89\u5168\uff09\u4e0e\u7b97\u6cd5\u4fe1\u4efb\uff08\u667a\u80fd\u5408\u7ea6\u3001\u53ef\u9a8c\u8bc1\u900f\u660e\u5ea6\uff09\u53cc\u8f6e\u9a71\u52a8\u7684\u95ed\u73af\u4f53\u7cfb\u3002<\/p>\n

05 “\u53cc\u8f68\u4fe1\u4efb”\u7684\u91d1\u878d\u672a\u6765<\/h3>\n

\u4ece\u56fd\u503a\u5230\u623f\u5730\u4ea7\uff0cRWA \u7684\u94fe\u4e0a\u5316\u8fdb\u7a0b\u6b63\u6210\u4e3a\u5168\u7403\u91d1\u878d\u6570\u5b57\u5316\u8f6c\u578b\u7684\u6838\u5fc3\u5f15\u64ce\u3002\u5728\u53ef\u4ee5\u9884\u89c1\u7684\u672a\u6765\uff0cRWA \u7684\u6f14\u8fdb\u5c06\u4ece“\u8d44\u4ea7\u4e0a\u94fe”\u7684\u8868\u5c42\u884c\u52a8\uff0c\u8f6c\u5411“\u4ef7\u503c\u91cd\u6784”\u7684\u6df1\u5c42\u53d8\u9769\u3002\u3002\u94fe\u4e0a\u5316\u7684\u8fc7\u7a0b\uff0c\u4f7f\u5f97\u8d44\u4ea7\u4ece\u9759\u6001\u7684\u6240\u6709\u6743\u51ed\u8bc1\u8f6c\u5316\u4e3a\u52a8\u6001\u7684\u4ef7\u503c\u5355\u5143\uff0c\u5b83\u4e0d\u4ec5\u5177\u5907\u786e\u6743\u529f\u80fd\uff0c\u8fd8\u80fd\u901a\u8fc7\u667a\u80fd\u5408\u7ea6\u5b9e\u73b0\u6536\u76ca\u5206\u914d\u3001\u62b5\u62bc\u518d\u878d\u8d44\u4e43\u81f3\u8de8\u5883\u6d41\u901a\u3002\u8fd9\u79cd\u80fd\u529b\uff0c\u4f7f RWA \u6210\u4e3a\u91d1\u878d\u751f\u4ea7\u5173\u7cfb\u518d\u9020\u7684\u6838\u5fc3\u8f7d\u4f53\u3002<\/p>\n

\u672a\u6765\u7684\u91d1\u878d\u5e02\u573a\u4e0d\u518d\u662f“\u94fe\u4e0a”\u4e0e“\u94fe\u4e0b”\u7684\u4e8c\u5143\u5bf9\u7acb\uff0c\u800c\u662f\u4e00\u79cd\u591a\u5c42\u5d4c\u5957\u3001\u52a8\u6001\u534f\u4f5c\u7684\u6df7\u5408\u7ed3\u6784\u3002\u8d44\u4ea7\u5728\u8bb8\u53ef\u94fe\u4e0a\u751f\u6210\u4e0e\u786e\u6743\uff0c\u5728\u516c\u94fe\u4e0a\u5206\u53d1\u4e0e\u6d41\u901a\uff0c\u5728\u8de8\u94fe\u6865\u4e0a\u5b9e\u73b0\u4ef7\u503c\u4f20\u9012\u7684\u539f\u5b50\u7ea7\u7ed3\u7b97\u3002\u8de8\u5883\u8d44\u672c\u6d41\u52a8\u5c06\u4e0d\u518d\u4ee5\u5730\u7f18\u91d1\u878d\u6743\u529b\u4e3a\u552f\u4e00\u7ea6\u675f\uff0c\u800c\u53ef\u80fd\u5728\u66f4\u5e7f\u6cdb\u7684\u3001\u6280\u672f\u4e2d\u7acb\u7684\u89c4\u5219\u4f53\u7cfb\u4e2d\u5b9e\u73b0\u4e92\u4fe1\u3002\u8fd9\u79cd\u91cd\u6784\u5e76\u4e0d\u4ec5\u4ec5\u5c40\u9650\u4e8e\u91d1\u878d\u5c42\u9762\uff0c\u5b83\u8fd8\u5c06\u6df1\u523b\u5f71\u54cd\u5b9e\u4f53\u7ecf\u6d4e\u7684\u8fd0\u884c\u65b9\u5f0f\u3002\u4e2d\u5c0f\u4f01\u4e1a\u3001\u7eff\u8272\u80fd\u6e90\u9879\u76ee\u3001\u521b\u610f\u4ea7\u4e1a\u3001\u79d1\u7814\u521b\u65b0\u7b49\u4f20\u7edf\u4e0a\u96be\u4ee5\u8fdb\u5165\u8d44\u672c\u5e02\u573a\u7684\u9886\u57df\uff0c\u90fd\u6709\u673a\u4f1a\u901a\u8fc7\u4ee3\u5e01\u5316\u5b9e\u73b0\u878d\u8d44\u548c\u98ce\u9669\u5206\u6563\u3002\u672a\u6765\u7684\u8d44\u672c\u5e02\u573a\u5c06\u4e0d\u518d\u662f\u5c11\u6570\u5927\u578b\u91d1\u878d\u673a\u6784\u7684\u4e13\u5c5e\u7ade\u6280\u573a\uff0c\u800c\u662f\u4e00\u4e2a\u5f00\u653e\u7684\u3001\u7f51\u7edc\u5316\u7684\u3001\u7b97\u6cd5\u9a71\u52a8\u7684\u91d1\u878d\u751f\u6001\u3002\u4ef7\u503c\u521b\u9020\u7684\u903b\u8f91\u4e5f\u5c06\u968f\u4e4b\u8f6c\u53d8\uff0c\u8d44\u672c\u4e0d\u518d\u88ab\u52a8\u8ffd\u9010\u6536\u76ca\uff0c\u800c\u662f\u4e3b\u52a8\u53c2\u4e0e\u751f\u4ea7\u6027\u6d3b\u52a8\u7684\u4ef7\u503c\u6355\u83b7\u3002<\/p>\n

