{"id":2587,"date":"2025-11-07T09:36:29","date_gmt":"2025-11-07T01:36:29","guid":{"rendered":"http:\/\/www.jineng168.com\/?p=2587"},"modified":"2025-11-07T09:36:29","modified_gmt":"2025-11-07T01:36:29","slug":"rwa%e8%b5%9b%e9%81%9325%e5%b9%b4%e6%9c%80%e6%96%b0%e7%a0%94%e6%8a%a5%ef%bc%9a%e5%85%a8%e7%90%83%e8%a7%86%e8%a7%92%e4%b8%8b%ef%bc%8crwa-%e6%ad%a3%e5%a6%82%e4%bd%95%e5%85%bc%e9%a1%be%e6%8a%80%e6%9c%af","status":"publish","type":"post","link":"http:\/\/www.jineng168.com\/?p=2587","title":{"rendered":"RWA\u8d5b\u905325\u5e74\u6700\u65b0\u7814\u62a5\uff1a\u5168\u7403\u89c6\u89d2\u4e0b\uff0cRWA \u6b63\u5982\u4f55\u517c\u987e\u6280\u672f\u3001\u76d1\u7ba1\u4e0e\u5e02\u573a\u5e73\u8861\uff1f"},"content":{"rendered":"<h1 class=\"art_tit\">RWA\u8d5b\u905325\u5e74\u6700\u65b0\u7814\u62a5\uff1a\u5168\u7403\u89c6\u89d2\u4e0b\uff0cRWA \u6b63\u5982\u4f55\u517c\u987e\u6280\u672f\u3001\u76d1\u7ba1\u4e0e\u5e02\u573a\u5e73\u8861\uff1f<\/h1>\n<div class=\"content_text\">\n<p>\u60a8\u6b63\u5728\u9605\u8bfb Web3\u00a0Caff Research \u514d\u8d39\u8bd5\u8bfb\u7cfb\u5217\u5185\u5bb9\uff0c\u89e3\u9501\u672c\u5e73\u53f0\u5168\u90e8 Web3 \u7814\u7a76\u62a5\u544a\u53ca\u680f\u76ee\u5185\u5bb9\uff0c\u4e0e\u66f4\u591a Web3 \u7cbe\u82f1\u5171\u5bfb\u4e00\u7ebf\u98ce\u5411\uff0c\u53ef\u70b9\u6b64\u8ba2\u9605 PRO \u4f1a\u5458\uff1b\u5982\u9700\u5207\u6362\u65e5\u95f4\/\u6697\u9ed1\u9605\u8bfb\u6a21\u5f0f\uff0c\u8bf7\u5148\u767b\u5f55<\/p>\n<p><img decoding=\"async\" alt=\"RWA\u8d5b\u905325\u5e74\u6700\u65b0\u7814\u62a5\uff1a\u5168\u7403\u89c6\u89d2\u4e0b\uff0cRWA \u6b63\u5982\u4f55\u517c\u987e\u6280\u672f\u3001\u76d1\u7ba1\u4e0e\u5e02\u573a\u5e73\u8861\uff1f\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250614\/8c99e240fcadd0ce2dc2cd336048b356.jpg\"><\/p>\n<p>RWA \u82f1\u6587\u5168\u79f0\u4e3a Real World Assets\uff0c\u4e2d\u6587\u610f\u4e3a 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RWA \u53ca\u6280\u672f\u76d1\u7ba1\u534f\u540c\u9886\u57df\u7684\u57fa\u7840\u8bbe\u65bd\u670d\u52a1\u5546\u8fd9\u4e9b\u672a\u6765\u91cd\u70b9\u65b9\u5411\u7684\u8fdb\u5c55\u60c5\u51b5\u3002<\/p>\n<p>\u4f5c\u8005\uff1aEddie xin\uff0cWeb3\u00a0Caff Research \u7814\u7a76\u5458\uff0cLogos Fund \u79d1\u6280\u7ec4\u8d1f\u8d23\u4eba<\/p>\n<p>\u5c01\u9762\uff1aPhoto by\u00a0Andrei Castanha\u00a0on\u00a0Unsplash<\/p>\n<p>\u5b57\u6570\uff1a\u5168\u6587\u5171\u8ba1 25000  \u5b57<\/p>\n<p>\u58f0\u660e\uff1aWeb3\u00a0Caff Research \u514d\u8d39\u8bd5\u8bfb\u7cfb\u5217\u5185\u5bb9\u5141\u8bb8\u8f6c\u8f7d\uff0c\u8f6c\u8f7d\u8bf7\u5b8c\u6574\u9075\u5b88\u8f6c\u8f7d\u89c4\u5219\uff0c\u8fdd\u8005\u5fc5\u7a76<\/p>\n<h3 class=\"customstyle_text\">\n<li>\n<p>\u5f15\u8a00\uff1a\u4ef7\u503c\u4e92\u8054\u7f51\u91cd\u6784\u4e0b\u7684\u8d44\u4ea7\u9769\u547d<\/p>\n<\/li>\n<li>\n<p>\u5168\u7403 RWA 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7.59%\u00a0\uff0c\u8d44\u4ea7\u6301\u6709\u8005\u6570\u91cf\u8fbe\u5230 100,\u00a0941 \u4e2a\uff0c\u6708\u73af\u6bd4\u589e\u957f 5.33%\u00a0\u3002\u6839\u636e\u6ce2\u58eb\u987f\u54a8\u8be2 [\u00a01\u00a0] \u7684\u5185\u90e8\u62a5\u544a\u9884\u6d4b\uff0c\u5230 2030 \u5e74\uff0c\u5168\u7403 RWA \u5e02\u573a\u89c4\u6a21\u5c06\u8fbe\u5230 16 \u4e07\u4ebf\u7f8e\u5143\uff0c\u5360\u5168\u7403 GDP \u7684 10%\u00a0\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" alt=\"RWA\u8d5b\u905325\u5e74\u6700\u65b0\u7814\u62a5\uff1a\u5168\u7403\u89c6\u89d2\u4e0b\uff0cRWA \u6b63\u5982\u4f55\u517c\u987e\u6280\u672f\u3001\u76d1\u7ba1\u4e0e\u5e02\u573a\u5e73\u8861\uff1f\" width=\"832\" height=\"370\" src=\"https:\/\/research.web3caff.com\/wp-content\/uploads\/sites\/2\/2025\/06\/R1-1.png\" data-lazy- data-src=\"https:\/\/research.web3caff.com\/wp-content\/uploads\/sites\/2\/2025\/06\/R1-1.png\" class=\"wp-image-32641 lazy-loaded\"><\/p>\n<p class=\"img-desc customstyle_text\">RWA.xyz<\/p>\n<p>RWA 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2025)[\u00a02\u00a0]\u3002<\/p>\n<p>\u56fd\u503a\u4ee3\u5e01\u5316\u662f\u76ee\u524d\u6700\u53d7\u6b22\u8fce\u7684 RWA \u65b9\u5411\u3002\u503a\u5238\u5e02\u573a\u4e00\u76f4\u4ee5\u6765\u88ab\u5e7f\u6cdb\u8ba4\u4e3a\u662f\u5168\u7403\u91d1\u878d\u5e02\u573a\u4e2d\u6700\u5b89\u5168\u7684\u6295\u8d44\u6807\u7684\u4e4b\u4e00\uff0c\u4ee5\u4e3b\u6743\u4fe1\u7528\u80cc\u4e66\u4e3a\u7531\uff0c\u6210\u4e3a\u94fe\u4e0a\u6700\u53d7\u6b22\u8fce\u7684\u73b0\u5b9e\u8d44\u4ea7\u4e4b\u4e00\u3002\u5728\u5168\u7403\u5e02\u573a\u8fd1\u5e74\u6765\u6301\u7eed\u7684\u9ad8\u5229\u7387\u73af\u5883\u80cc\u666f\u4e0b\uff0c\u4ee5\u7f8e\u503a\u4e3a\u9996\u7684\u56fd\u503a\u6536\u76ca\u7387\u7ef4\u6301\u9ad8\u6536\u76ca\u7387\uff0c\u800c\u533a\u5757\u94fe\u6280\u672f\u951a\u5b9a\u7684\u56fd\u503a\u80fd\u591f\u8ba9\u6295\u8d44\u8005\u589e\u52a0\u4e86\u53c2\u4e0e\u56fd\u503a\u4ea4\u6613\u7684\u7075\u6d3b\u6027\uff0c\u901a\u8fc7\u6280\u672f\u964d\u4f4e\u6210\u672c\uff0c\u63d0\u5347\u4ea4\u6613\u901f\u5ea6\uff0c\u589e\u52a0\u5e02\u573a\u7684\u900f\u660e\u5ea6\uff0c\u8f83\u6bd4\u4f20\u7edf\u7684\u91d1\u878d\u5e02\u573a\uff0c\u5728\u56fd\u503a\u4ea4\u6613\u8fd9\u4e00\u4f4e\u98ce\u9669\u7684\u571f\u58e4\uff0cRWA \u6709\u6781\u5927\u53d1\u5c55\u7a7a\u95f4\u3002<\/p>\n<p>\u7531\u4e8e RWA \u6620\u5c04\u4e86\u4e0d\u540c\u7684\u5e95\u5c42\u8d44\u4ea7\uff0c\u6240\u4ee5\u5728\u5f00\u59cb\u4e4b\u524d\uff0c\u8bfb\u8005\u5c06\u5148\u5bf9 RWA \u4ee3\u5e01\u7684\u57fa\u7840\u7c7b\u578b\u7279\u6027\u505a\u4e00\u4e2a\u57fa\u672c\u4e86\u89e3\uff0c\u4e0b\u56fe\u4e2d\u4e3a RWA \u4e3b\u6d41\u4ee3\u5e01\u6807\u51c6\u7684\u5bf9\u6bd4\uff1a<\/p>\n<p><img decoding=\"async\" alt=\"RWA\u8d5b\u905325\u5e74\u6700\u65b0\u7814\u62a5\uff1a\u5168\u7403\u89c6\u89d2\u4e0b\uff0cRWA \u6b63\u5982\u4f55\u517c\u987e\u6280\u672f\u3001\u76d1\u7ba1\u4e0e\u5e02\u573a\u5e73\u8861\uff1f\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250614\/b5f7008acd27179fb3c5976ac7b4f1ff.jpg\"><\/p>\n<p class=\"img-desc customstyle_text\">DigiFT<\/p>\n<p><img decoding=\"async\" alt=\"RWA\u8d5b\u905325\u5e74\u6700\u65b0\u7814\u62a5\uff1a\u5168\u7403\u89c6\u89d2\u4e0b\uff0cRWA \u6b63\u5982\u4f55\u517c\u987e\u6280\u672f\u3001\u76d1\u7ba1\u4e0e\u5e02\u573a\u5e73\u8861\uff1f\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250614\/4eb3380361b6496e70698b8363cd3848.jpg\"><\/p>\n<p class=\"img-desc customstyle_text\">Eddie Xin\u00a0\u81ea\u5236\uff08RWA \u4e3b\u6d41\u4ee3\u5e01\u6807\u51c6\u5bf9\u6bd4\uff09<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u56fd\u9645\u9886\u5148\u9879\u76ee<\/p>\n<\/li>\n<\/ul>\n<p>\u6b27\u7f8e\u5e02\u573a\u901a\u8fc7\u667a\u80fd\u5408\u7ea6\u5b9e\u73b0\u56fd\u503a\u6536\u76ca\u81ea\u52a8\u5206\u914d\u4e0e\u5408\u89c4\u6210\u672c\u4f18\u5316\u3002\u4f8b\u5982\u5728 2024 \u5e74\uff0c\u8d44\u7ba1\u5de8\u5934\u8d1d\u83b1\u5fb7\u00a0BUIDL \u57fa\u91d1\u91c7\u7528 ERC-1400 \u6807\u51c6 (\u6b64\u6807\u51c6\u7279\u70b9\u4e3a\u534a\u540c\u8d28\u5316\u3001\u652f\u6301\u5206\u5c42\u6743\u76ca\uff0c\u9002\u914d\u7ed3\u6784\u5316\u91d1\u878d\u4ea7\u54c1\u5982 ABS \u5206\u5c42\u3001\u80a1\u6743\u884d\u751f\u54c1\u7b49)\uff0c\u5c06 SEC \u5408\u89c4\u6210\u672c\u964d\u4f4e 30%\u00a0\uff0c\u53d1\u884c\u4e09\u4e2a\u6708\u540e\uff0c\u7ba1\u7406\u89c4\u6a21\u8d85 5 \u4ebf\u7f8e\u5143 [\u00a03\u00a0] \u8d1d\u83b1\u767b\u5c06\u6536\u76ca\u7a33\u5b9a\u3001\u8d44\u4ea7\u5b89\u5168\u7684\u8d27\u5e01\u5e02\u573a\u57fa\u91d1\u5728\u94fe\u4e0a\u53d1\u884c\uff0c\u53ef\u4ee5\u8ba9\u5176\u4ed6\u673a\u6784\u901a\u8fc7\u5c06 BUIDL \u4f5c\u4e3a\u5e95\u5c42\u539f\u6599\u7684\u5f62\u5f0f\uff0c\u5c06\u771f\u5b9e\u4e16\u754c\u7a33\u5b9a\u7684\u6536\u76ca\u5f15\u5165 DeFi \u4e16\u754c\u3002\u9ad8\u76db GS DAP\u00a0[\u00a04\u00a0]\uff08Goldman Sachs Digital Asset Platform\uff09\u5e73\u53f0\uff0c\u662f\u4e00\u4e2a\u57fa\u4e8e Digital Asset \u516c\u53f8\u5f00\u53d1\u7684\u89e3\u51b3\u65b9\u6848\u6784\u5efa\u7684\u3001\u65e8\u5728\u6ee1\u8db3\u6570\u5b57\u8d44\u672c\u5e02\u573a\u4e2d\u5e02\u573a\u53c2\u4e0e\u8005\u7684\u590d\u6742\u6d41\u52a8\u6027\u9700\u6c42\u30022024 \u5e74\uff0c\u9ad8\u76db\u901a\u8fc7\u8be5\u5e73\u53f0\u53d1\u884c\u4e86 120 \u4ebf\u7f8e\u5143\u6570\u5b57\u503a\u5238\u3002\u4e0e\u4f20\u7edf\u503a\u5238\u53d1\u884c\u6a21\u5f0f\u76f8\u6bd4\uff0c\u6570\u5b57\u503a\u5238\u7684\u5e73\u5747\u53d1\u884c\u5468\u671f\u4ece\u539f\u672c\u7684 2 \u5468\u5927\u5e45\u7f29\u77ed\u81f3 48 \u5c0f\u65f6\uff0c\u7ed3\u7b97\u6548\u7387\u63d0\u5347 60%\u00a0\uff0c\u7ed3\u7b97\u65f6\u95f4\u4e5f\u4ece\u4f20\u7edf\u7684 T \u00a02 \u6a21\u5f0f\u7f29\u77ed\u81f3\u8fd1\u4e4e\u5b9e\u65f6\u7ed3\u7b97 \u3002\u5728 2025 \u5e74\uff0c\u9ad8\u76db\u8ba1\u5212\u5c06\u7f8e\u56fd\u57fa\u91d1\u4ea7\u4e1a\u548c\u6b27\u6d32\u503a\u5238\u5e02\u573a\u7684\u4ee3\u5e01\u5316\u4ea7\u54c1\u4f5c\u4e3a\u91cd\u70b9\uff0c\u76ee\u6807\u5ba2\u6237\u4e3a\u5927\u578b\u673a\u6784\u6295\u8d44\u8005\u3002\u6b64\u5916\uff0c\u9ad8\u76db\u8fd8\u4e0e\u4e16\u754c\u9ec4\u91d1\u534f\u4f1a\u5408\u4f5c\u6d4b\u8bd5\u9ec4\u91d1\u7684\u4ee3\u5e01\u5316\u53d1\u884c\uff0c\u7528\u6237\u53ef\u901a\u8fc7\u533a\u5757\u94fe\u5b9e\u65f6\u67e5\u770b\u9ec4\u91d1\u50a8\u5907\u7684\u5ba1\u8ba1\u62a5\u544a\uff0c\u5e76\u8fdb\u884c\u4ea4\u6613\u3002<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" alt=\"RWA\u8d5b\u905325\u5e74\u6700\u65b0\u7814\u62a5\uff1a\u5168\u7403\u89c6\u89d2\u4e0b\uff0cRWA \u6b63\u5982\u4f55\u517c\u987e\u6280\u672f\u3001\u76d1\u7ba1\u4e0e\u5e02\u573a\u5e73\u8861\uff1f\" width=\"830\" height=\"288\" src=\"https:\/\/research.web3caff.com\/wp-content\/uploads\/sites\/2\/2025\/06\/image-11.png\" data-lazy- data-src=\"https:\/\/research.web3caff.com\/wp-content\/uploads\/sites\/2\/2025\/06\/image-11.png\" class=\"wp-image-32647 lazy-loaded\"><\/p>\n<p class=\"img-desc customstyle_text\">GA DAP \u5e73\u53f0<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u4e2d\u56fd\u9999\u6e2f\u5b9e\u8df5<\/p>\n<\/li>\n<\/ul>\n<p>\u5728\u9999\u6e2f\uff0c\u91d1\u878d\u7ba1\u7406\u5c40\uff08\u91d1\u7ba1\u5c40\uff09\u6700\u65e9\u4e8e 2021 \u5e74\u5f00\u5c55\u4ee3\u5e01\u5316\u4e4b\u65c5\uff0c\u4e0e\u56fd\u9645\u7ed3\u7b97\u94f6\u884c\uff0c\u8fdb\u884c\u4ee3\u5e01\u5316\u503a\u5238\u7684\u6d4b\u8bd5\u3002\u5728 2023 \u5e74\u53ca 2024 \u5e74\uff0c\u901a\u8fc7 CMU\uff08\u4e2d\u592e\u7ed3\u7b97\u7cfb\u7edf\uff09\u5df2\u7ecf\u603b\u5171\u53d1\u884c\u4e86\u7ea6 78 \u4ebf\u6e2f\u5143\u7b49\u503c\u7684\u6570\u5b57\u5316\u503a\u5238\uff0c\u5176\u4e2d\u5305\u62ec\u6e2f\u5143\u3001\u4eba\u6c11\u5e01\u3001\u7f8e\u5143\u548c\u6b27\u5143\u3002\u5728\u9999\u6e2f\u91d1\u7ba1\u5c40\u7684\u6c47\u62a5\u624b\u518c\u4e2d\u63d0\u5230\uff1a\u4ee3\u5e01\u5316\u503a\u5238\u5229\u7528\u5206\u5e03\u5f0f\u5206\u5e10\u7c7b\u6280\u672f\uff08DLT\uff09\u5c06\u56fd\u503a\u8d44\u4ea7\u6210\u529f\u6570\u5b57\u5316\uff0c\u65e0\u9700\u5b9e\u7269\u9a8c\u8bc1\u3001\u5171\u540c\u5e73\u53f0\u3001\u503a\u5238\u548c\u73b0\u91d1\u7684\u5b9e\u65f6\u8f6c\u62e8\u3001\u5bf9\u503a\u5238\u6d41\u52a8\u63d0\u5347\u4e86\u6781\u9ad8\u7684\u8fd0\u8425\u6548\u7387\u3002[\u00a05\u00a0]<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" alt=\"RWA\u8d5b\u905325\u5e74\u6700\u65b0\u7814\u62a5\uff1a\u5168\u7403\u89c6\u89d2\u4e0b\uff0cRWA \u6b63\u5982\u4f55\u517c\u987e\u6280\u672f\u3001\u76d1\u7ba1\u4e0e\u5e02\u573a\u5e73\u8861\uff1f\" width=\"1284\" height=\"802\" src=\"https:\/\/research.web3caff.com\/wp-content\/uploads\/sites\/2\/2025\/06\/\u622a\u5c4f2025-06-08-21.17.05.png\" data-lazy- data-src=\"https:\/\/research.web3caff.com\/wp-content\/uploads\/sites\/2\/2025\/06\/\u622a\u5c4f2025-06-08-21.17.05.png\" class=\"wp-image-32649 lazy-loaded\"><\/p>\n<p class=\"img-desc customstyle_text\">\u9999\u6e2f\u91d1\u7ba1\u5c40\u4e0e CMU \u6570\u5b57\u5316\u503a\u5238\u62a5\u544a<\/p>\n<p>\u4e0e\u6b64\u540c\u65f6\uff0c\u9999\u6e2f\u4e5f\u6b63\u5728\u63a8\u52a8\u00a0Ensemble \u6c99\u76d2\u8ba1\u5212\uff08\u6b64\u8ba1\u5212\u81f4\u529b\u4e8e\u5229\u7528\u5b9e\u9a8c\u578b\u4ee3\u5e01\u5316\u8d27\u5e01\u4fc3\u8fdb\u94f6\u884c\u540c\u4e1a\u7ed3\u7b97\uff0c\u5e76\u96c6\u4e2d\u7814\u7a76\u4ee3\u5e01\u5316\u8d44\u4ea7\u4ea4\u6613\u3002\u6c99\u76d2\u7684\u9996\u9636\u6bb5\u8bd5\u9a8c\u5c06\u6db5\u76d6\u4f20\u7edf\u91d1\u878d\u8d44\u4ea7\u548c\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7\u7684\u4ee3\u5e01\u5316\uff0c\u5e76\u805a\u7126\u56fa\u5b9a\u6536\u76ca\u548c\u6295\u8d44\u57fa\u91d1\u3001\u6d41\u52a8\u6027\u7ba1\u7406\u3001\u7eff\u8272\u548c\u53ef\u6301\u7eed\u91d1\u878d\uff0c\u4ee5\u53ca\u8d38\u6613\u548c\u4f9b\u5e94\u94fe\u878d\u8d44\u8fd9\u56db\u5927\u4e3b\u9898\u3002\uff09[\u00a05\u00a0]\uff0c\u65e8\u5728\u5b9e\u9a8c\u8986\u76d6\u4f20\u7edf\u91d1\u878d\u548c\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7\u7684\u4ee3\u5e01\u5316\uff0c\u5176\u9996\u671f\u516c\u5e03\u7684\u5e94\u7528\u4e3b\u9898\u4e2d\u300a\u56fa\u5b9a\u6536\u76ca\u548c\u6295\u8d44\u57fa\u91d1\u300b\u4e2d\u7b2c\u4e00\u4e2a\u5efa\u8bae\u7528\u4f8b\u5373\u4e3a\u503a\u5238\u3002\u5728\u503a\u5238\u548c\u57fa\u91d1\u5efa\u8bae\u7528\u4f8b\u7684\u4e1a\u754c\u53c2\u4e0e\u8005\u4e3a 5 \u4e2a\u5e73\u53f0\uff1a\u5206\u522b\u662f\u4e2d\u56fd\u94f6\u884c\uff08\u9999\u6e2f\uff09\u6709\u9650\u3001\u6052\u751f\u94f6\u884c\u3001HashKeyGroup\u3001\u9999\u6e2f\u4e0a\u6d77\u6c47\u4e30\u3001\u6e23\u6253\u94f6\u884c\uff08\u9999\u6e2f\uff09\u3002<\/p>\n<p>\u968f\u540e\u5728\u503a\u5238\u7528\u4f8b\u65b9\u9762\uff0c\u9999\u6e2f\u901a\u8fc7\u9ad8\u76db GA DAP \u5e73\u53f0\u8bd5\u70b9\uff0c\u6210\u529f\u53d1\u884c\u00a08 \u4ebf\u6e2f\u5143\u4ee3\u5e01\u5316\u7eff\u8272\u503a\u5238\uff0c\u4fdd\u7ba1\u5355\u4f4d\u4e3a\u6c47\u4e30\u94f6\u884c\u3002\u8be5\u9879\u76ee\u5229\u7528\u94fe\u4e0a\u4f18\u52bf\u7684\u5feb\u901f\u7ed3\u7b97\u7279\u70b9\uff0c\u76f8\u8f83\u4f20\u7edf\u7ed3\u7b97\u65b9\u5f0f\u964d\u4f4e 40% \u6210\u672c\uff0c\u5728 2025 \u5e74\uff0c\u94fe\u4e0a\u7684\u7ed3\u7b97\u8bd5\u70b9\u89c4\u6a21\u8fd8\u5c06\u6269\u5927\u81f3 15 \u4ebf\u6e2f\u5143\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u8be5\u9879\u76ee\u5141\u8bb8\u6b27\u7f8e\u673a\u6784\u901a\u8fc7\u79bb\u5cb8 SPV\uff08SPV \u67b6\u6784\u662f\u901a\u8fc7\u8bbe\u7acb\u7279\u6b8a\u76ee\u7684\u5b9e\u4f53\u3014SPV\u3015\u9694\u79bb\u98ce\u9669\u3001\u4f18\u5316\u878d\u8d44\u7ed3\u6784\uff0c\u5e38\u7528\u4e8e\u8d44\u4ea7\u8bc1\u5238\u5316\u3001\u9879\u76ee\u878d\u8d44\u7b49\u573a\u666f\uff0c\u6838\u5fc3\u662f\u6784\u5efa \u201c\u7834\u4ea7\u9694\u79bb\u201d \u7684\u72ec\u7acb\u6cd5\u5f8b\u5b9e\u4f53\u4ee5\u5b9e\u73b0\u7279\u5b9a\u8d44\u4ea7\u7684\u4fe1\u7528\u589e\u7ea7\u4e0e\u98ce\u9669\u9694\u79bb\uff09\u53c2\u4e0e\u3002\u8fd9\u610f\u5473\u7740\uff0c\u8be5\u9879\u76ee\u5c06\u901a\u8fc7 \u201c\u8d44\u4ea7\u94fe   \u4ea4\u6613\u94fe\u201d \u67b6\u6784\uff0c\u5b9e\u73b0\u5185\u5730\u8d44\u4ea7\u4e0e\u9999\u6e2f\u8d44\u91d1\u7684\u5408\u89c4\u5bf9\u63a5\u3002<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u5185\u5730\u5bf9\u5e94\u63a2\u7d22<\/p>\n<\/li>\n<\/ul>\n<p>\u4e2d\u56fd\u5185\u5730\u5f53\u524d\u672a\u6709\u6210\u529f\u843d\u5730\u7684\u4ee3\u5e01\u56fd\u503a\u5316\u9879\u76ee\u3002\u76ee\u524d\u8fd8\u505c\u7559\u5728\u8d44\u4ea7\u8bc1\u5238\u5316\u7684\u63a2\u7d22\u5c42\u9762\uff0c\u4e3b\u8981\u521b\u65b0\u5de5\u5177\u4ecd\u4e3a REITs\uff0c\u4e0d\u8fc7\u5df2\u7ecf\u5f00\u59cb\u5bf9\u591a\u5143\u5316\u7684\u5e95\u5c42\u8d44\u4ea7\u8fdb\u884c\u6570\u5b57\u786e\u6743\u5e76\u63a8\u52a8\u3002\u5728 2024 \u5e74\uff0c\u4e2d\u56fd\u5185\u5730\u901a\u8fc7\u4e86\u6570\u636e\u8d44\u4ea7\u5165\u8868\u653f\u7b56\uff0c\u8ba9\u4f01\u4e1a\u6570\u636e\u8d44\u4ea7\u8fd9\u6837\u7684\u6570\u5b57\u8d44\u4ea7\u5f97\u4ee5\u5728\u8d22\u52a1\u62a5\u8868\u4e2d\u5448\u73b0\u4ef7\u503c\uff0c\u6b64\u6cd5\u6848\u4e8e\u540c\u5e74\u5b9e\u65bd\uff0c\u63a8\u52a8\u4f01\u4e1a\u6570\u636e\u786e\u6743\uff0c\u8ba9\u8d44\u4ea7\u4ece\u771f\u5b9e\u6709\u5f62\uff0c\u53d8\u6210\u4ea4\u6613\u7aef\u7684\u65e0\u5f62\uff0c\u6570\u636e\u8d44\u4ea7\u7684\u786e\u6743\u662f\u7b2c\u4e00\u6b65\u3002\u4e2d\u56fd\u5185\u5730\u5bf9\u4e8e\u6570\u636e\u8d44\u4ea7\u7684\u63a8\u52a8\u5efa\u8bbe\uff0c\u53ef\u4ee5\u770b\u4f5c\u5728\u6570\u5b57\u8d44\u4ea7\u7aef\u7684\u98ce\u5411\u6807\u3002\u5728\u6cd5\u6848\u5b9e\u65bd\u540e\uff0c\u6df1\u5733\u8bc1\u5238\u4ea4\u6613\u6240\u5373\u5b8c\u6210\u9996\u5355\u6570\u636e\u8d44\u4ea7 ABS \uff0c\u53d1\u884c\u89c4\u6a21\u8fbe 3.2 \u4ebf\u5143\uff0c\u4e3a\u6570\u636e\u8d44\u4ea7\u4e0a\u94fe\u5960\u5b9a\u4e86\u57fa\u7840\u3002\u6b64\u5916\uff0c\u4e2d\u56fd\u5185\u5730\u540c\u6b65\u63a8\u52a8\u6570\u636e\u8d44\u4ea7\u5165\u8868\u653f\u7b56\u4e0e\u56fd\u9645\u4f1a\u8ba1\u51c6\u5219\uff08IAS 38\uff09\u5bf9\u63a5\uff0c\u8ba1\u5212 2026 \u5e74\u5f00\u653e\u4f01\u4e1a\u6570\u636e\u8d44\u4ea7\u8de8\u5883\u4ea4\u6613\u8bd5\u70b9\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u4e0a\u6d77\u73af\u5883\u80fd\u6e90\u4ea4\u6613\u6240\u542f\u52a8\u533a\u5757\u94fe\u78b3\u4ea4\u6613\u5e73\u53f0\uff0c\u76ee\u524d\u5df2\u6210\u529f\u5b9e\u73b0\u5168\u56fd\u78b3\u5e02\u573a\u914d\u989d\u7684\u94fe\u4e0a\u767b\u8bb0\u4e0e\u4ea4\u6613\uff0c\u8fc8\u51fa\u4e86\u73b0\u5b9e\u8d44\u4ea7\u4e0a\u94fe\u7684\u4e00\u5927\u6b65\u3002<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u6cd5\u5f8b\u5bf9\u6bd4\u4e0e\u5408\u89c4\u8def\u5f84<\/p>\n<\/li>\n<\/ul>\n<p>\u9999\u6e2f\u7684\u300a\u8bc1\u5238\u53ca\u671f\u8d27\u6761\u4f8b\u300b\u5bf9\u8d44\u4ea7\u4efd\u989d\u901a\u8bc1\u5316\u7684\u5305\u5bb9\u6027\u76d1\u7ba1\uff0c\u6cd5\u5f8b\u6846\u67b6\u7075\u6d3b\u5ea6\u8f83\u9ad8\u3002\u5176 Ensemble \u6c99\u76d2\u901a\u8fc7 \u201c\u8de8\u5883\u6570\u636e\u6d41\u52a8\u767d\u540d\u5355\u201d \u673a\u5236\uff0c\u5141\u8bb8\u5185\u5730\u8d44\u4ea7\u6570\u636e\u8de8\u5883\u4e0a\u94fe\uff0c\u540c\u65f6\u63a5\u5165\u4e24\u5730\u76d1\u7ba1\u7cfb\u7edf\uff0c\u53ef\u5b9e\u73b0\u5b9e\u65f6\u98ce\u9669\u76d1\u6d4b\u3002\u4f46\u53d7\u9650\u4e8e\u8de8\u5883\u7ba1\u5236\uff0c\u5185\u5730\u6570\u636e\u8de8\u5883\u9700\u901a\u8fc7 \u201c\u9999\u6e2f\u79bb\u5cb8\u6570\u636e\u4e2d\u8f6c\u7ad9\u201d \u90e8\u7f72\u52a0\u5bc6\u955c\u50cf\u8282\u70b9\uff0c\u6839\u636e\u5bf9\u00a0\u300a\u4fc3\u8fdb\u7ca4\u6e2f\u6fb3\u5927\u6e7e\u533a\u6570\u636e\u8de8\u5883\u6d41\u52a8\u7684\u5408\u4f5c\u5907\u5fd8\u5f55\u300b\u7684\u6bd4\u5bf9\u8ba1\u7b97\uff0c\u6b64\u6d41\u7a0b\u5bfc\u81f4\u5408\u89c4\u6280\u672f\u6210\u672c\u589e\u52a0 25%\u00a0-30%\u00a0\uff0c\u5ba1\u6279\u5468\u671f\u5ef6\u957f\u7ea6 30 \u5929\u3002\u6b64\u5916\uff0c\u5185\u5730\u4e3b\u6743\u8d44\u4ea7\u901a\u8bc1\u5316\u53d7\u9650\u4e8e\u300a\u4e2d\u56fd\u4eba\u6c11\u94f6\u884c\u6cd5\u300b\u53ca\u5916\u6c47\u7ba1\u7406\u6761\u4f8b\u7684\u5236\u5ea6\u7ea6\u675f\uff0c\u9700\u7a81\u7834\u8d44\u672c\u8d26\u6237\u7ba1\u5236\u3002\u5728\u5408\u89c4\u8def\u5f84\u4e0a\uff0c\u4e2d\u6e2f\u901a\u9053\u76ee\u524d\u5e76\u672a\u5b9e\u73b0\u5168\u6d41\u7a0b\u6253\u901a\u3002<\/p>\n<p>\u56fd\u503a\u4ee3\u5e01\u5316\u7684\u673a\u6784\u5b9e\u8df5\uff0c\u4e3a RWA \u63d0\u4f9b\u4e86\u9ad8\u6d41\u52a8\u6027\u8d44\u4ea7\u7684\u5408\u89c4\u8303\u5f0f\u3002\u7136\u800c\uff0c\u623f\u5730\u4ea7\u7b49\u975e\u6807\u8d44\u4ea7\u7684\u901a\u8bc1\u5316\u9762\u4e34\u66f4\u590d\u6742\u7684\u6cd5\u5f8b\u6743\u5c5e\u9002\u914d\u4e0e\u6d41\u52a8\u6027\u91cd\u6784\u6311\u6218\uff0c\u4e9f\u5f85\u63a2\u7d22\u517c\u987e\u666e\u60e0\u6027\u4e0e\u5b89\u5168\u6027\u7684\u521b\u65b0\u65b9\u6848\u3002<\/p>\n<p><img decoding=\"async\" alt=\"RWA\u8d5b\u905325\u5e74\u6700\u65b0\u7814\u62a5\uff1a\u5168\u7403\u89c6\u89d2\u4e0b\uff0cRWA \u6b63\u5982\u4f55\u517c\u987e\u6280\u672f\u3001\u76d1\u7ba1\u4e0e\u5e02\u573a\u5e73\u8861\uff1f\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250614\/71312d9cd8719ef5a705ad78f6c7ddab.jpg\"><\/p>\n<p class=\"img-desc customstyle_text\">Eddie Xin\u81ea\u5236\uff08\u4e2d\u6e2f\u6cd5\u5f8b\u6846\u67b6\u5bf9\u6bd4\uff09<\/p>\n<h3 class=\"customstyle_text\">\u4e0d\u52a8\u4ea7\u4ee3\u5e01\u5316\uff1a\u6d41\u52a8\u6027\u91cd\u6784\u4e0e\u6cd5\u5f8b\u9002\u914d\u96be\u9898<\/h3>\n<p>\u5728\u5168\u7403\u7ecf\u6d4e\u589e\u957f\u653e\u7f13\u3001\u6570\u5b57\u5316\u8f6c\u578b\u52a0\u901f\u7684\u80cc\u666f\u4e0b\uff0c\u4f20\u7edf\u4e0d\u52a8\u4ea7\u5e02\u573a\u9762\u4e34\u8bf8\u591a\u6311\u6218\u3002\u4f9d\u636e IMF\u300a\u5168\u7403\u91d1\u878d\u7a33\u5b9a\u62a5\u544a\u300b(wind \u91d1\u878d\u7ec8\u7aef\u6743\u9650\u62a5\u544a) \u6570\u636e\uff0c\u4e0d\u52a8\u4ea7\u5177\u6709\u4ef7\u503c\u9ad8\u3001\u6d41\u52a8\u6027\u5dee\u7684\u7279\u70b9\u3002\u4e14\u4ea4\u6613\u5468\u671f\u5e38\u8d85\u6570\u6708\u3002\u5168\u7403\u4e0d\u52a8\u4ea7\u4ea4\u6613\u7684\u6469\u64e6\u6210\u672c\uff08\u6307\u91d1\u878d\u4ea4\u6613\u4e2d\u7684\u8d39\u7528\u548c\u5176\u4ed6\u76f8\u5173\u8d39\u7528\u3002 \u5b83\u4eec\u53ef\u80fd\u662f\u76f4\u63a5\u6216\u95f4\u63a5\u7684\uff09\u5360\u8d44\u4ea7\u603b\u503c\u7684 6%\u00a0-10%\u00a0\uff0c[\u00a06\u00a0] \u5176\u4e2d\u5236\u5ea6\u6027\u6210\u672c\uff08\u5982\u4ea7\u6743\u767b\u8bb0\u3001\u5408\u89c4\u5ba1\u67e5\uff09\u5360\u6bd4\u8d85 40%\u00a0\uff0c\u4e14\u4ea4\u6613\u5468\u671f\u5e73\u5747\u957f\u8fbe 12-16 \u5468\uff0c\u4e25\u91cd\u963b\u788d\u8d44\u4ea7\u7684\u6709\u6548\u914d\u7f6e\u4e0e\u4ef7\u683c\u53d1\u73b0\u3002\u636e wind \u91d1\u878d\u7ec8\u7aef\u4e2d\u56fd\u9645\u8d27\u5e01\u57fa\u91d1\u7ec4\u7ec7\u7684\u6570\u636e\u663e\u793a\uff0c\u5168\u7403\u4e0d\u52a8\u4ea7\u5e73\u5747\u4ea4\u6613\u6210\u672c\u5360\u603b\u4ef7 6%\u00a0-10%\u00a0\uff0c\u4e3a\u523a\u6fc0\u7ecf\u6d4e\u3001\u4f18\u5316\u8d44\u6e90\u914d\u7f6e\uff0c\u5404\u56fd\u79ef\u6781\u63a8\u52a8\u91d1\u878d\u521b\u65b0\u3002\u9f13\u52b1\u6570\u5b57\u7ecf\u6d4e\u4e0e\u5b9e\u4f53\u7ecf\u6d4e\u878d\u5408\uff0c\u4e3a\u4e0d\u52a8\u4ea7\u4ee3\u5e01\u5316\u53d1\u5c55\u63d0\u4f9b\u79ef\u6781\u7684\u653f\u7b56\u7a7a\u95f4\u3002\u6280\u672f\u5c42\u9762\uff0c\u533a\u5757\u94fe\u6280\u672f\u5df2\u7ecf\u76f8\u5bf9\u6210\u719f\uff0c\u5176\u9ad8\u6548\u3001\u4f4e\u6210\u672c\u3001\u53ef\u4ea4\u6613\u6027\u7684\u6280\u672f\u7279\u6027\u53ef\u4ee5\u52a0\u901f\u52a9\u529b\u4e0d\u52a8\u4ea7\u6240\u6709\u6743\u6570\u5b57\u5316\u62c6\u5206\u4e0e\u786e\u6743\u53ca\u4ea4\u6613\u3002<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u56fd\u9645\u9886\u5148\u9879\u76ee<\/p>\n<\/li>\n<\/ul>\n<p>\u7f8e\u56fd RealT \u5c06\u623f\u4ea7\u6295\u8d44\u95e8\u69db\u964d\u81f3 50 \u7f8e\u5143\uff0c\u4f46\u56e0\u94fe\u4e0a\u94fe\u4e0b\u6240\u5c5e\u6743\u4e0d\u5339\u914d\uff0c\u88ab\u6682\u505c\u90e8\u5206\u4ea4\u6613\u3002\u5728\u6b27\u76df\u5730\u533a\uff0cPropy \u5df2\u901a\u8fc7 AI \u9a71\u52a8\u623f\u4ea7\u4ea4\u6613\uff0c\u8282\u7701 40% \u4eba\u5de5\u6210\u672c\uff0c\u4f46\u7531\u4e8e\u6b27\u76df\u5404\u56fd\u623f\u5730\u4ea7\u767b\u8bb0\u7cfb\u7edf\u5c1a\u672a\u4e0e\u533a\u5757\u94fe\u5bf9\u63a5\uff08\u5982\u6cd5\u56fd\u571f\u5730\u767b\u8bb0\u5c40\u4ecd\u4f7f\u7528\u7eb8\u8d28\u6863\u6848\uff09\uff0c\u5bfc\u81f4\u6b27\u76df\u4e70\u5bb6\u4ecd\u9700\u989d\u5916\u9a8c\u8bc1\u94fe\u4e0b\u6cd5\u5f8b\u5951\u7ea6\u3002\u76ee\u524d\u8f83\u4e3a\u6210\u529f\u7684\u6848\u4f8b\u4ecd\u662f\u524d\u6587\u63d0\u5230\u88ab\u9ad8\u76db\u5206\u62c6\u7684 GS DAP \u5e73\u53f0\uff0c\u5df2\u7ecf\u4e0e Tradeweb \u8fbe\u6210\u5408\u4f5c\uff0c\u63a2\u7d22\u623f\u5730\u4ea7\u6295\u8d44\u4fe1\u6258\uff08REITs\uff09\u7684\u4ee3\u5e01\u5316\u53d1\u884c\uff0c\u5e76\u8ba1\u5212\u5c06\u7ebd\u7ea6\u5546\u4e1a\u5730\u4ea7\u7684\u79df\u91d1\u6536\u76ca\u6743\u62c6\u5206\u4e3a ERC-3643 \u6807\u51c6\u4ee3\u5e01\u3002Synthetix\u00a0\u5e73\u53f0\u4e5f\u6210\u529f\u5c06\u5927\u5b97\u5546\u54c1\u6307\u6570\uff08\u5982\u77f3\u6cb9\u3001\u9ec4\u91d1\u3001\u94dc\uff09\u4ee3\u5e01\u5316\uff0c\u603b\u503c\u7ea6 1 \u4ebf\u7f8e\u5143\uff0c\u901a\u8fc7\u4ee5\u592a\u574a\u5b9e\u73b0\u4ef7\u683c\u8ffd\u8e2a\uff0c\u4e3a\u6295\u8d44\u8005\u63d0\u4f9b\u95f4\u63a5\u53c2\u4e0e\u673a\u4f1a\u3002<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u4e2d\u56fd\u9999\u6e2f\u5b9e\u8df5<\/p>\n<\/li>\n<\/ul>\n<p>\u9999\u6e2f\u8bc1\u76d1\u4f1a\u5141\u8bb8 REITs \u4efd\u989d\u901a\u8bc1\u5316\uff0c\u5982\u5728\u00a0NFTChina.hk \u6295\u8d44\u7684 Munch \u9910\u996e\u521b\u4e1a\u9879\u76ee\u4e2d\uff0cMunch \u4e0e RWA.ltd \u5408\u4f5c\u8bd5\u70b9\u9910\u996e\u95e8\u5e97\u8425\u6536 NFT \u62c6\u5206\uff0c\u878d\u8d44\u5468\u671f\u7f29\u77ed 50%\u00a0\u3002Ensemble \u6c99\u76d2 2025 \u5e74\u542f\u52a8 REITs \u4ee3\u5e01\u5316\u6d4b\u8bd5\uff0c\u76ee\u6807\u5c06\u5408\u683c\u6295\u8d44\u8005\u51c6\u5165\u95e8\u69db\u4ece 100 \u4e07\u6e2f\u5143\u964d\u81f3 50 \u4e07\u6e2f\u5143\uff0c\u4ee5\u6fc0\u6d3b\u4e2d\u5c0f\u6295\u8d44\u8005\u53c2\u4e0e\u5ea6\u3002\u6b64\u5916\uff0c\u9999\u6e2f\u8bd5\u70b9 Munch \u9879\u76ee\u901a\u8fc7 \u201cUSDT \u5408\u89c4\u5151\u6362 \u5185\u5730\u5916\u5546\u72ec\u8d44\u4f01\u4e1a\uff08WOFE\uff09\u6536\u76ca\u6743\u767b\u8bb0\u201d \u673a\u5236\uff0c\u6839\u636e\u5176\u5728\u5b98\u7f51\u00a0Munch Project \u4e0a\u62ab\u9732\u7684\u6570\u636e\uff0c\u6b64\u4e3e\u5c06\u9910\u996e\u8425\u6536\u901a\u8bc1\u7684\u6d41\u52a8\u6027\u63d0\u5347 35%\u00a0\u3002<\/p>\n<p>\u968f\u7740\u4e0d\u52a8\u4ea7\u8d44\u4ea7\u5e95\u5c42\u6807\u7684\u7269\u7684\u591a\u5143\u5316\uff0c\u66f4\u591a\u7684\u4e1a\u6001\u4e5f\u5728\u7eb3\u5165\u5176\u4e2d\u30022024 \u5e74\u6717\u65b0\u79d1\u6280\u4e5f\u4e0e\u8682\u8681\u6570\u79d1\u5408\u4f5c\u5728\u9999\u6e2f\u5b8c\u6210\u4e86\u4e2d\u56fd\u9996\u5355\u57fa\u4e8e\u65b0\u80fd\u6e90\u5b9e\u4f53\u4e0d\u52a8\u4ea7 RWA\uff0c\u9879\u76ee\u5c06 9000 \u90e8\u5145\u7535\u6869\u7684\u6536\u76ca\u6743\u4ee3\u5e01\u5316\uff0c\u5c06\u5e73\u53f0\u4e0a\u8fd0\u8425\u7684\u90e8\u5206\u5145\u7535\u6869\u4f5c\u4e3a RWA \u951a\u5b9a\u8d44\u4ea7\uff0c\u57fa\u4e8e\u53ef\u4fe1\u6570\u636e\u5728\u533a\u5757\u94fe\u4e0a\u53d1\u884c \u201c\u5145\u7535\u6869\u201d \u6570\u5b57\u8d44\u4ea7\uff0c\u6bcf\u4e00\u4e2a\u6570\u5b57\u8d44\u4ea7\u4ee3\u8868\u5bf9\u5e94\u5145\u7535\u6869\u7684\u90e8\u5206\u6536\u76ca\u6743\u3002\u83b7\u5f97 1 \u4ebf\u5143\u8de8\u5883\u878d\u8d44\uff0c\u5176\u6570\u636e\u901a\u8fc7\u8682\u8681\u94fe\u4e0a\u94fe\uff0c\u5e76\u63a5\u5165\u4e24\u5730\u76d1\u7ba1\u79d1\u6280\u7cfb\u7edf\u3002\u6717\u65b0\u96c6\u56e2\u5728\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7\u7684\u63a2\u7d22\uff0c\u4e3a\u4e2d\u6e2f\u51fa\u6d77\u4f01\u4e1a\u63d0\u4f9b\u4e86\u4e00\u4e2a\u878d\u8d44\u65b0\u601d\u8def\u3002\u4ee5\u524d\u53ea\u6709\u5c11\u90e8\u5206\u51fa\u6d77\u4f01\u4e1a\u53ef\u4ee5\u901a\u8fc7\u5f53\u5730\u94f6\u884c\u8d37\u6b3e\u3001\u83b7\u5f97 VC\uff08\u98ce\u9669\u6295\u8d44\uff09\u652f\u6301\u7b49\u65b9\u5f0f\u5b8c\u6210\u6d77\u5916\u878d\u8d44\u3002\u800c\u6717\u65b0\u96c6\u56e2\u5c06 \u201c\u5145\u7535\u6869\u201d \u4f5c\u4e3a RWA \u951a\u5b9a\u8d44\u4ea7\uff0c\u8bc1\u660e\u4e86\u8de8\u5883\u8de8\u533a\u57df\u7684\u4f20\u7edf\u4f01\u4e1a\u4f9d\u7136\u53ef\u4ee5\u901a\u8fc7\u5b9e\u7269\u8d44\u4ea7\u5bf9\u5e94\u6570\u5b57\u8d44\u4ea7\uff0c\u5b9e\u73b0\u5f02\u5730\u6388\u4fe1\u3001\u878d\u8d44\u3002\u00a0(\u8bc1\u5238\u65e5\u62a5)[\u00a07\u00a0]<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u5185\u5730\u5bf9\u5e94\u63a2\u7d22<\/p>\n<\/li>\n<\/ul>\n<p>\u6df1\u5733\u4e0d\u52a8\u4ea7\u767b\u8bb0\u7cfb\u7edf\u8bd5\u70b9\u533a\u5757\u94fe\u6280\u672f\uff0c\u91c7\u53d6 30% \u4ea7\u6743\u4fe1\u606f\u4e0a\u94fe\uff0c\u63d0\u5347\u6743\u5c5e\u9a8c\u8bc1\u6548\u7387\u4e0e\u900f\u660e\u5ea6\u3002\u4f5c\u4e3a\u5177\u6709 \u201c\u4e2d\u56fd\u8840\u7edf\u201d \u7684\u4e0a\u6d77\u6811\u56fe\u533a\u5757\u94fe\u7814\u7a76\u9662 (Conflux)\uff0c\u4e5f\u8054\u5408\u8682\u8681\u6570\u79d1\u5b8c\u6210 \u201c\u5de1\u9e70\u6362\u7535\u67dc RWA\u201d \u9879\u76ee\uff0c\u5c06 4000 \u4e2a\u7ebf\u4e0b\u8bbe\u5907\u8f6c\u5316\u4e3a\u6570\u5b57\u91d1\u878d\u4ea7\u54c1\uff0c\u7531\u9999\u6e2f\u80dc\u5229\u8bc1\u5238\u62c5\u4efb\u5408\u89c4\u6258\u7ba1\u65b9\uff0c\u5b9e\u73b0\u79c1\u52df\u673a\u6784\u8de8\u5883\u8ba4\u8d2d\uff0c\u6210\u529f\u63a2\u7d22\u4e86 \u201c\u7c7b REITs\u201d \u8d44\u4ea7\u8bc1\u5238\u5316\u65b0\u8def\u5f84\u3002\u8be5\u9879\u76ee\u8bd5\u56fe\u901a\u8fc7\u7269\u8054\u7f51\u6280\u672f\u91c7\u96c6\u6362\u7535\u67dc\u8fd0\u8425\u6570\u636e\uff0c\u4e0a\u94fe\u540e\u5f62\u6210 RWA\uff0c\u5438\u5f15\u591a\u5bb6\u79c1\u52df\u673a\u6784\u8ba4\u8d2d\u3002<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u6cd5\u5f8b\u5bf9\u6bd4\u4e0e\u5408\u89c4\u8def\u5f84<\/p>\n<\/li>\n<\/ul>\n<p>\u4ece\u76ee\u524d\u7684\u60c5\u51b5\u770b\uff0c\u4e0d\u52a8\u4ea7\u4ee3\u5e01\u5316\u65b9\u5411\u7531\u4e8e\u5e95\u5c42\u8d44\u4ea7\u591a\u6570\u951a\u5b9a\u6709\u4ef7\u503c\u3001\u4f4e\u6d41\u52a8\u6027\u7684\u8d44\u4ea7\uff0c\u7ed3\u5408\u5df2\u6709\u7684\u6210\u529f\u7684\u8d44\u4ea7\u8bc1\u5238\u5316\u5386\u53f2\u7ecf\u9a8c\uff0c\u518d\u8fc7\u6e21\u5230 RWA \u4ee5\u53ca\u4e0a\u94fe\uff0c\u5177\u6709\u7ed3\u6784\u7684\u4f18\u5148\u7ea7\u3002\u91d1\u878d\u521b\u65b0\u5730\u533a\u7684\u9999\u6e2f\u5bf9\u6b64\u7c7b\u8d44\u4ea7\u7684\u6570\u5b57\u5316\u63a2\u7d22\u76d1\u7ba1\u6846\u67b6\u8f83\u7075\u6d3b\uff0c\u4f46\u5728\u5185\u5730\uff0c\u7531\u4e8e\u4ea7\u6743\u767b\u8bb0\u7cfb\u7edf\u4e0e\u94fe\u4e0a\u6570\u636e\u7684\u53f8\u6cd5\u4e92\u8ba4\u673a\u5236\u5c1a\u672a\u5b8c\u5584\uff0c\u4f7f\u5f97\u8de8\u533a\u57df\u6cd5\u5f8b\u9002\u914d\u4ecd\u5b58\u5728\u969c\u788d\u3002\u540c\u65f6\uff0c\u5185\u5730\u300a\u7269\u6743\u6cd5\u300b\u5bf9\u8d44\u4ea7\u62c6\u5206\u7684\u9650\u5236\u53ca\u8d44\u672c\u7ba1\u5236\u653f\u7b56\uff0c\u4e5f\u5bfc\u81f4\u623f\u5730\u4ea7\u901a\u8bc1\u5316\u6682\u9650\u4e8e\u8bbe\u5907\u878d\u8d44\u79df\u8d41\u7b49\u7c7b\u8bc1\u5238\u5316\u6a21\u5f0f\u3002\u5982\u6df1\u5733\u4e0d\u52a8\u4ea7\u767b\u8bb0\u7cfb\u7edf\u8bd5\u70b9\u533a\u5757\u94fe\u6280\u672f\uff0c\u867d\u80fd\u591f\u63d0\u5347\u6743\u5c5e\u9a8c\u8bc1\u6548\u7387\uff0c\u4f46\u5c1a\u672a\u89e3\u51b3\u94fe\u4e0a\u6570\u636e\u7684\u6cd5\u5f8b\u5730\u4f4d\u95ee\u9898\u3002<\/p>\n<p><img decoding=\"async\" alt=\"RWA\u8d5b\u905325\u5e74\u6700\u65b0\u7814\u62a5\uff1a\u5168\u7403\u89c6\u89d2\u4e0b\uff0cRWA \u6b63\u5982\u4f55\u517c\u987e\u6280\u672f\u3001\u76d1\u7ba1\u4e0e\u5e02\u573a\u5e73\u8861\uff1f\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250614\/cd4f3c0c9ed50c6d8ad5a4ae4156e961.jpg\"><\/p>\n<p class=\"img-desc customstyle_text\">Eddie Xin\u00a0\u81ea\u5236<\/p>\n<h3 class=\"customstyle_text\">\u300a\u4e2d\u56fd\u80fd\u6e90\u4f53\u7cfb\u78b3\u4e2d\u548c\u8def\u7ebf\u56fe\u300b\u62a5\u544a\u4e2d\u63d0\u5230\u7684\u6570\u636e\uff0c\u5168\u7403\u78b3\u5e02\u573a\u5e73\u5747\u4ea4\u6613\u6210\u672c\u5360\u6bd4\u8fbe 10%\u00a0-15%\u00a0\uff0c\u90e8\u5206\u65b0\u5174\u5e02\u573a\u8d85 20%\u00a0\uff0c\u4e25\u91cd\u524a\u5f31\u6c14\u5019\u653f\u7b56\u6548\u80fd\u3002\u4ece\u5168\u7403\u6cbb\u7406\u89c6\u89d2\uff0c\u5404\u56fd\u6b63\u4ee5\u653f\u7b56\u5de5\u5177\u91cd\u5851\u7eff\u8272\u7ecf\u6d4e\u79e9\u5e8f\u3002\u6b27\u76df\u78b3\u6392\u653e\u4ea4\u6613\u4f53\u7cfb\uff08EU ETS\uff09\u6301\u7eed\u6536\u7d27\u914d\u989d\uff0c\u5f3a\u5316\u78b3\u4ef7\u53d1\u73b0\uff1b\u4e2d\u56fd \u201c\u53cc\u78b3\u201d \u6218\u7565\u63a8\u52a8\u5168\u56fd\u78b3\u5e02\u573a\u8986\u76d6\u516b\u5927\u91cd\u70b9\u884c\u4e1a\uff0c\u5f62\u6210\u5168\u7403\u6700\u5927\u78b3\u8981\u7d20\u5e02\u573a\u3002\u540c\u65f6\uff0c\u65b0\u52a0\u5761\u3001\u745e\u58eb\u7b49\u53f8\u6cd5\u7ba1\u8f96\u533a\u901a\u8fc7\u78b3\u8d44\u4ea7\u901a\u8bc1\u5316\u7acb\u6cd5\u4e0e\u6570\u5b57\u8d44\u4ea7\u76d1\u7ba1\u6c99\u76d2\uff0c\u4e3a\u5168\u7403\u78b3\u5e02\u573a\u89c4\u5219\u521b\u65b0\u63d0\u4f9b\u5b9e\u8df5\u6837\u672c\u3002<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u56fd\u9645\u9886\u5148\u9879\u76ee<\/p>\n<\/li>\n<\/ul>\n<p>Toucan Protocol \u662f\u57fa\u4e8e\u533a\u5757\u94fe\u7684\u78b3\u4fe1\u7528\u901a\u8bc1\u5316\u534f\u8bae\uff0c\u901a\u8fc7\u5c06\u4f20\u7edf\u78b3\u4fe1\u7528\uff08\u5982 Verra \u8ba4\u8bc1\u7684 VCU\uff09\u8f6c\u5316\u4e3a\u94fe\u4e0a\u4ee3\u5e01\uff08TCO\u00a02\u3001BCT\uff09\uff0c\u65e8\u5728\u63d0\u5347\u78b3\u8d44\u4ea7\u6d41\u52a8\u6027\u4e0e\u5e02\u573a\u900f\u660e\u5ea6\u3002\u76ee\u524d\u5df2\u7d2f\u8ba1\u4ea4\u6613\u91cf\u8fbe 40 \u4ebf\u7f8e\u5143\uff0c\u4f46\u53d7\u9650\u4e8e Verra \u7684\u7269\u7406\u6ce8\u9500\u8981\u6c42\uff0c\u88ab\u8feb\u91c7\u7528 \u201c\u56fa\u5b9a\u5316\u201d \u901a\u8bc1\u6a21\u5f0f\u3002\u56e0\u4e3a Verra\uff08\u4e00\u4e2a\u7ba1\u7406\u78b3\u4fe1\u7528\u7b49\u73af\u5883\u6743\u76ca\u7684\u56fd\u9645\u7ec4\u7ec7\uff09\u6709\u5219\u89c4\u5b9a\uff1a\u5fc5\u987b\u5b9e\u5b9e\u5728\u5728\u5730\u628a\u5bf9\u5e94\u7684\u78b3\u4fe1\u7528\u7b49\u6743\u76ca\u4ece\u7cfb\u7edf\u91cc\u5f7b\u5e95\u5220\u9664\uff08\u5c31\u50cf \u201c\u7269\u7406\u9500\u6bc1\u201d \u4e00\u5f20\u7eb8\u4e00\u6837\uff09\uff0c\u6ca1\u6cd5\u7528\u666e\u901a\u7684\u6570\u5b57\u901a\u8bc1\u968f\u65f6\u62c6\u5206\u3001\u8f6c\u79fb\u6216\u53d8\u52a8\u3002\u6240\u4ee5\u53ea\u80fd\u91c7\u7528\u4e00\u79cd \u201c\u56fa\u5b9a\u5316\u201d \u7684\u901a\u8bc1\u6a21\u5f0f \uff1a\u628a\u8fd9\u4e9b\u6743\u76ca\u505a\u6210\u56fa\u5b9a\u6570\u91cf\u3001\u4e0d\u80fd\u968f\u610f\u62c6\u5206\u6216\u4fee\u6539\u7684\u6570\u5b57\u901a\u8bc1\uff0c\u5c31\u50cf\u628a\u4e00\u5806\u786c\u5e01\u6346\u6210\u4e00\u6574\u6346\uff0c\u53ea\u80fd\u6574\u6346\u4ea4\u6613\uff0c\u4e0d\u80fd\u62c6\u5f00\u5355\u4e2a\u4f7f\u7528\uff0c\u4ee5\u6b64\u6ee1\u8db3 Verra \u201c\u5fc5\u987b\u5f7b\u5e95\u6ce8\u9500\u201d \u7684\u8981\u6c42\u3002\u3002Klima DAO \u901a\u8fc7\u78b3\u4fe1\u7528\u8d28\u62bc\u673a\u5236\u63a8\u52a8\u51cf\u6392\uff0c\u4f46\u5b58\u5728\u78b3\u62b5\u6d88\u91cd\u590d\u8ba1\u7b97\u98ce\u9669\uff0c\u9700\u4f9d\u8d56\u7b2c\u4e09\u65b9\u673a\u6784\u5ba1\u8ba1\u9a8c\u8bc1\u3002\u800c\u5728 2024 \u5e74 6 \u6708\uff0cGold Standard \u516c\u544a\u79f0\u6b63\u5728\u5236\u5b9a\u78b3\u4fe1\u7528\u901a\u8bc1\u5316\u7684\u53c2\u8003\u6807\u51c6\uff0c\u5c06\u6db5\u76d6\u6280\u672f\u5b89\u5168\u3001\u8fd0\u8425\u5408\u89c4\u7b49\u65b9\u9762\u3002\u4ee5\u4e0a\u9879\u76ee\u5747\u6210\u529f\u53cd\u6620\u5e76\u6fc0\u6d3b\u4e86\u94fe\u4e0a\u78b3\u5e02\u573a\u7684\u6d41\u52a8\u6027\u9700\u6c42\u3002[\u00a08\u00a0]<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u4e2d\u56fd\u9999\u6e2f\u5b9e\u8df5<\/p>\n<\/li>\n<\/ul>\n<p>\u9999\u6e2f\u8682\u8681\u6570\u79d1\u6784\u5efa\u7684\u4ee3\u5e01\u5316\u5e73\u53f0\u5b9e\u73b0\u78b3\u4fe1\u7528\u4e0e\u7eff\u8272\u503a\u5238\u7684\u8d27\u94f6\u5bf9\u4ed8\uff08DvP\uff09\u4ea4\u6613\uff0c\u00a02025 \u5e74\u5b8c\u6210\u5df4\u897f\u6237\u7528\u5149\u4f0f\u9879\u76ee\u7684\u533a\u5757\u94fe\u7eff\u8bc1\u8de8\u5883\u4ea4\u6613\uff08\u9996\u671f\u89c4\u6a21 2.2 \u4ebf\u96f7\u4e9a\u5c14\uff09\uff0c\u6210\u529f\u6253\u901a\u56fd\u9645\u78b3\u5e02\u573a\u4e0e\u65b0\u5174\u7ecf\u6d4e\u4f53\u7684\u8fde\u63a5\u901a\u9053 [\u00a09\u00a0]\u3002\u8be5\u5e73\u53f0\u540c\u6b65\u652f\u6491\u56fd\u5185\u9996\u5355\u6237\u7528\u5149\u4f0f RWA \u9879\u76ee\u843d\u5730\u2014\u2014\u534f\u946b\u80fd\u79d1\u8054\u5408\u8682\u8681\u6570\u79d1\u5c06\u6c5f\u82cf\u3001\u5b89\u5fbd\u7b49\u5730 82\u00a0MW \u5206\u5e03\u5f0f\u7535\u7ad9\u8d44\u4ea7\u901a\u8bc1\u5316\uff0c\u901a\u8fc7\u7269\u8054\u7f51\u8bbe\u5907\u5b9e\u65f6\u8ffd\u8e2a\u53d1\u7535\u6570\u636e\uff0c\u53ef\u4ee5\u4e3a\u5883\u5916\u6295\u8d44\u8005\u63d0\u4f9b\u5e74\u5316 6.8% \u7684\u7a33\u5b9a\u6536\u76ca\u3002<\/p>\n<p>\u9999\u6e2f\u91d1\u7ba1\u5c40\u5c06\u78b3\u4fe1\u7528\u7eb3\u5165 Ensemble \u6c99\u76d2\u6838\u5fc3\u8bd5\u70b9\u9886\u57df\uff0c\u63a8\u52a8\u56fd\u9645\u78b3\u5e02\u573a\u89c4\u5219\u517c\u5bb9\u6027\u3002\u57fa\u4e8e\u6c99\u76d2\u653f\u7b56\uff0c\u4eac\u4e1c\u79d1\u6280\u4e5f\u5927\u4e3e\u8fdb\u519b Web3 \u751f\u6001\u4f4d\uff0c\u63a8\u51fa\u6e2f\u5143\u7a33\u5b9a\u5e01 JDHKD\uff0c\u4e3a RWA \u8de8\u5883\u7ed3\u7b97\u63d0\u4f9b\u4f4e\u6469\u64e6\u901a\u9053\uff1bSui \u516c\u94fe\u5219\u4e0e\u8682\u8681\u6570\u79d1\u5171\u5efa ESG \u8d44\u4ea7\u534f\u8bae\u5c42\uff0c\u5b9e\u73b0\u78b3\u51cf\u6392\u91cf\u4e0e\u7eff\u8272\u503a\u5238\u7684\u94fe\u4e0a\u951a\u5b9a\u53d1\u884c\uff0c\u5c06\u4ea4\u6613\u7ed3\u7b97\u8017\u65f6\u4ece\u4f20\u7edf T \u00a03 \u7f29\u77ed\u81f3 15 \u5206\u949f\u3002<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u5185\u5730\u5bf9\u5e94\u63a2\u7d22<\/p>\n<\/li>\n<\/ul>\n<p>\u4e2d\u56fd\u4f5c\u4e3a\u78b3\u4e2d\u548c\u653f\u7b56\u7684\u4e3b\u8981\u63a8\u8fdb\u533a\u57df\uff0c\u5728\u78b3\u6743\u9886\u57df\u7684\u6570\u5b57\u5316\u63a2\u7d22\u4e5f\u6b65\u5165\u4e16\u754c\u524d\u5217\u3002\u5982\u4e0a\u6d77\u73af\u5883\u80fd\u6e90\u4ea4\u6613\u6240\u542f\u52a8\u533a\u5757\u94fe\u78b3\u4ea4\u6613\u5e73\u53f0\uff082025 \u5e74\uff09\uff0c\u5b9e\u73b0\u5168\u56fd\u78b3\u5e02\u573a\u914d\u989d\u7684\u94fe\u4e0a\u767b\u8bb0\u4e0e\u4ea4\u6613\u3002\u6807\u5fd7\u6027\u673a\u6784\u9879\u76ee\u5982\uff1a\u5de6\u5cb8\u82af\u6167\u519c\u4e1a RWA \u9879\u76ee\u6574\u5408\u519c\u4ea7\u54c1\u6570\u636e\u4e0e\u78b3\u4fe1\u7528\uff0c\u901a\u8fc7 \u201c\u533a\u5757\u94fe   \u7269\u8054\u7f51\u201d \u6280\u672f\u5b8c\u6210 1000 \u4e07\u5143\u878d\u8d44\uff0c\u63a2\u7d22\u519c\u4e1a\u78b3\u8d44\u4ea7\u4e0e\u5b9e\u4f53\u4ea7\u4e1a\u878d\u5408\u8def\u5f84\u3002\u300a\u6e29\u5ba4\u6c14\u4f53\u81ea\u613f\u51cf\u6392\u4ea4\u6613\u7ba1\u7406\u529e\u6cd5\u300b\u660e\u786e\u5141\u8bb8\u9879\u76ee\u7ea7\u78b3\u8d44\u4ea7\u4e0a\u94fe\uff0c\u4e3a\u78b3\u4fe1\u7528\u901a\u8bc1\u5316\u63d0\u4f9b\u653f\u7b56\u652f\u6301\u3002\u53ef\u4ee5\u770b\u51fa\uff0c\u4e2d\u56fd\u5185\u5730\u5bf9\u4e8e\u78b3\u6743\u5e02\u573a\u7684\u7ba1\u7406\u63a2\u7d22\uff0c\u4e1d\u6beb\u4e0d\u56de\u907f\u5bf9\u533a\u5757\u94fe\u7ed3\u7b97\u65b9\u6848\u7684\u4f7f\u7528\uff0c\u5728\u8fd9\u4e9b\u7279\u5b9a\u7684\u573a\u666f\u4e0b\uff0c\u968f\u7740\u5e94\u7528\u573a\u666f\u7684\u88ab\u52a8\u9700\u6c42\u589e\u52a0\uff0c\u76f8\u4fe1\u4e2d\u56fd\u5185\u5730\u4e5f\u5c06\u7ee7\u7eed\u6301\u5f00\u653e\u6001\u5ea6\u5728\u533a\u5757\u94fe\u6280\u672f\u9886\u57df\u8fdb\u884c\u4e3b\u52a8\u63a2\u7d22\u3002<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u6cd5\u5f8b\u5bf9\u6bd4\u4e0e\u5408\u89c4\u8def\u5f84<\/p>\n<\/li>\n<\/ul>\n<p>\u9999\u6e2f\u4f5c\u4e3a\u5168\u7403\u91d1\u878d\u521b\u65b0\u7684\u4e2d\u5fc3\uff0c\u5728\u524d\u6cbf\u7684\u91d1\u878d\u79d1\u6280\u63a2\u7d22\u4e0a\u66f4\u4fbf\u4e8e\u5bf9\u63a5 Verra\u3001Gold Standard \u7b49\u5168\u7403\u4e3b\u6d41\u7b7e\u53d1\u5e73\u53f0\uff0c\u4f46\u90e8\u5206\u56fd\u9645\u5e73\u53f0\u4ecd\u5177\u6709\u8de8\u5883\u901a\u8bc1\u5316\u7684\u6d41\u7a0b\u9650\u5236\uff08\u5982\u7269\u7406\u6ce8\u9500\u8981\u6c42\uff09\uff0c\u589e\u52a0\u4e86\u5408\u89c4\u64cd\u4f5c\u590d\u6742\u5ea6\u3002\u5185\u5730\u78b3\u8d44\u4ea7\u89c4\u6a21\u5168\u7403\u9886\u5148\uff0c\u4f46\u56fd\u9645\u4e92\u8ba4\u6807\u51c6\u7f3a\u5931\uff0c\u78b3\u4fe1\u7528\u901a\u8bc1\u5316\u6682\u9650\u4e8e\u5883\u5185\u95ed\u73af\u4ea4\u6613\uff0c\u9700\u63a8\u52a8\u4e0e\u56fd\u9645\u89c4\u5219\u7684\u5bf9\u63a5\u534f\u8c03\u3002\u4f8b\u5982\uff0c\u4e0a\u6d77\u73af\u5883\u80fd\u6e90\u4ea4\u6613\u6240\u7684\u533a\u5757\u94fe\u78b3\u4ea4\u6613\u5e73\u53f0\u867d\u53ef\u4ee5\u5b9e\u73b0\u94fe\u4e0a\u767b\u8bb0\uff0c\u4f46\u8de8\u5883\u4ea4\u6613\u4ecd\u9700\u4f9d\u8d56\u4f20\u7edf\u673a\u5236\u3002<\/p>\n<p>\u5185\u5730\u78b3\u4fe1\u7528\u5e02\u573a\u4ee5\u300a\u78b3\u6392\u653e\u6743\u4ea4\u6613\u7ba1\u7406\u6682\u884c\u6761\u4f8b\u300b\u4e3a\u6838\u5fc3\uff0c\u7531\u751f\u6001\u73af\u5883\u90e8\u7edf\u7b79\u76d1\u7ba1\uff0c\u901a\u8fc7\u6ce8\u518c\u767b\u8bb0\u3001\u914d\u989d\u5206\u914d\u4e0e\u51cf\u6392\u91cf\u6838\u8bc1\u4f53\u7cfb\uff0c\u89c4\u8303\u91cd\u70b9\u6392\u653e\u5355\u4f4d\u4ea4\u6613\u884c\u4e3a\u3002\u4f46\u5728\u78b3\u4fe1\u7528\u901a\u8bc1\u5316\u9886\u57df\uff0c\u5c1a\u672a\u51fa\u53f0\u4e13\u9879\u6cd5\u89c4\uff0c\u4ecd\u9700\u4f9d\u6258\u73b0\u6709\u78b3\u5e02\u573a\u89c4\u5219\u63a2\u7d22\u5408\u89c4\u8fb9\u754c\u3002<\/p>\n<p>\u9999\u6e2f\u5219\u4f9d\u6258\u300a\u8bc1\u5238\u53ca\u671f\u8d27\u6761\u4f8b\u300b\u6784\u5efa\u7075\u6d3b\u76d1\u7ba1\u6846\u67b6\uff0c\u91c7\u7528\u529f\u80fd\u76d1\u7ba1\u6a21\u5f0f\uff1a\u82e5\u78b3\u4fe1\u7528\u901a\u8bc1\u5177\u5907\u8bc1\u5238\u5c5e\u6027\uff08\u5982\u6536\u76ca\u6743\u51ed\u8bc1\uff09\uff0c\u9700\u6309\u8bc1\u5238\u53d1\u884c\u7a0b\u5e8f\u63d0\u4ea4\u62db\u80a1\u4e66\uff1b\u82e5\u4e3a\u5b9e\u7528\u578b\u901a\u8bc1\uff0c\u5219\u9700\u6ee1\u8db3\u53cd\u6d17\u94b1\uff08AML\uff09\u4e0e\u5ba2\u6237\u8eab\u4efd\u8bc6\u522b\uff08KYC\uff09\u8981\u6c42\u3002\u9999\u6e2f\u91d1\u7ba1\u5c40\u901a\u8fc7 \u201cEnsemble \u6c99\u76d2\u201d \u4e3a\u533a\u5757\u94fe\u91d1\u878d\u521b\u65b0\u63d0\u4f9b\u6d4b\u8bd5\u7a7a\u95f4\uff0c\u5728\u98ce\u9669\u53ef\u63a7\u524d\u63d0\u4e0b\u63a8\u52a8\u78b3\u4fe1\u7528\u901a\u8bc1\u5316\u8bd5\u70b9\u3002<\/p>\n<p>\u5185\u5730\u4f01\u4e1a\u8d74\u6e2f\u5f00\u5c55\u78b3\u4fe1\u7528\u901a\u8bc1\u5316\u4e1a\u52a1\uff0c\u9700\u91cd\u70b9\u5173\u6ce8\u4e09\u91cd\u5408\u89c4\u8981\u70b9\uff1a\u4e00\u662f\u8d44\u4ea7\u5408\u89c4\u6027\uff0c\u9009\u62e9\u7ecf\u751f\u6001\u73af\u5883\u90e8\u5907\u6848\u7684 CCER \u7b49\u4f18\u8d28\u78b3\u8d44\u4ea7\uff1b\u4e8c\u662f\u67b6\u6784\u5408\u89c4\u6027\uff0c\u901a\u8fc7\u8bbe\u7acb\u7279\u6b8a\u76ee\u7684\u8f7d\u4f53\uff08SPV\uff09\u5b8c\u6210 ODI(ODI \u5373\u5bf9\u5916\u76f4\u63a5\u6295\u8d44\u3014Outward Direct Investment\u3015\uff0c\u6307\u6211\u56fd\u4f01\u4e1a\u3001\u56e2\u4f53\u5728\u56fd\u5916\u53ca\u6e2f\u6fb3\u53f0\u5730\u533a\uff0c\u901a\u8fc7\u73b0\u91d1\u3001\u5b9e\u7269\u3001\u65e0\u5f62\u8d44\u4ea7\u7b49\u65b9\u5f0f\u6295\u8d44\uff0c\u4ee5\u638c\u63a7\u56fd\u3014\u5883\u3015\u5916\u4f01\u4e1a\u7ecf\u8425\u7ba1\u7406\u6743\u4e3a\u6838\u5fc3\u7684\u7ecf\u6d4e\u6d3b\u52a8 \uff0c\u662f\u4e2d\u56fd\u4f01\u4e1a \u201c\u8d70\u51fa\u53bb\u201d \u6218\u7565\u7684\u5173\u952e\u90e8\u5206) \u6216\u5916\u503a\u5907\u6848\uff0c\u5b9e\u73b0\u8de8\u5883\u8d44\u91d1\u5408\u89c4\u6d41\u52a8\uff1b\u4e09\u662f\u4e1a\u52a1\u5408\u89c4\u6027\uff0c\u4f9d\u636e\u901a\u8bc1\u5c5e\u6027\u5c65\u884c\u76f8\u5e94\u5ba1\u6279\u7a0b\u5e8f\uff0c\u91c7\u7528\u901a\u8fc7\u5b89\u5168\u5ba1\u8ba1\u7684\u533a\u5757\u94fe\u6280\u672f\uff0c\u59d4\u6258 1 \u53f7\u724c\u5238\u5546\u627f\u9500\u3001\u00a09 \u53f7\u724c\u673a\u6784\u6258\u7ba1\uff0c\u5e76\u9075\u5faa\u9999\u6e2f\u8bc1\u76d1\u4f1a\u4fe1\u606f\u62ab\u9732\u8981\u6c42\u3002<\/p>\n<p><img decoding=\"async\" alt=\"RWA\u8d5b\u905325\u5e74\u6700\u65b0\u7814\u62a5\uff1a\u5168\u7403\u89c6\u89d2\u4e0b\uff0cRWA \u6b63\u5982\u4f55\u517c\u987e\u6280\u672f\u3001\u76d1\u7ba1\u4e0e\u5e02\u573a\u5e73\u8861\uff1f\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250614\/fd2c463a26a1be877f0847a21ea52e97.jpg\"><\/p>\n<p class=\"img-desc customstyle_text\">Eddie\u00a0\u81ea\u5236\uff08\u9999\u6e2f RWA \u4e1a\u52a1\u76f8\u5173\u673a\u6784\u724c\u7167\u7684\u5bf9\u6bd4\u8868\u683c\uff09<\/p>\n<p>\u623f\u5730\u4ea7\u901a\u8bc1\u5316\u7684\u6743\u5c5e\u4e89\u8bae\uff0c\u63ed\u793a\u4e86\u7269\u7406\u8d44\u4ea7\u6620\u5c04\u81f3\u94fe\u4e0a\u4ef7\u503c\u7684\u4e3b\u6743\u535a\u5f08\u672c\u8d28\u3002\u78b3\u4fe1\u7528\u901a\u8bc1\u5316\u5219\u8fdb\u4e00\u6b65\u5c06\u8fd9\u4e00\u77db\u76fe\u5ef6\u4f38\u81f3\u73af\u5883\u91d1\u878d\u9886\u57df\uff0c\u8feb\u4f7f\u5e02\u573a\u5728\u8de8\u5883\u5408\u89c4\u4e0e\u56fd\u9645\u6807\u51c6\u4e92\u8ba4\u95f4\u5bfb\u6c42\u7834\u5c40\u3002<\/p>\n<p><img decoding=\"async\" alt=\"RWA\u8d5b\u905325\u5e74\u6700\u65b0\u7814\u62a5\uff1a\u5168\u7403\u89c6\u89d2\u4e0b\uff0cRWA \u6b63\u5982\u4f55\u517c\u987e\u6280\u672f\u3001\u76d1\u7ba1\u4e0e\u5e02\u573a\u5e73\u8861\uff1f\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250614\/bc367c7d5235f77059dba02975cd76ae.jpg\"><\/p>\n<p class=\"img-desc customstyle_text\">\u56fe\u8868 9\u00a0\uff0c\u56fe\u6e90\uff1aWeb3\u00a0Caff Research \u7814\u7a76\u5458<\/span>Eddie<span>\u00a0\u81ea\u5236\uff08\u4e2d\u6e2f\u78b3\u5e02\u573a\u5168\u7ef4\u5ea6\u5bf9\u6bd4\uff09<\/span><\/p>\n<h2 class=\"customstyle_text\">\u6280\u672f\u2014\u76d1\u7ba1\u534f\u540c\u7684\u7a81\u7834\u4e0e\u51b2\u7a81<\/h2>\n<p>\u5728\u6570\u5b57\u7ecf\u6d4e\u91cd\u6784\u5168\u7403\u91d1\u878d\u751f\u6001\u7684\u65f6\u4ee3\u8bed\u5883\u4e0b\uff0c\u6280\u672f\u521b\u65b0\u4e0e\u76d1\u7ba1\u6846\u67b6\u7684\u52a8\u6001\u535a\u5f08\u5df2\u6210\u4e3a\u9a71\u52a8\u91d1\u878d\u4f53\u7cfb\u53d8\u9769\u7684\u6838\u5fc3\u5f15\u64ce\u3002\u4ee5\u533a\u5757\u94fe\u3001\u667a\u80fd\u5408\u7ea6\u4e3a\u4ee3\u8868\u7684\u5206\u5e03\u5f0f\u6280\u672f\uff0c\u901a\u8fc7\u6784\u5efa\u53bb\u4e2d\u5fc3\u5316\u7684\u4ef7\u503c\u6d41\u8f6c\u7f51\u7edc\uff0c\u5bf9\u4f20\u7edf\u91d1\u878d\u76d1\u7ba1\u7684\u7a7f\u900f\u5f0f\u7ba1\u7406\u3001\u5c5e\u5730\u5316\u7ea6\u675f\u53ca\u5408\u89c4\u5ba1\u67e5\u673a\u5236\u53d1\u8d77\u4e86\u7cfb\u7edf\u6027\u6311\u6218\u3002\u4f46\u5728\u4e3b\u6743\u503a\u52a1\u4ee3\u5e01\u5316\u3001\u4e0d\u52a8\u4ea7\u8d44\u4ea7\u901a\u8bc1\u5316\u53ca\u78b3\u4fe1\u7528\u6570\u5b57\u5316\u7b49\u524d\u6cbf\u9886\u57df\uff0c\u6280\u672f\u521b\u65b0\u5e26\u6765\u7684\u4ea4\u6613\u6548\u7387\u63d0\u5347\uff08\u5982 T \u00a00 \u5b9e\u65f6\u7ed3\u7b97\uff09\u3001\u98ce\u9669\u5206\u6563\u4f18\u5316\uff08\u5982\u8d44\u4ea7\u788e\u7247\u5316\u4ea4\u6613\uff09\u4e0e\u76d1\u7ba1\u5c42\u7ef4\u62a4\u5e02\u573a\u7a33\u5b9a\u3001\u9632\u8303\u7cfb\u7edf\u6027\u98ce\u9669\u7684\u6838\u5fc3\u8bc9\u6c42\u65e2\u5b58\u5728\u534f\u540c\u521b\u65b0\u7684\u53ef\u80fd\uff0c\u4e5f\u9762\u4e34\u7740\u89c4\u5219\u51b2\u7a81\u7684\u56f0\u5883\u3002\u8fd9\u79cd\u77db\u76fe\u672c\u8d28\u4e0a\u53cd\u6620\u4e86\u6280\u672f\u5e95\u5c42\u903b\u8f91\u4e0e\u5236\u5ea6\u9876\u5c42\u8bbe\u8ba1\u7684\u8303\u5f0f\u5dee\u5f02 \u2014\u2014 \u524d\u8005\u5f3a\u8c03\u4ee3\u7801\u5373\u6cd5\u5f8b\u7684\u81ea\u52a8\u5316\u6267\u884c\uff0c\u540e\u8005\u4f9d\u8d56\u79d1\u5c42\u5236\u89c4\u5219\u7684\u6743\u5a01\u6027\u7ea6\u675f\u3002\u5256\u6790\u6280\u672f\u4e0e\u76d1\u7ba1\u534f\u540c\u8fc7\u7a0b\u4e2d\u7684\u7a81\u7834\u8def\u5f84\u4e0e\u51b2\u7a81\u7126\u70b9\uff0c\u4e0d\u4ec5\u5173\u4e4e\u65b0\u5174\u91d1\u878d\u4e1a\u52a1\u7684\u5408\u89c4\u53d1\u5c55\uff0c\u66f4\u662f\u6784\u5efa\u9002\u5e94\u6570\u5b57\u7ecf\u6d4e\u65f6\u4ee3\u7684\u91d1\u878d\u6cbb\u7406\u65b0\u79e9\u5e8f\u3001\u5b9e\u73b0\u521b\u65b0\u6fc0\u52b1\u4e0e\u98ce\u9669\u7ba1\u63a7\u52a8\u6001\u5e73\u8861\u7684\u5173\u952e\u547d\u9898\u3002<\/p>\n<h3 class=\"customstyle_text\">\n<li>\n<p>\u5168\u7403\u524d\u6cbf\u5b9e\u8df5<\/p>\n<\/li>\n<\/ul>\n<p>\u65b0\u52a0\u5761\u91d1\u7ba1\u5c40\uff08MAS\uff09\u4e3b\u5bfc\u7684\u00a0Project Guardian\uff0c\u4f5c\u4e3a\u5168\u7403\u91d1\u878d\u79d1\u6280\u76d1\u7ba1\u6c99\u76d2\u7684\u6807\u6746\u9879\u76ee\uff0c\u6df1\u5ea6\u805a\u7126\u533a\u5757\u94fe\u6280\u672f\u5728\u8de8\u5883\u91d1\u878d\u4ea4\u6613\u9886\u57df\u7684\u5e94\u7528\u521b\u65b0\u3002\u8be5\u8bd5\u70b9\u9879\u76ee\u7531\u6469\u6839\u5927\u901a\u3001\u661f\u5c55\u94f6\u884c\u548c Marketnode \u7275\u5934\uff0c\u6700\u521d\u662f\u7531\u6de1\u9a6c\u9521\u548c\u65b0\u52a0\u5761\u4ea4\u6613\u6240\uff08SGX\uff09\u4e8e 2022 \u5e74 6 \u6708\u6210\u7acb\u7684\u6570\u5b57\u8d44\u4ea7\u5408\u8d44\u4f01\u4e1a\uff0c\u5fb7\u610f\u5fd7\u94f6\u884c\u4e8e 2024 \u5e74 5 \u6708\u52a0\u5165\u8be5\u9879\u76ee\uff0c\u63a2\u7d22\u8d44\u4ea7\u4ee3\u5e01\u5316\u5e94\u7528\u3002\u7a46\u8fea\u5ba3\u5e03\u53c2\u4e0e Guardian \u9879\u76ee\uff0c\u8ba1\u5212\u4e8e 2024 \u5e74\u63a2\u7d22\u8d44\u4ea7\u4ee3\u5e01\u5316\u3002\u5728\u9879\u76ee\u5b9e\u8df5\u4e2d\uff0c\u901a\u8fc7\u5f15\u5165 Chainlink \u9884\u8a00\u673a\u8fd9\u4e00\u5173\u952e\u6280\u672f\u7ec4\u4ef6\uff0c\u6210\u529f\u642d\u5efa\u8d77\u8fde\u63a5\u94fe\u4e0b\u73b0\u5b9e\u4e16\u754c\u6570\u636e\u4e0e\u94fe\u4e0a\u667a\u80fd\u5408\u7ea6\u7684\u6865\u6881\u3002\u4f20\u7edf\u8de8\u5883\u7ed3\u7b97\u56e0\u591a\u65b9\u53c2\u4e0e\u3001\u4fe1\u606f\u4e0d\u5bf9\u79f0\uff0c\u5b58\u5728\u6d41\u7a0b\u5197\u957f\u3001\u6210\u672c\u9ad8\u6602\u7684\u95ee\u9898\uff0c\u800c Chainlink \u9884\u8a00\u673a\u51ed\u501f\u5176\u53bb\u4e2d\u5fc3\u5316\u7684\u8282\u70b9\u7f51\u7edc\u548c\u6570\u636e\u805a\u5408\u673a\u5236\uff0c\u53ef\u5b9e\u65f6\u9a8c\u8bc1\u8d38\u6613\u878d\u8d44\u4e2d\u7684\u8d27\u7269\u72b6\u6001\u3001\u6c47\u7387\u53d8\u52a8\u7b49\u5173\u952e\u4fe1\u606f\uff0c\u6709\u671b\u5c06\u8de8\u5883\u7ed3\u7b97\u7684\u6210\u672c\u5927\u5e45\u964d\u4f4e \uff0c\u4ea4\u6613\u8017\u65f6\u4ece\u884c\u4e1a\u6807\u51c6\u7684 \u201cT \u00a02\u00a0\u201d \u6a21\u5f0f\uff08\u4ea4\u6613\u540e\u7b2c\u4e8c\u4e2a\u5de5\u4f5c\u65e5\u7ed3\u7b97\uff09\u5927\u5e45\u7f29\u77ed\u81f3\u5206\u949f\u7ea7\uff0c\u663e\u8457\u63d0\u5347\u4e86\u8de8\u5883\u91d1\u878d\u4ea4\u6613\u7684\u6548\u7387\u4e0e\u900f\u660e\u5ea6\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u9ad8\u9891\u6b21\u3001\u5927\u89c4\u6a21\u7684\u94fe\u4e0a\u4ea4\u6613\u53ef\u80fd\u5f15\u53d1\u6d41\u52a8\u6027\u98ce\u9669\uff0c\u751a\u81f3\u5a01\u80c1\u91d1\u878d\u5e02\u573a\u7a33\u5b9a\u3002\u4e3a\u6b64\uff0c\u65b0\u52a0\u5761\u91d1\u7ba1\u5c40\u91c7\u53d6\u4e86\u52a8\u6001\u76d1\u7ba1\u7b56\u7565\uff0c\u521b\u65b0\u6027\u5730\u8bbe\u7f6e\u4e86\u4ea4\u6613\u9650\u901f\u89c4\u5219\uff1a\u5f53\u94fe\u4e0a\u4ea4\u6613\u91cf\u7a81\u7834\u65e5\u5747\u9608\u503c\u65f6\uff0c\u7cfb\u7edf\u5c06\u81ea\u52a8\u89e6\u53d1\u667a\u80fd\u5408\u7ea6\uff0c\u5bf9\u5355\u7b14\u4ea4\u6613\u89c4\u6a21\u8fdb\u884c\u9650\u5236\uff0c\u540c\u65f6\u8981\u6c42\u76f8\u5173\u91d1\u878d\u673a\u6784\u63d0\u4ea4\u989d\u5916\u7684\u6d41\u52a8\u6027\u98ce\u9669\u8bc4\u4f30\u62a5\u544a\u3002Project Guardian \u8bd5\u70b9\u9879\u76ee\u7684\u4e3b\u8981\u76ee\u6807\u662f\u6784\u5efa\u4e00\u4e2a\u8de8\u5883\u53d1\u884c\u4ee3\u5e01\u5316\u8bc1\u5238\u7684\u6846\u67b6\u3002\u7531\u4e8e\u94f6\u884c\u4f53\u7cfb\u548c\u76d1\u7ba1\u9650\u5236\u7684\u5dee\u5f02\uff0c\u8fd9\u4e00\u6846\u67b6\u901a\u5e38\u8f83\u4e3a\u590d\u6742\u3002\u901a\u8fc7\u533a\u5757\u94fe\u7f51\u7edc\u6267\u884c\u4ee3\u5e01\u5316\u8d44\u4ea7\uff0c\u53ef\u4ee5\u4f7f\u4ea4\u6613\u66f4\u52a0\u8f7b\u677e\u3001\u5feb\u6377\u548c\u5b89\u5168\u3002<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u4e2d\u6e2f\u7279\u8272\u63a2\u7d22<\/p>\n<\/li>\n<\/ul>\n<p>\u5728\u5168\u7403\u91d1\u878d\u79d1\u6280\u9769\u65b0\u6d6a\u6f6e\u4e0b\uff0c\u4e2d\u56fd\u5185\u5730\u4e0e\u9999\u6e2f\u5730\u533a\u57fa\u4e8e\u81ea\u8eab\u653f\u7b56\u4f53\u7cfb\u4e0e\u5e02\u573a\u57fa\u7840\uff0c\u5728\u6280\u672f\u4e0e\u76d1\u7ba1\u534f\u540c\u9886\u57df\u5c55\u5f00\u5dee\u5f02\u5316\u63a2\u7d22\uff0c\u65e2\u5c55\u73b0\u51fa\u521b\u65b0\u7a81\u7834\u7684\u6d3b\u529b\uff0c\u4e5f\u66b4\u9732\u51fa\u89c4\u5219\u8854\u63a5\u7684\u6df1\u5c42\u77db\u76fe\u3002<\/p>\n<p>\u5185\u5730\u4f9d\u6258 \u201c\u76d1\u7ba1\u6c99\u76d2\u201d \u673a\u5236\u4e0e\u9876\u5c42\u8bbe\u8ba1\u4f18\u52bf\uff0c\u5728\u6570\u5b57\u4eba\u6c11\u5e01\uff08e-CNY\uff09\u8bd5\u70b9\u4e2d\u5b9e\u73b0\u6280\u672f\u4e0e\u76d1\u7ba1\u7684\u6df1\u5ea6\u8026\u5408\u3002\u901a\u8fc7 \u201c\u53cc\u5c42\u8fd0\u8425\u201d \u67b6\u6784\uff0c\u592e\u884c\u4e3b\u5bfc\u6280\u672f\u6807\u51c6\u4e0e\u5e95\u5c42\u534f\u8bae\uff0c\u5546\u4e1a\u94f6\u884c\u53ca\u79d1\u6280\u516c\u53f8\u8d1f\u8d23\u573a\u666f\u843d\u5730\uff0c\u65e2\u4fdd\u969c\u8d27\u5e01\u53d1\u884c\u6743\u96c6\u4e2d\u6027\uff0c\u53c8\u501f\u52a9\u533a\u5757\u94fe\u5206\u5e03\u5f0f\u8d26\u672c\u5b9e\u73b0\u4ea4\u6613\u6570\u636e\u7684\u5b9e\u65f6\u53ef\u8ffd\u6eaf\u3002\u6839\u636e\u00a0\u300a\u7ecf\u6d4e\u65e5\u62a5\u300b\u6700\u65b0\u62a5\u9053\uff0c\u622a\u81f3 2024 \u5e74\u672b\uff0c\u6570\u5b57\u4eba\u6c11\u5e01\u8bd5\u70b9\u573a\u666f\u7a81\u7834 1.5 \u4ebf\u4e2a\uff0c\u4ea4\u6613\u91d1\u989d\u8d85 8.7 \u4e07\u4ebf\u5143\uff0c\u5728\u96f6\u552e\u652f\u4ed8\u9886\u57df\u6784\u5efa\u8d77 \u201c\u6280\u672f\u8d4b\u80fd \u2013 \u76d1\u7ba1\u5408\u89c4\u201d \u7684\u6b63\u5411\u5faa\u73af\u3002\u7136\u800c\uff0c\u8de8\u533a\u57df\u6570\u636e\u6cbb\u7406\u6807\u51c6\u5dee\u5f02\u4e0e\u667a\u80fd\u5408\u7ea6\u6cd5\u5f8b\u8ba4\u5b9a\u6a21\u7cca\uff0c\u5bfc\u81f4\u90e8\u5206\u573a\u666f\u51fa\u73b0\u76d1\u7ba1\u5957\u5229\u7a7a\u95f4\u3002\u4f8b\u5982\uff0c\u8de8\u5883\u8d38\u6613\u4e2d\u4e0d\u540c\u53f8\u6cd5\u7ba1\u8f96\u533a\u5bf9\u667a\u80fd\u5408\u7ea6\u5c65\u7ea6\u6548\u529b\u7684\u8ba4\u5b9a\u5206\u6b67\uff0c\u4f7f\u5f97\u4f9b\u5e94\u94fe\u91d1\u878d\u7684\u81ea\u52a8\u5316\u7ed3\u7b97\u5b58\u5728\u5408\u89c4\u98ce\u9669\u3002<\/p>\n<p>\u9999\u6e2f\u5219\u51ed\u501f\u666e\u901a\u6cd5\u4f53\u7cfb\u4e0e\u56fd\u9645\u91d1\u878d\u4e2d\u5fc3\u5730\u4f4d\uff0c\u5728\u865a\u62df\u8d44\u4ea7\u76d1\u7ba1\u65b9\u9762\u8d70\u51fa\u81ea\u6709\u8def\u5f84\u30022023 \u5e74\u751f\u6548\u7684\u00a0\u300a\u6253\u51fb\u6d17\u94b1\u53ca\u6050\u6016\u5206\u5b50\u8d44\u91d1\u7b79\u96c6\uff08\u4fee\u8ba2\uff09\u6761\u4f8b\u300b\u660e\u786e\u865a\u62df\u8d44\u4ea7\u670d\u52a1\u63d0\u4f9b\u8005\uff08VASP\uff09\u6301\u724c\u5236\u5ea6\uff0c\u8981\u6c42\u4ea4\u6613\u5e73\u53f0\u91c7\u7528\u94fe\u4e0a\u6570\u636e\u5206\u6790\u5de5\u5177\uff08\u5982 Chainalysis\uff09\u8fdb\u884c KYC\/AML \u76d1\u6d4b\uff0c\u5c06\u533a\u5757\u94fe\u6280\u672f\u53cd\u6d17\u94b1\u80fd\u529b\u8f6c\u5316\u4e3a\u76d1\u7ba1\u6548\u80fd\u3002\u5728\u8bc1\u5238\u578b\u4ee3\u5e01\uff08STO\uff09\u9886\u57df\uff0c\u9999\u6e2f\u8bc1\u76d1\u4f1a\u901a\u8fc7 \u201c\u76d1\u7ba1\u6c99\u76d2   \u6295\u8d44\u8005\u5206\u7ea7\u4fdd\u62a4\u201d \u6a21\u5f0f\uff0c\u5141\u8bb8\u521b\u65b0\u9879\u76ee\u5728\u9650\u5b9a\u8303\u56f4\u5185\u6d4b\u8bd5\u667a\u80fd\u5408\u7ea6\u9a71\u52a8\u7684\u6536\u76ca\u5206\u914d\u673a\u5236\u3002\u4f46\u9999\u6e2f\u91d1\u878d\u7ba1\u7406\u5c40\uff08HKMA\uff09\u5728\u4eca\u5e74\u4e94\u6708\u63a8\u51fa\u300a\u7a33\u5b9a\u5e01\u6cd5\u6848\u300b\uff0c\u5176\u4e2d\u5bf9\u7a33\u5b9a\u5e01\u7684\u5f3a\u76d1\u7ba1\u8981\u6c42\uff08\u5982 100% \u9ad8\u6d41\u52a8\u6027\u8d44\u4ea7\u50a8\u5907\uff09\u4e0e DeFi \u534f\u8bae\u8ffd\u6c42\u7684\u4f4e\u95e8\u69db\u3001\u9ad8\u6760\u6746\u7279\u6027\u5f62\u6210\u51b2\u7a81\uff0c\u8feb\u4f7f\u90e8\u5206\u9879\u76ee\u9762\u4e34\u8c03\u6574\u6280\u672f\u67b6\u6784\uff0c\u751a\u81f3\u9009\u62e9\u6d77\u5916\u5e02\u573a\u3002<\/p>\n<p>\u4e2d\u6e2f\u534f\u540c\u63a2\u7d22\u4e2d\uff0c\u8de8\u5883\u6570\u636e\u6d41\u52a8\u6210\u4e3a\u6280\u672f\u76d1\u7ba1\u51b2\u7a81\u7684\u7126\u70b9\u3002\u5185\u5730\u00a0\u300a\u6570\u636e\u5b89\u5168\u6cd5\u300b\u4e0e\u9999\u6e2f\u00a0\u300a\u4e2a\u4eba\u8d44\u6599\uff08\u9690\u79c1\uff09\u6761\u4f8b\u300b\u5728\u6570\u636e\u51fa\u5883\u6807\u51c6\u3001\u8de8\u5883\u5ba1\u8ba1\u6743\u9650\u7b49\u65b9\u9762\u5b58\u5728\u5dee\u5f02\uff0c\u4f7f\u5f97\u57fa\u4e8e\u533a\u5757\u94fe\u7684\u8de8\u5883\u78b3\u4fe1\u7528\u901a\u8bc1\u5316\u9879\u76ee\u96be\u4ee5\u5b9e\u73b0\u94fe\u4e0a\u6570\u636e\u7684\u65e0\u7f1d\u6d41\u8f6c\u3002\u4e0d\u8fc7\uff0c\u524d\u6d77\u6df1\u6e2f\u73b0\u4ee3\u670d\u52a1\u4e1a\u5408\u4f5c\u533a\u5df2\u542f\u52a8 \u201c\u6570\u636e\u8de8\u5883\u6d41\u52a8\u5b89\u5168\u8bc4\u4f30\u201d \u8bd5\u70b9\uff0c\u63a2\u7d22\u901a\u8fc7 \u201c\u53ef\u4fe1\u8ba1\u7b97   \u52a0\u5bc6\u4f20\u8f93\u201d \u6280\u672f\uff0c\u5728\u4fdd\u969c\u6570\u636e\u4e3b\u6743\u524d\u63d0\u4e0b\u5b9e\u73b0\u8de8\u5883\u78b3\u5e02\u573a\u7684\u6280\u672f\u5bf9\u63a5\uff0c\u4e3a\u7a81\u7834\u76d1\u7ba1\u58c1\u5792\u63d0\u4f9b\u4e86\u521b\u65b0\u601d\u8def\u3002\u8fd9\u79cd \u201c\u5236\u5ea6\u5dee\u5f02\u5012\u903c\u6280\u672f\u521b\u65b0\uff0c\u6280\u672f\u5347\u7ea7\u53cd\u54fa\u76d1\u7ba1\u4f18\u5316\u201d \u7684\u8fa9\u8bc1\u5173\u7cfb\uff0c\u6b63\u5728\u91cd\u5851\u4e2d\u6e2f\u91d1\u878d\u79d1\u6280\u534f\u540c\u53d1\u5c55\u7684\u65b0\u683c\u5c40\u3002<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u6838\u5fc3\u6311\u6218<\/p>\n<\/li>\n<\/ul>\n<p>\u76d1\u7ba1\u7ba1\u8f96\u6743\u4e89\u8bae\u5bfc\u81f4\u5168\u7403 RWA \u9879\u76ee\u5408\u89c4\u6210\u672c\u666e\u904d\u98d9\u5347\uff0c\u5982\u7f8e\u56fd SEC \u5c06 Uniswap \u7b49\u53bb\u4e2d\u5fc3\u5316\u5e73\u53f0\u7eb3\u5165\u8bc1\u5238\u76d1\u7ba1\u8303\u7574\u3002\u533a\u57df\u5236\u5ea6\u5dee\u5f02\u65b9\u9762\uff0c\u9999\u6e2f\u9075\u5faa APEC \u8de8\u5883\u6570\u636e\u6d41\u52a8\u539f\u5219\uff0c\u5185\u5730\u6267\u884c \u201c\u6570\u636e\u51fa\u5883\u5b89\u5168\u8bc4\u4f30\u201d \u5236\u5ea6\uff0c\u8de8\u5883\u9879\u76ee\u9700\u63a5\u53d7\u4e24\u5730\u72ec\u7acb\u5ba1\u8ba1\uff0c\u589e\u52a0\u4e86\u5408\u89c4\u590d\u6742\u5ea6\u3002\u76ee\u524d\uff0c\u9999\u6e2f\u91d1\u7ba1\u5c40\u7684\u7a33\u5b9a\u5e01\u76d1\u7ba1\u89c4\u5219\u4e0e\u6b27\u76df MiCA \u6846\u67b6\u7b49\u6548\u4e92\u8ba4\uff0c\u6301\u724c\u53d1\u884c\u5546\u53ef\u51ed\u9999\u6e2f\u8d44\u8d28\u7533\u8bf7\u6b27\u76df EMT \u724c\u7167\uff0c\u53ef\u964d\u4f4e\u5408\u89c4\u6210\u672c\u3002\u8fd9\u4e00\u673a\u5236\u5438\u5f15 Circle\u3001Tether \u7b49\u673a\u6784\u8bbe\u7acb\u4e9a\u592a\u8fd0\u8425\u4e2d\u5fc3\uff0c\u6210\u529f\u63a8\u52a8 RWA \u8de8\u5883\u6d41\u52a8\u3002<\/p>\n<p>\u79bb\u5cb8 SPV \u4e0e\u6c99\u76d2\u673a\u5236\u867d\u4e3a\u8de8\u5883\u5408\u89c4\u63d0\u4f9b\u4e86\u5236\u5ea6\u63a5\u53e3\uff0c\u4f46\u6280\u672f\u57fa\u7840\u8bbe\u65bd\u7684\u53ef\u9760\u6027\u4ecd\u662f\u89c4\u6a21\u5316\u843d\u5730\u7684\u521a\u6027\u7ea6\u675f\u3002\u4e0b\u9762\u5c06\u7ee7\u7eed\u7a7f\u900f\u9884\u8a00\u673a\u5ef6\u8fdf\u3001\u8de8\u94fe\u4e92\u64cd\u4f5c\u6027\u7b49\u5e95\u5c42\u74f6\u9888\uff0c\u89e3\u6790\u6280\u672f-\u76d1\u7ba1\u534f\u540c\u7684\u843d\u5730\u4f18\u5148\u7ea7\u3002<\/p>\n<h3 class=\"customstyle_text\">\n<li>\n<p>\u9884\u8a00\u673a\u6570\u636e\u53ef\u9760\u6027<\/p>\n<\/li>\n<\/ul>\n<p>\u56fd\u9645\u6848\u4f8b\u663e\u793a\uff0c\u00a02022 \u5e74 DeFi \u501f\u8d37\u534f\u8bae Inverse Finance \u66fe\u56e0\u9884\u8a00\u673a TWAP\uff08\u65f6\u95f4\u52a0\u6743\u5e73\u5747\u4ef7\u683c\uff09\u673a\u5236\u8bbe\u8ba1\u7f3a\u9677\uff0c\u5bfc\u81f4\u4ef7\u503c 1,\u00a0475 \u4e07\u7f8e\u5143\u7684\u94fe\u4e0a\u8d44\u4ea7\u88ab\u975e\u6cd5\u632a\u7528\u3002\u8fd9\u4e00\u4e8b\u4ef6\u66b4\u9732\u4e86\u4f20\u7edf\u9884\u8a00\u673a\u5728\u52a8\u6001\u5e02\u573a\u4e2d\u7684\u6838\u5fc3\u8106\u5f31\u6027\uff1a\u6839\u636e\u00a0Web3 \u5b89\u5168\u5ba1\u8ba1\u56e2\u961f Certik\u00a0\u7684\u5206\u6790\u6587\u7ae0\u6307\u51fa\uff1a\u8be5\u534f\u8bae\u91c7\u7528\u7684 TWAP \u9884\u8a00\u673a\u65f6\u95f4\u7a97\u53e3\u4ec5\u8986\u76d6\u76f8\u90bb\u4e24\u4e2a\u533a\u5757\uff0c\u653b\u51fb\u8005\u901a\u8fc7\u95ea\u7535\u8d37\u64cd\u7eb5 SushiSwap \u7684 INV-WETH \u4ea4\u6613\u5bf9\u4ef7\u683c\uff0c\u5728 7 \u5206\u949f\u5185\u5c06 INV \u4ef7\u683c\u4ece 0.106 ETH\uff08\u7ea6 366 \u7f8e\u5143\uff09\u54c4\u62ac\u81f3 5.966 ETH\uff08\u7ea6 20,\u00a0583 \u7f8e\u5143\uff09\uff0c\u968f\u540e\u5229\u7528\u865a\u9ad8\u4ef7\u683c\u5728 Inverse Finance \u62b5\u62bc 1,\u00a0746 \u679a INV\uff08\u516c\u5141\u4ef7\u503c\u7ea6 64.4 \u4e07\u7f8e\u5143\uff09\uff0c\u501f\u51fa 1,\u00a0588 ETH\u3001\u00a094 WBTC \u53ca 400 \u4e07 DOLA \u7b49\u8d44\u4ea7\uff0c\u6700\u7ec8\u901a\u8fc7\u8de8\u534f\u8bae\u5957\u5229\u5b9e\u73b0\u8d44\u91d1\u8f6c\u79fb\u3002\u8fd9\u4e00\u8fc7\u7a0b\u66b4\u9732\u4e86\u4e24\u5927\u6838\u5fc3\u95ee\u9898\uff1a\u4e00\u662f\u9884\u8a00\u673a\u65f6\u95f4\u7a97\u53e3\u8bbe\u7f6e\u4e0d\u5408\u7406\uff0c\u65e0\u6cd5\u62b5\u5fa1\u77ed\u65f6\u4ef7\u683c\u64cd\u7eb5\uff1b\u4e8c\u662f\u534f\u8bae\u7f3a\u4e4f\u5bf9\u62b5\u62bc\u54c1\u6d41\u52a8\u6027\u7684\u5b9e\u65f6\u76d1\u6d4b\uff0c\u5bfc\u81f4\u865a\u9ad8\u8d44\u4ea7\u901a\u8fc7\u9a8c\u8bc1\u3002Chainlink \u5b98\u65b9\u4e8b\u540e\u627f\u8ba4\uff0c\u5176 TWAP \u673a\u5236\u5728\u9ad8\u6ce2\u52a8\u6027\u5e02\u573a\u4e2d\u5b58\u5728\u8bbe\u8ba1\u7f3a\u9677\uff0c\u9700\u7ed3\u5408\u591a\u91cd\u6570\u636e\u6e90\u548c\u673a\u5668\u5b66\u4e60\u7b97\u6cd5\u8fdb\u884c\u4f18\u5316\u3002<\/p>\n<p>\u8fd9\u4e00\u6848\u4f8b\u63ed\u793a\u4e86\u9884\u8a00\u673a\u7cfb\u7edf\u8bbe\u8ba1\u7684\u6838\u5fc3\u77db\u76fe\uff1a\u65e2\u8981\u4fdd\u8bc1\u6570\u636e\u5b9e\u65f6\u6027\uff0c\u53c8\u9700\u9632\u8303\u64cd\u7eb5\u98ce\u9669\u3002\u6839\u636e\u00a0Chainlink 2.0 \u767d\u76ae\u4e66\uff0c\u5176\u53bb\u4e2d\u5fc3\u5316\u9884\u8a00\u673a\u7f51\u7edc\u901a\u8fc7\u7ecf\u6d4e\u6fc0\u52b1\u548c\u5bc6\u7801\u5b66\u8bc1\u660e\uff0c\u5c06\u8282\u70b9\u4f5c\u6076\u6210\u672c\u63d0\u5347\u81f3 9.8 \u4ebf\u7f8e\u5143\u4ee5\u4e0a\uff0c\u663e\u8457\u589e\u5f3a\u4e86\u7cfb\u7edf\u9c81\u68d2\u6027\u3002\u672a\u6765\u968f\u7740\u786c\u4ef6\u53ef\u4fe1\u6267\u884c\u73af\u5883\uff08TEE\uff09\u548c AI \u9a8c\u8bc1\u5c42\u7684\u5e94\u7528\uff0c\u9884\u8a00\u673a\u6570\u636e\u53ef\u9760\u6027\u6709\u671b\u8fbe\u5230\u91d1\u878d\u7ea7\u6807\u51c6\u3002<\/p>\n<p>\u9999\u6e2f\u8682\u8681\u6570\u79d1\u5728 \u201c\u6717\u65b0\u9879\u76ee\u201d \u4e2d\u63a2\u7d22\u672c\u571f\u5316\u89e3\u51b3\u65b9\u6848\uff0c\u9488\u5bf9\u65b0\u80fd\u6e90\u5145\u7535\u6869\u8d44\u4ea7\u901a\u8bc1\u5316\u573a\u666f\uff0c\u521b\u65b0\u90e8\u7f72\u00a0\u201c\u7269\u8054\u7f51\u7ec8\u7aef   \u591a\u65b9\u5b89\u5168\u8ba1\u7b97\u201d \u7cfb\u7edf\u3002\u8be5\u65b9\u6848\u57fa\u4e8e\u8fb9\u7f18\u8ba1\u7b97\u6280\u672f\uff0c\u5728\u5145\u7535\u6869\u5185\u7f6e\u667a\u80fd\u4f20\u611f\u5668\u5b9e\u65f6\u91c7\u96c6\u7535\u6d41\u3001\u7535\u538b\u3001\u5145\u7535\u65f6\u957f\u7b49 12 \u9879\u6838\u5fc3\u8fd0\u884c\u6570\u636e\uff0c\u5e76\u901a\u8fc7\u00a0TEE\uff08\u53ef\u4fe1\u6267\u884c\u73af\u5883\uff09\u00a0 \u8fdb\u884c\u672c\u5730\u52a0\u5bc6\u5904\u7406\uff0c\u786e\u4fdd\u6570\u636e\u5728\u4f20\u8f93\u524d\u672a\u88ab\u7be1\u6539\u3002\u968f\u540e\uff0c\u6570\u636e\u540c\u6b65\u81f3\u4e09\u65b9\u72ec\u7acb\u9a8c\u8bc1\u8282\u70b9\uff08\u5305\u62ec\u68c0\u6d4b\u673a\u6784\u3001\u7535\u7f51\u516c\u53f8\u3001\u5ba1\u8ba1\u4e8b\u52a1\u6240\uff09\uff0c\u57fa\u4e8e\u540c\u6001\u52a0\u5bc6\u4e0e\u96f6\u77e5\u8bc6\u8bc1\u660e\u6280\u672f\uff0c\u5404\u8282\u70b9\u5728\u4e0d\u6cc4\u9732\u539f\u59cb\u6570\u636e\u7684\u524d\u63d0\u4e0b\u4ea4\u53c9\u9a8c\u8bc1\uff0c\u6700\u7ec8\u7ecf\u54c8\u5e0c\u503c\u6bd4\u5bf9\u4e0a\u94fe\u5b58\u8bc1\u3002\u6839\u636e\u90ce\u65b0\u79d1\u6280\u5b9e\u6d4b\u62a5\u544a\u7ed3\u679c\u663e\u793a\uff0c\u8be5\u65b9\u6848\u5c06\u6570\u636e\u5ef6\u8fdf\u63a7\u5236\u5728\u00a02 \u5206\u949f\u4ee5\u5185\uff0c\u8f83\u4f20\u7edf\u5355\u4e00\u9884\u8a00\u673a\u65b9\u6848\u53ef\u9760\u6027\u63d0\u5347\u00a04 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\u8de8\u94fe\u534f\u8bae\u66fe\u56e0\u667a\u80fd\u5408\u7ea6\u6f0f\u6d1e\u5f15\u53d1\u7684\u5b89\u5168\u4e8b\u4ef6\u9020\u6210\u6570\u4ebf\u7f8e\u5143\u7684\u76f4\u63a5\u635f\u5931\uff0c\u66b4\u9732\u51fa\u8de8\u94fe\u534f\u8bae\u5728\u9a8c\u8bc1\u673a\u5236\u3001\u8d44\u4ea7\u6258\u7ba1\u4e0e\u98ce\u9669\u5bf9\u51b2\u65b9\u9762\u7684\u6280\u672f\u77ed\u677f\u3002\u8be5\u4e8b\u4ef6\u4e2d\uff0c\u653b\u51fb\u8005\u5229\u7528\u534f\u8bae\u5bf9\u76d1\u62a4\u4eba\u7b7e\u540d\u9a8c\u8bc1\u7684\u6f0f\u6d1e\uff0c\u5728\u672a\u5b9e\u9645\u5b58\u5165\u8d44\u4ea7\u7684\u60c5\u51b5\u4e0b\u94f8\u9020\u4e86 