\u957f\u8fdc\u6765\u770b\uff0cRWA \u7684\u53d1\u5c55\u7ec8\u5c06\u63a8\u52a8\u91d1\u878d\u4ece“\u4ef7\u503c\u8f6c\u79fb”\u8d70\u5411“\u4ef7\u503c\u751f\u6210”\u3002\u8d44\u4ea7\u4e0d\u518d\u53ea\u662f\u5b58\u91cf\u8d22\u5bcc\u7684\u7b26\u53f7\uff0c\u800c\u6210\u4e3a\u751f\u4ea7\u6027\u8981\u7d20\u7f51\u7edc\u7684\u4e00\u90e8\u5206\u3002\u91d1\u878d\u6d3b\u52a8\u4e5f\u4e0d\u518d\u53ea\u662f\u8d44\u672c\u7684\u6d41\u52a8\uff0c\u800c\u662f\u4ef7\u503c\u521b\u9020\u8fc7\u7a0b\u7684\u5ef6\u4f38\u3002\u56fd\u503a\u7684\u5b89\u5168\u6536\u76ca\u3001\u623f\u5730\u4ea7\u7684\u7a33\u5b9a\u79df\u91d1\u3001\u6570\u636e\u7684\u884d\u751f\u4ef7\u503c\u3001\u78b3\u8d44\u4ea7\u7684\u53ef\u4ea4\u6613\u6027\uff0c\u90fd\u5c06\u5728\u540c\u4e00\u903b\u8f91\u4e0b\u88ab\u91cd\u65b0\u5b9a\u4ef7\u4e0e\u7ec4\u7ec7\u3002<\/p>\n

\u5f53\u56fd\u503a\u3001\u623f\u5730\u4ea7\u7b49\u90fd\u80fd\u4ee5\u540c\u4e00\u79cd\u6570\u5b57\u8bed\u6cd5\u8fdb\u884c\u8868\u8fbe\u4e0e\u4ea4\u6362\uff0c\u91d1\u878d\u7684\u610f\u4e49\u5c06\u4e0d\u518d\u53ea\u662f\u8d44\u91d1\u6d41\u52a8\uff0c\u800c\u662f\u4e00\u79cd\u793e\u4f1a\u751f\u4ea7\u5173\u7cfb\u7684\u518d\u9020\u3002\u8fd9\u6b63\u662f RWA \u6700\u6df1\u8fdc\u7684\u610f\u4e49\u6240\u5728\uff0c\u4e0d\u662f\u4e00\u9879\u6280\u672f\u53d8\u9769\uff0c\u800c\u662f\u4e00\u79cd\u6587\u660e\u5c42\u9762\u7684\u5236\u5ea6\u521b\u65b0\u3002<\/p>\n

\u53c2\u8003\u6765\u6e90<\/strong><\/p>\n

[1] Aave. (2025).Horizon Market Documentation. Aave Docs.https:\/\/aave.com\/docs\/developers\/horizon<\/p>\n

[2] Compound. (2024).Proposal: Real World Asset (RWA) Markets on Compound.https:\/\/www.comp.xyz\/t\/proposal-real-world-asset-rwa-asset-markets-on-compound\/4419\\\\<\/p>\n

[3] Pharos Research. (2025).\u65b0\u8d44\u4ea7\u9769\u547d\uff1aRWA \u5168\u666f\u8c03\u7814\u4e0e\u6295\u8d44\u673a\u4f1a\u5206\u6790.<\/p>\n

[4] Binance Research. (2023).When we talk about RWA assets on-chain, what are we really talking about?Binance Square.<\/p>\n

[5]https:\/\/www.binance.com\/en\/square\/post\/24746283784361[5]Boston Consulting Group. (n.d.).On-Chain Asset Tokenization.https:\/\/web-assets.bcg.com\/1e\/a2\/5b5f2b7e42dfad2cb3113a291222\/on-chain-asset-tokenization.pdf<\/p>\n

[6] Oberheiden, N. (2023).An Introduction to Real World Assets (RWA). Oberheiden P.C.https:\/\/federal-lawyer.com\/real-world-assets-rwa\/<\/p>\n

[7] Treasury Borrowing Advisory Committee. (2025).Digital Money. U.S. Department of the Treasury.https:\/\/home.treasury.gov\/system\/files\/276\/Digital-Money-TBAC-Report-2025.pdf<\/p>\n

[8] CertiK. (2025).2025 Skynet RWA Security Report. CertiK.https:\/\/www.certik.com\/resources\/reports\/2025-skynet-rwa-security-report<\/p>\n

[9] Chainlink. (2023).Real-World Assets (RWAs) Explained. Chainlink Education.https:\/\/chain.link\/education\/rwas<\/p>\n

[10] JLL. (n.d.).AI\u202f+\u202fHuman Valuation: A Powerful Team of Real Data and Insights. JLL Insights.https:\/\/www.jll.com\/en\/trends-and-insights\/investor\/ai-human-valuation-a-powerful-team-of-real-data-and-insights<\/p>\n

[11] C3.ai. (n.d.).Commercial Property Appraisal. C3\u202fAI Products.https:\/\/c3.ai\/products\/c3-ai-property-appraisal-old\/commercial\/<\/p>\n

\u6838\u5fc3\u8d21\u732e<\/strong><\/p>\n

\u4f5c\u8005\uff1aHuijie Tang (X:@web3sensen)<\/p>\n

\u5ba1\u6821\uff1aColin Su\u3001Grace Gui\u3001NingNing\u3001Owen Chen<\/p>\n

\u8bbe\u8ba1\uff1aAlita Li<\/p>\n","protected":false},"excerpt":{"rendered":"

\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7\uff08RWA, Real World Assets\uff09\u6b63\u5728\u63a8\u52a8\u5168\u7403\u91d1\u878d\u4f53\u7cfb\u7ecf\u5386\u7ed3\u6784\u6027\u91cd\u6784\uff0c\u5176\u6838\u5fc3\u5728\u4e8e\u901a\u8fc7 […]<\/p>\n","protected":false},"author":2,"featured_media":3729,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3728","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news"],"_links":{"self":[{"href":"https:\/\/www.hzzhyy120.com\/index.php?rest_route=\/wp\/v2\/posts\/3728","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.hzzhyy120.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.hzzhyy120.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.hzzhyy120.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.hzzhyy120.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3728"}],"version-history":[{"count":1,"href":"https:\/\/www.hzzhyy120.com\/index.php?rest_route=\/wp\/v2\/posts\/3728\/revisions"}],"predecessor-version":[{"id":8567,"href":"https:\/\/www.hzzhyy120.com\/index.php?rest_route=\/wp\/v2\/posts\/3728\/revisions\/8567"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.hzzhyy120.com\/index.php?rest_route=\/wp\/v2\/media\/3729"}],"wp:attachment":[{"href":"https:\/\/www.hzzhyy120.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3728"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.hzzhyy120.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3728"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.hzzhyy120.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3728"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}