12 \u4e07\u679a Wrapped ETH\uff0c\u5e76\u901a\u8fc7\u8de8\u94fe\u6865\u8f6c\u79fb\u81f3\u5176\u4ed6\u94fe\u5b9e\u73b0\u8d44\u91d1\u5957\u73b0\uff0c\u51f8\u663e\u4e86\u8de8\u94fe\u534f\u8bae\u5728\u5b89\u5168\u6027\u8bbe\u8ba1\u4e0a\u7684\u6df1\u5c42\u7f3a\u9677\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u5f02\u6784\u533a\u5757\u94fe\u7f51\u7edc\u95f4\u7684\u5e95\u5c42\u67b6\u6784\u5dee\u5f02\u52a0\u5267\u4e86\u5e02\u573a\u5272\u88c2\uff0c\u91c7\u7528\u4f20\u7edf\u8de8\u94fe\u534f\u8bae\u7684\u8d44\u4ea7\u5b9a\u4ef7\u6548\u7387\u53d7\u6d41\u52a8\u6027\u788e\u7247\u5316\u5f71\u54cd\u663e\u8457\uff0c\u94fe\u95f4\u4ef7\u5dee\u6ce2\u52a8\u7387\u8f83\u4f18\u5316\u540e\u6a21\u5f0f\u8f83\u9ad8\u3002\u5c3d\u7ba1\u5177\u4f53\u4ee3\u5e01\u4ef7\u5dee\u6570\u636e\u672a\u5728\u516c\u5f00\u62a5\u544a\u4e2d\u660e\u786e\u62ab\u9732\uff0c\u4f46\u884c\u4e1a\u5b9e\u8df5\u8868\u660e\uff0c\u5f02\u6784\u94fe\u95f4\u540c\u7c7b\u8d44\u4ea7\u56e0\u6d41\u52a8\u6027\u5206\u5e03\u4e0d\u5747\u5bfc\u81f4\u7684\u5b9a\u4ef7\u504f\u5dee\u666e\u904d\u5b58\u5728\u3002\u4f17\u6240\u5468\u77e5\uff0c\u5373\u4fbf\u5bf9\u6807\u5e95\u5c42\u771f\u5b9e\u7684\u8d44\u4ea7\uff0c\u5982\u623f\u5730\u4ea7\u4ee3\u5e01\u5316\uff0c\u6570\u636e\u8d44\u4ea7\u4ee3\u5e01\u5316\uff0c\u4f46\u662f\u8981\u63d0\u5347\u4ea4\u6613\u7684\u771f\u5b9e\u6709\u6548\u7684\u6d41\u52a8\u6027\uff0c\u4ecd\u9700\u50cf\u4f20\u7edf\u91d1\u878d\u505a\u5e02\u5546\u8fd9\u6837\u7684\u6d41\u52a8\u6027\u57fa\u672c\u7684\u4f9b\u7ed9\u3002\u8de8\u94fe\u8d44\u4ea7\u5728\u6d41\u52a8\u6027\u5206\u6563\u573a\u666f\u4e0b\u7684\u9762\u5bf9\u5b9a\u4ef7\u6548\u7387\u6311\u6218\u3002\u8fd9\u79cd\u5272\u88c2\u4e0d\u4ec5\u589e\u52a0\u4e86\u6295\u8d44\u8005\u7684\u5957\u5229\u6210\u672c\uff0c\u4e5f\u963b\u788d\u4e86\u8de8\u94fe\u8d44\u4ea7\u7684\u89c4\u6a21\u5316\u5e94\u7528\u3002<\/p>\n<p><img decoding=\"async\" alt=\"RWA\u8d5b\u905325\u5e74\u6700\u65b0\u7814\u62a5\uff1a\u5168\u7403\u89c6\u89d2\u4e0b\uff0cRWA \u6b63\u5982\u4f55\u517c\u987e\u6280\u672f\u3001\u76d1\u7ba1\u4e0e\u5e02\u573a\u5e73\u8861\uff1f\" src=\"https:\/\/s2.flink2.com\/news\/other\/20250614\/c2fd0dd95b79c3dcdb2376a1256daf16.jpg\"><\/p>\n<p class=\"img-desc customstyle_text\">\u00a03%\u00a0\u00a0\u4ee5\u5185\u3002\u4f8b\u5982\uff0c\u5728\u8bd5\u70b9\u7684\u8de8\u5883\u78b3\u4fe1\u7528\u901a\u8bc1\u5316\u573a\u666f\u4e2d\uff0cLayerZero \u652f\u6301\u78b3\u914d\u989d\u5728\u4ee5\u592a\u574a\u4e0e\u5e01\u5b89\u667a\u80fd\u94fe\u95f4\u7684\u65e0\u7f1d\u8f6c\u79fb\uff0c\u914d\u5408\u6258\u7ba1\u673a\u6784\u7684\u5b9e\u65f6\u4f30\u503c\u4e0e\u4fdd\u8bc1\u91d1\u8ffd\u7f34\uff0c\u6709\u6548\u89c4\u907f\u4e86\u8de8\u94fe\u8d44\u4ea7\u8131\u951a\u98ce\u9669 [\u00a011\u00a0]\u3002<\/p>\n<p>\u5185\u5730\u5219\u4ee5 \u201c\u7ca4\u6e2f\u6fb3\u5927\u6e7e\u533a\u8de8\u94fe\u57fa\u7840\u8bbe\u65bd\u201d 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\u4e07\u7b14\uff0c\u81f4\u529b\u4e3a\u5168\u56fd\u6027\u8de8\u94fe\u751f\u6001\u5efa\u8bbe\u63d0\u4f9b\u53ef\u590d\u5236\u7684\u6280\u672f\u8303\u5f0f\u3002<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u667a\u80fd\u5408\u7ea6\u5b89\u5168\u5f3a\u5316\u66f4\u65b0\u63d0\u9192<\/p>\n<\/li>\n<\/ul>\n<p>\u667a\u80fd\u5408\u7ea6\u4f5c\u4e3a\u533a\u5757\u94fe\u751f\u6001\u7684\u6838\u5fc3\u6267\u884c\u5355\u5143\uff0c\u5176\u5b89\u5168\u6027\u76f4\u63a5\u5173\u4e4e\u8d44\u4ea7\u4ea4\u6613\u4e0e\u4e1a\u52a1\u8fd0\u8f6c\u7684\u53ef\u9760\u6027\u3002\u5fb7\u56fd\u8054\u90a6\u91d1\u878d\u76d1\u7ba1\u5c40\uff08BaFin\uff09\u66fe\u56e0 Centrifuge \u5e73\u53f0\u667a\u80fd\u5408\u7ea6\u5b58\u5728\u91cd\u5165\u653b\u51fb\u6f0f\u6d1e\uff0c\u5bfc\u81f4\u7528\u6237\u8d44\u91d1\u88ab\u975e\u6cd5\u632a\u7528\uff0c\u968f\u5373\u91c7\u53d6\u7d27\u6025\u63aa\u65bd\u6682\u505c\u5176\u4e1a\u52a1 [\u00a012\u00a0]\u3002\u8fd9\u4e00\u4e8b\u4ef6\u66b4\u9732\u51fa\u4f20\u7edf\u5408\u7ea6\u5f00\u53d1\u4e2d\u4f9d\u8d56\u4eba\u5de5\u5ba1\u8ba1\u7684\u5c40\u9650\u6027 \u2014\u2014 \u4ee3\u7801\u903b\u8f91\u6f0f\u6d1e\u3001\u8fb9\u754c\u6761\u4ef6\u7f3a\u5931\u7b49\u95ee\u9898\u96be\u4ee5\u88ab\u5b8c\u5168\u8bc6\u522b\uff0c\u4fc3\u4f7f\u884c\u4e1a\u52a0\u901f\u5f15\u5165\u00a0Formal Verification 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18%\u00a0\uff0c\u7d2f\u8ba1\u5b8c\u6210\u8d85 5000 \u4e07\u7f8e\u5143\u8de8\u5883\u8d38\u6613\u878d\u8d44\uff0c\u6709\u6548\u7f13\u89e3\u4e2d\u5c0f\u8d38\u6613\u5546\u7684\u6d41\u52a8\u6027\u538b\u529b\u3002<\/p>\n<p>\u5185\u5730\u5219\u4f9d\u6258\u6210\u719f\u7684\u4f9b\u5e94\u94fe\u751f\u6001\uff0c\u6253\u9020\u666e\u60e0\u578b\u94fe\u4e0a\u91d1\u878d\u670d\u52a1\u4f53\u7cfb\u3002\u7f51\u5546\u94f6\u884c\u533a\u5757\u94fe\u4f9b\u5e94\u94fe\u91d1\u878d\u5e73\u53f0\u901a\u8fc7 \u201c\u6838\u5fc3\u4f01\u4e1a\u4fe1\u7528\u7a7f\u900f   \u533a\u5757\u94fe\u5b58\u8bc1\u201d \u673a\u5236\uff0c\u5c06\u5e94\u6536\u8d26\u6b3e\u3001\u4ed3\u5355\u7b49\u8d44\u4ea7\u901a\u8bc1\u5316\uff0c\u5df2\u7d2f\u8ba1\u670d\u52a1\u8d85 10 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20%\u00a0\u3002\u901a\u8fc7\u6280\u672f\u521b\u65b0\u4e0e\u653f\u7b56\u5f15\u5bfc\uff0c\u80fd\u591f\u6709\u6548\u6253\u7834\u4f20\u7edf\u91d1\u878d\u4e0e\u94fe\u4e0a\u79c1\u52df\u4fe1\u8d37\u4e4b\u95f4\u7684\u58c1\u5792\uff0c\u4e3a\u7834\u89e3\u6d41\u52a8\u6027\u56f0\u5c40\u63d0\u4f9b\u65b0\u8303\u5f0f\u3002<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u975e\u6807\u8d44\u4ea7\u6d41\u52a8\u6027\u63d0\u5347<\/p>\n<\/li>\n<\/ul>\n<p>\u5728\u5168\u7403\u91d1\u878d\u8d44\u4ea7\u6570\u5b57\u5316\u8f6c\u578b\u8fdb\u7a0b\u4e2d\uff0c\u975e\u6807\u8d44\u4ea7\uff08Non-Fungible Assets, NFAs\uff0c\u5982\uff1a\u6570\u5b57\u827a\u672f\u54c1\u3001\u865a\u62df\u571f\u5730\u3001\u865a\u62df\u7535\u5382\uff09\u901a\u8bc1\u5316\u9762\u4e34\u4e25\u5cfb\u7684\u6d41\u52a8\u6027\u6311\u6218\u3002\u4ee5\u5c0f\u4f17\u827a\u672f\u54c1\u901a\u8bc1\u5316\u4e3a\u4f8b\uff0c\u5176\u4e8c\u7ea7\u5e02\u573a\u666e\u904d\u5448\u73b0 \u201c\u6d41\u52a8\u6027\u584c\u9677\u201d \u7279\u5f81\uff1a\u636e\u00a0TokenAnalyst\u00a0\u7814\u7a76\u6570\u636e\u663e\u793a\uff0c\u827a\u672f\u54c1\u4ee3\u5e01\u5728\u5b8c\u6210\u521d\u59cb\u53d1\u884c\u540e\u7684 3 \u4e2a\u6708\u5185\uff0c\u65e5\u5747\u4ea4\u6613\u91cf\u5e73\u5747\u8870\u51cf\u8fbe 80%\u00a0\uff0c\u663e\u8457\u4f4e\u4e8e\u6807\u51c6\u5316\u8d44\u4ea7\uff08\u5982\u80a1\u7968\u3001\u503a\u5238\uff09\u7684\u6d41\u52a8\u6027\u6c34\u5e73\u3002\u8fd9\u4e00\u73b0\u8c61\u6e90\u4e8e\u975e\u6807\u8d44\u4ea7\u7684\u72ec\u7279\u5c5e\u6027 \u2014\u2014 \u7f3a\u4e4f\u7edf\u4e00\u4f30\u503c\u6807\u51c6\u3001\u4fe1\u606f\u900f\u660e\u5ea6\u4e0d\u8db3\uff0c\u4e14\u4ea4\u6613\u9700\u6c42\u5206\u6563\uff0c\u5bfc\u81f4\u5e02\u573a\u6df1\u5ea6\u532e\u4e4f\u3002\u5f53\u524d\u884c\u4e1a\u4e3b\u8981\u4f9d\u8d56 Wintermute 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40%\u00a0\uff0c\u5c4a\u65f6\u5c06\u6709\u6548\u7834\u89e3\u4e61\u6751\u632f\u5174\u9886\u57df\u7684\u878d\u8d44\u4e0e\u6d41\u52a8\u6027\u96be\u9898\uff0c\u5e76\u4e3a\u975e\u6807\u8d44\u4ea7\u6570\u5b57\u5316\u63d0\u4f9b\u53ef\u590d\u5236\u7684\u653f\u7b56-\u6280\u672f\u534f\u540c\u8303\u5f0f\u3002<\/p>\n<p>\u53e6\u4e00\u5178\u578b\u6848\u4f8b\u662f\u65b0\u52a0\u5761\u7684\u00a0Juwai IQI\u00a0\u623f\u4ea7\u901a\u8bc1\u5316\u9879\u76ee\u3002\u8be5\u9879\u76ee\u9488\u5bf9\u4e1c\u5357\u4e9a\u5730\u533a\u6d41\u52a8\u6027\u8f83\u5dee\u7684\u5546\u4e1a\u5730\u4ea7\uff0c\u5c06\u623f\u4ea7\u6240\u6709\u6743\u62c6\u5206\u4e3a\u6570\u5b57\u901a\u8bc1\uff0c\u901a\u8fc7\u4e0e SBI Digital Asset Holdings \u5408\u4f5c\uff0c\u5f15\u5165\u533a\u5757\u94fe\u6280\u672f\u5b9e\u73b0\u623f\u4ea7\u4ea4\u6613\u7684\u900f\u660e\u5316\u4e0e\u81ea\u52a8\u5316\u3002\u4e3a\u89e3\u51b3\u6d41\u52a8\u6027\u95ee\u9898\uff0c\u9879\u76ee\u91c7\u7528 \u201c\u53cc\u5e73\u53f0\u4ea4\u6613\u201d 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Token \u9879\u76ee\u4e13\u6ce8\u4e8e\u9ad8\u7aef\u827a\u672f\u54c1\u7684\u901a\u8bc1\u5316\u3002\u8be5\u9879\u76ee\u4e0e\u4f73\u58eb\u5f97\u7b49\u62cd\u5356\u884c\u5408\u4f5c\uff0c\u5bf9\u827a\u672f\u54c1\u8fdb\u884c\u4e13\u4e1a\u4f30\u503c\u4e0e\u9274\u5b9a\uff0c\u5e76\u901a\u8fc7\u533a\u5757\u94fe\u6280\u672f\u8bb0\u5f55\u827a\u672f\u54c1\u7684\u6eaf\u6e90\u4fe1\u606f\u4e0e\u6240\u6709\u6743\u53d8\u66f4\u5386\u53f2\u3002\u4e3a\u63d0\u5347\u6d41\u52a8\u6027\uff0c\u9879\u76ee\u8bbe\u7acb \u201c\u827a\u672f\u54c1\u901a\u8bc1\u6d41\u52a8\u6027\u6c60\u201d\uff0c\u5141\u8bb8\u6295\u8d44\u8005\u4ee5\u901a\u8bc1\u4e3a\u5355\u4f4d\u8fdb\u884c\u4ea4\u6613\uff0c\u5e76\u4e0e\u591a\u5bb6\u6b27\u6d32\u505a\u5e02\u5546\u7b7e\u8ba2\u534f\u8bae\uff0c\u786e\u4fdd\u5e02\u573a\u4e0a\u59cb\u7ec8\u5b58\u5728\u6d3b\u8dc3\u7684\u4e70\u5356\u62a5\u4ef7\u3002\u6b64\u5916\uff0c\u9879\u76ee\u8fd8\u63a8\u51fa \u201c\u901a\u8bc1\u8d28\u62bc\u6536\u76ca\u8ba1\u5212\u201d\uff0c\u6301\u6709\u901a\u8bc1\u7684\u6295\u8d44\u8005\u53ef\u901a\u8fc7\u8d28\u62bc\u83b7\u5f97\u6536\u76ca\uff0c\u8fdb\u4e00\u6b65\u589e\u5f3a\u901a\u8bc1\u7684\u5438\u5f15\u529b\u3002\u4e0a\u7ebf\u534a\u5e74\u5185\uff0c\u8be5\u5e73\u53f0\u7684\u827a\u672f\u54c1\u901a\u8bc1\u4ea4\u6613\u91cf\u7a81\u7834 1 \u4ebf\u6b27\u5143\uff0c\u6709\u6548\u6fc0\u6d3b\u4e86\u539f\u672c\u6d41\u52a8\u6027\u532e\u4e4f\u7684\u827a\u672f\u54c1\u6295\u8d44\u5e02\u573a\u3002<\/p>\n<h2 class=\"customstyle_text\">\n<li>\n<p>\u865a\u62df\u8d27\u5e01\u76d1\u7ba1<\/p>\n<\/li>\n<\/ul>\n<p>\u6839\u636e\u6c49\u5764\u5f8b\u5e08\u4e8b\u52a1 [\u00a013\u00a0] \u6240\u6cd5\u5f8b\u5206\u6790\uff0c\u5883\u5185\u76d1\u7ba1\u660e\u786e\u7981\u6b62\u4ee3\u5e01\u53d1\u884c\u878d\u8d44\uff08ICO\uff09\uff0c\u5c06\u5176\u5b9a\u6027\u4e3a\u975e\u6cd5\u516c\u5f00\u878d\u8d44\u884c\u4e3a\uff0c\u7eb3\u5165\u300a\u9632\u8303\u548c\u5904\u7f6e\u975e\u6cd5\u96c6\u8d44\u6761\u4f8b\u300b\u76d1\u7ba1\u8303\u7574\u3002\u56e0\u6b64\uff0c\u5883\u5185 RWA \u9879\u76ee\u9700\u91c7\u7528\u6cd5\u5e01\u6216\u5408\u89c4\u7a33\u5b9a\u5e01\u7ed3\u7b97\uff0c\u675c\u7edd\u865a\u62df\u8d27\u5e01\u53c2\u4e0e\u4ef7\u503c\u6d41\u8f6c\u3002<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u5916\u6c47\u76d1\u7ba1<\/p>\n<\/li>\n<\/ul>\n<p>RWA \u9879\u76ee\u8de8\u5883\u878d\u8d44\u9700\u9075\u5faa\u8d44\u672c\u9879\u76ee\u7ba1\u7406\u89c4\u5b9a\u3002\u5982\u6717\u65b0\u79d1\u6280\u901a\u8fc7\u5408\u683c\u5883\u5916\u6709\u9650\u5408\u4f19\u4eba\uff08QFLP\uff09\u6a21\u5f0f\uff0c\u8bbe\u7acb\u5916\u5546\u6295\u8d44\u80a1\u6743\u6295\u8d44\u7ba1\u7406\u4f01\u4e1a\uff08FAGP\uff09\u52df\u96c6\u5883\u5916\u7f8e\u5143\u8d44\u91d1\uff0c\u7ecf\u5916\u6c47\u7ba1\u7406\u5c40\u5907\u6848\u540e\uff0c\u4ee5\u8de8\u5883\u80a1\u6743\u6295\u8d44\u6ce8\u5165\u5883\u5185\u9879\u76ee\u516c\u53f8\uff0c\u5b9e\u73b0\u5e95\u5c42\u8d44\u4ea7\u6536\u8d2d\u3002\u90e8\u5206\u8bd5\u70b9\u533a\u57df\uff08\u5982\u6d77\u5357\u81ea\u8d38\u6e2f\uff09\u5141\u8bb8\u901a\u8fc7\u8de8\u5883\u8d44\u4ea7\u8bc1\u5238\u5316\uff08ABS\uff09\u878d\u8d44\uff0c\u4f46\u9700\u7533\u8bf7\u5916\u6c47\u7ba1\u7406\u5c40\u4e13\u9879\u989d\u5ea6\u3002<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u91d1\u878d\u76d1\u7ba1<\/p>\n<\/li>\n<\/ul>\n<p>\u5373\u4fbf\u4e0d\u53d1\u884c\u4ee3\u5e01\uff0c\u5883\u5185 RWA \u9879\u76ee\u4ecd\u9700\u9075\u5faa\u91d1\u878d\u76d1\u7ba1\u8981\u6c42\u3002\u9879\u76ee\u591a\u901a\u8fc7\u79c1\u52df\u57fa\u91d1\u7ba1\u7406\u4eba\u5907\u6848\uff0c\u91c7\u7528\u300a\u8bc1\u5238\u6295\u8d44\u57fa\u91d1\u6cd5\u300b\u6846\u67b6\u4e0b\u7684\u79c1\u52df\u80a1\u6743\u57fa\u91d1\u6a21\u5f0f\u52df\u96c6\u8d44\u91d1\uff0c\u9650\u5b9a\u5408\u683c\u6295\u8d44\u8005\u4eba\u6570\u4e0e\u6295\u8d44\u95e8\u69db\uff1b\u5728\u8d44\u4ea7\u8fd0\u8425\u7aef\uff0c\u59d4\u6258\u4fe1\u6258\u516c\u53f8\u3001\u8d44\u4ea7\u7ba1\u7406\u516c\u53f8\u7b49\u6301\u724c\u673a\u6784\uff0c\u4f9d\u636e\u300a\u4fe1\u6258\u516c\u53f8\u96c6\u5408\u8d44\u91d1\u4fe1\u6258\u8ba1\u5212\u7ba1\u7406\u529e\u6cd5\u300b\u8fd0\u4f5c\uff0c\u89c4\u907f\u65e0\u8d44\u8d28\u8d44\u7ba1\u98ce\u9669\u3002<\/p>\n<h3 class=\"customstyle_text\">\n<li>\n<p>Ensemble \u6c99\u76d2\u5b9e\u8df5<\/p>\n<\/li>\n<\/ul>\n<p>\u9999\u6e2f\u91d1\u7ba1\u5c40 Ensemble \u6c99\u76d2\u4e3a RWA \u9879\u76ee\u63d0\u4f9b\u5408\u89c4\u8bd5\u9a8c\u73af\u5883\u3002\u4ee5\u6717\u65b0\u79d1\u6280\u5145\u7535\u6869 RWA \u9879\u76ee\u4e3a\u4f8b\uff0c\u91c7\u7528 \u201c\u8d44\u4ea7\u94fe   \u4ea4\u6613\u94fe\u201d \u67b6\u6784\uff1a\u8d44\u4ea7\u94fe\u57fa\u4e8e\u5185\u5730\u8054\u76df\u94fe\u8bb0\u5f55\u8fd0\u8425\u6570\u636e\u4e0e\u6536\u76ca\u6743\uff0c\u4ea4\u6613\u94fe\u4f9d\u6258\u9999\u6e2f\u8bb8\u53ef\u533a\u5757\u94fe\u5e73\u53f0\u5bf9\u63a5\u5883\u5916\u8d44\u91d1\uff0c\u540c\u65f6\u63a5\u5165\u4e24\u5730\u76d1\u7ba1\u7cfb\u7edf\uff0c\u9075\u5faa APEC \u8de8\u5883\u9690\u79c1\u89c4\u5219\u4e0e\u5185\u5730\u6570\u636e\u51fa\u5883\u5b89\u5168\u8bc4\u4f30\u5236\u5ea6\uff0c\u4fdd\u969c\u6570\u636e\u8de8\u5883\u5408\u89c4\u6d41\u52a8\u3002<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u7a33\u5b9a\u5e01\u76d1\u7ba1\u7b49\u6548\u4e92\u8ba4<\/p>\n<\/li>\n<\/ul>\n<p>\u9999\u6e2f\u91d1\u7ba1\u5c40 2024 \u5e74\u53d1\u5e03\u7684\u7a33\u5b9a\u5e01\u76d1\u7ba1\u89c4\u5219\u4e0e\u6b27\u76df MiCA \u6846\u67b6\u7b49\u6548\u4e92\u8ba4\uff0c\u83b7\u9999\u6e2f \u201c\u7b2c 7 \u7c7b\uff08\u81ea\u52a8\u5316\u4ea4\u6613\u670d\u52a1\uff09\u201d \u4e0e \u201c\u7b2c 8 \u7c7b\uff08\u8bc1\u5238\u4fdd\u8bc1\u91d1\u878d\u8d44\uff09\u201d \u724c\u7167\u7684\u7a33\u5b9a\u5e01\u53d1\u884c\u5546\uff0c\u53ef\u51ed\u8d44\u8d28\u76f4\u63a5\u7533\u8bf7\u6b27\u76df EMT \u724c\u7167\uff0c\u4ee5\u964d\u4f4e\u5408\u89c4\u6210\u672c\u3002\u5982\u6e2f\u5143\u7a33\u5b9a\u5e01 HKDT \u501f\u6b64\u63a5\u5165\u4e86\u6b27\u76df\u652f\u4ed8\u7cfb\u7edf\uff0c\u8bd5\u56fe\u5e94\u7528\u4e8e\u8de8\u5883\u8d38\u6613\u878d\u8d44 RWA \u9879\u76ee\uff0c\u4ee5\u5b9e\u73b0\u6e2f\u5143\u4e0e\u6b27\u5143\u5b9e\u65f6\u5151\u6362 [\u00a014\u00a0]\u3002<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u300a\u7a33\u5b9a\u5e01\u6761\u4f8b\u8349\u6848\u300b\u6df1\u5316\u76d1\u7ba1<\/p>\n<\/li>\n<\/ul>\n<p>2025 \u5e74 5 \u6708 21 \u65e5\u901a\u8fc7\u7684\u00a0\u300a\u7a33\u5b9a\u5e01\u6761\u4f8b\u8349\u6848\u300b\u8981\u6c42\uff0c\u5728\u6e2f\u53d1\u884c\u6cd5\u5e01\u7a33\u5b9a\u5e01\u6216\u951a\u5b9a\u6e2f\u5143\u7684\u7a33\u5b9a\u5e01\u9700\u7533\u9886\u724c\u7167\u3002\u6301\u724c\u673a\u6784\u987b\u7ef4\u6301 100% \u73b0\u91d1\u3001\u56fd\u503a\u7b49\u9ad8\u6d41\u52a8\u6027\u50a8\u5907\uff0c\u6ee1\u8db3\u53cd\u6d17\u94b1\u3001\u4fe1\u606f\u62ab\u9732\u53ca\u7b2c\u4e09\u65b9\u5ba1\u8ba1\u8981\u6c42\u3002\u8be5\u6cd5\u6848\u5c06\u63a8\u52a8\u4eac\u4e1c\u3001\u6e23\u6253\u7b49\u673a\u6784\u53c2\u4e0e\u6c99\u76d2\u6d4b\u8bd5\uff0c\u52a0\u901f\u4f20\u7edf\u91d1\u878d\u8d44\u6e90\u8fdb\u5165 RWA \u9886\u57df\uff0c\u5e76\u5de9\u56fa\u9999\u6e2f RWA \u8de8\u5883\u4e1a\u52a1\u67a2\u7ebd\u5730\u4f4d\u3002<\/p>\n<h3 class=\"customstyle_text\">\n<li>\n<p>\u5168\u7403\u76d1\u7ba1\u8303\u5f0f\u5206\u5316\u4e0e\u5236\u5ea6\u535a\u5f08<\/p>\n<\/li>\n<\/ul>\n<p>\u56fd\u9645 RWA \u76d1\u7ba1\u4f53\u7cfb\u5448\u73b0\u663e\u8457\u7684\u5730\u57df\u6027\u7279\u5f81\uff0c\u5176\u6838\u5fc3\u5dee\u5f02\u6e90\u4e8e\u5bf9\u4ee3\u5e01\u5316\u8d44\u4ea7\u7684\u53f8\u6cd5\u5b9a\u6027\u3001\u6295\u8d44\u8005\u4fdd\u62a4\u903b\u8f91\u53ca\u6280\u672f\u4e2d\u7acb\u539f\u5219\u7684\u6743\u8861\u53d6\u820d\u3002\u4e3b\u8981\u4e3a\u4ee5\u4e0b\u4e09\u5927\u76d1\u7ba1\u96c6\u7fa4\uff1a<\/p>\n<h3 class=\"customstyle_text\">\u8bc1\u5238\u5316\u4e3b\u5bfc\u578b\uff1a\u7f8e\u56fd\u76d1\u7ba1\u6269\u5f20\u4e0e\u53f8\u6cd5\u7a7f\u900f<\/h3>\n<p>\u76d1\u7ba1\u67b6\u6784\uff1a\u5728\u7f8e\u56fd\uff0cSEC\uff08\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff09\u4e0e CFTC\uff08\u7f8e\u56fd\u5546\u54c1\u671f\u8d27\u4ea4\u6613\u59d4\u5458\u4f1a\uff09\u4f9d\u636e\u8d44\u4ea7\u5c5e\u6027\u5b9e\u65bd\u5206\u7c7b\u76d1\u7ba1\uff0cSEC \u4f9d\u636e\u300a\u00a01933 \u5e74\u8bc1\u5238\u6cd5\u300b\u5bf9\u7b26\u5408\u8c6a\u5a01\u6d4b\u8bd5\uff08Howey Test\uff09\u7684 RWA \u4ee3\u5e01\u6267\u884c\u8bc1\u5238\u5316\u76d1\u7ba1\uff0c\u82e5 RWA \u4ee3\u5e01\u6ee1\u8db3 \u201c\u6295\u8d44\u8005\u6295\u5165\u8d44\u91d1\u3001\u5f62\u6210\u5171\u540c\u4e8b\u4e1a\u3001\u671f\u5f85\u83b7\u5229\u3001\u4f9d\u8d56\u4ed6\u4eba\u8fd0\u4f5c\u201d \u56db\u6761\u4ef6\uff0c\u5373\u88ab\u8ba4\u5b9a\u4e3a\u8bc1\u5238\uff0c\u9002\u7528 Reg D\uff08\u5408\u683c\u6295\u8d44\u8005\uff09\u6216 Reg A \uff08\u5c0f\u989d\u8c41\u514d\uff09\u6761\u6b3e\u3002CFTC \u8d1f\u8d23\u6bd4\u7279\u5e01\u3001\u4ee5\u592a\u574a\u7b49\u5546\u54c1\u5c5e\u6027\u4ee3\u5e01\u7684\u671f\u8d27\u3001\u671f\u6743\u4ea4\u6613\u76d1\u7ba1\uff0c\u9632\u6b62\u5e02\u573a\u64cd\u7eb5\u548c\u6b3a\u8bc8\uff0c\u5bf9\u5546\u54c1\u5c5e\u6027\u4ee3\u5e01\uff08\u5982 BTC\u3001ETH\uff09\u884c\u4f7f\u7ba1\u8f96\u6743;<\/p>\n<p>\u76d1\u7ba1\u5b9e\u8df5\uff1a<\/p>\n<p>\u8bc1\u5238\u8ba4\u5b9a\u6cdb\u5316\uff1aSEC \u4e8e 2024 \u5e74\u6269\u5927\u89e3\u91ca\u6807\u51c6\uff0c\u5c06 \u201c\u4efb\u4f55\u6d89\u53ca\u6536\u76ca\u5206\u914d\u6216\u7b2c\u4e09\u65b9\u7ba1\u7406\u7684 RWA \u9879\u76ee\u201d \u7eb3\u5165\u8bc1\u5238\u8303\u7574\uff0c\u5178\u578b\u6848\u4f8b\u5305\u62ec\u5bf9\u4ee3\u5e01\u5316\u623f\u5730\u4ea7\u5e73\u53f0 Securitize \u7684\u5904\u7f5a\uff08\u672a\u6ce8\u518c\u8bc1\u5238\u53d1\u884c\uff09;<\/p>\n<p>\u5408\u89c4\u91cd\u8d1f\uff1aBlackRock BUIDL \u57fa\u91d1\u4ec5\u5411\u5408\u683c\u6295\u8d44\u8005\uff08\u51c0\u8d44\u4ea7\u2265\u00a0100 \u4e07\u7f8e\u5143\uff09\u5f00\u653e\uff0c\u5f3a\u5236\u94fe\u4e0a\u8eab\u4efd\u9a8c\u8bc1\uff08\u57fa\u4e8e Circle Verite \u534f\u8bae\uff09\uff0c\u5bfc\u81f4\u8fd0\u8425\u6210\u672c\u589e\u52a0\u3002<\/p>\n<h3 class=\"customstyle_text\">\u6c99\u76d2\u5b9e\u9a8c\u578b\uff1a\u9999\u6e2f\u5236\u5ea6\u521b\u65b0\u4e0e\u8de8\u5883\u534f\u540c<\/h3>\n<p>\u5236\u5ea6\u6846\u67b6\uff1a\u9999\u6e2f\u91d1\u7ba1\u5c40\uff08HKMA\uff09\u4e0e\u8bc1\u76d1\u4f1a\uff08SFC\uff09\u4f9d\u636e\u300a\u8bc1\u5238\u53ca\u671f\u8d27\u6761\u4f8b\u300b\u5b9e\u65bd \u201c\u6280\u672f\u4e2d\u6027\u201d \u76d1\u7ba1\uff0c\u5141\u8bb8\u8bc1\u5238\u578b\u4ee3\u5e01\u5728 Ensemble \u6c99\u76d2\u5185\u7a81\u7834\u4f20\u7edf\u89c4\u5219\u9650\u5236\uff0c\u5b9e\u73b0\u6280\u672f\u4e2d\u6027\u3001\u76d1\u7ba1\u5f39\u6027\u7684\u6c99\u76d2\u673a\u5236;<\/p>\n<p>\u56fd\u9645\u5408\u4f5c\uff1a\u9999\u6e2f Web3.0 \u6807\u51c6\u5316\u534f\u4f1a\u53d1\u5e03\u300a\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7\uff08RWA\uff09\u6807\u8bc6\u548c\u5143\u6570\u636e\u89c4\u8303\u300b\uff0c\u63a8\u52a8\u5168\u7403 RWA \u8d44\u4ea7\u767b\u8bb0\u4e0e\u6d41\u901a\u6807\u51c6\u5316\u3002\u4e0e\u5370\u5c3c\u3001\u6b27\u76df\u7b49\u5730\u533a\u7684\u76d1\u7ba1\u673a\u6784\u534f\u4f5c\uff0c\u63a2\u7d22\u8de8\u5883 RWA \u5408\u89c4\u6846\u67b6;<\/p>\n<p>\u6838\u5fc3\u673a\u5236\uff1a<\/p>\n<p>\u4ea7\u54c1\u521b\u65b0\uff1a\u00a02025 \u5e74 2 \u6708\uff0cSFC \u6b63\u5f0f\u53d1\u5e03\u4e86\u65b0\u5236\u5b9a\u7684 \u201cASPIRe\u201d \u8def\u7ebf\u56fe\uff0c\u8be6\u7ec6\u9610\u8ff0\u4e86\u672a\u6765\u9999\u6e2f\u5bf9\u865a\u62df\u8d44\u4ea7\u5e02\u573a\u7684\u76d1\u7ba1\u89c4\u5212\uff0c\u5176\u4e2d\u4ea7\u54c1\u521b\u65b0\u7684\u6838\u5fc3\u76ee\u6807\u5305\u62ec \u201c\u4e3a\u4e13\u4e1a\u6295\u8d44\u8005\u63a8\u51fa\u66f4\u4e3a\u590d\u6742\u7684\u4ea7\u54c1\uff0c\u5982\u65b0\u5e01\u53d1\u884c\u3001\u884d\u751f\u54c1\u4ea4\u6613\u3001\u4fdd\u8bc1\u91d1\u878d\u8d44\u5de5\u5177\u7b49\u201d\uff0c\u8fd9\u4ea6\u662f\u9999\u6e2f\u76d1\u7ba1\u673a\u6784\u9996\u6b21\u8868\u660e\u4f1a\u8003\u8651\u672a\u6765\u5f15\u5165\u865a\u62df\u8d44\u4ea7\u884d\u751f\u54c1\u4ea4\u6613;<\/p>\n<p>\u7a33\u5b9a\u5e01\u95f8\u95e8\uff1a\u00a02025 \u5e74 5 \u6708 21 \u65e5\uff0c\u9999\u6e2f\u7acb\u6cd5\u4f1a\u6b63\u5f0f\u901a\u8fc7\u300a\u7a33\u5b9a\u5e01\u6761\u4f8b\u300b\uff0c\u6210\u4e3a\u5168\u7403\u9996\u4e2a\u6cd5\u5e01\u7a33\u5b9a\u5e01\u5168\u94fe\u6761\u76d1\u7ba1\u6846\u67b6\u3002\u4ec5\u5141\u8bb8\u6301\u724c\u673a\u6784\u53d1\u884c\u6e2f\u5143\u951a\u5b9a\u7a33\u5b9a\u5e01\uff08\u5982 HKDG\uff09\uff0c\u89c4\u5b9a\u53d1\u884c\u5546\uff0c\u5b9e\u73b0\u6c99\u76d2\u5185\u76d1\u7ba1\u3002\u5176\u76d1\u7ba1\u5f53\u4e0b\u4e3b\u8981\u805a\u7126\u4e8e\u4e24\u7c7b\u6d3b\u52a8\uff1a\u5728\u9999\u6e2f\u53d1\u884c\u6307\u660e\u7a33\u5b9a\u5e01\uff1b\u6216\u5728\u9999\u6e2f\u4ee5\u5916\u53d1\u884c\u4f46\u5ba3\u79f0\u951a\u5b9a\u6e2f\u5143\u4ef7\u503c\u7684\u6307\u660e\u7a33\u5b9a\u5e01\u3002\u8fd9\u4e00\u8bbe\u8ba1\u65e2\u786e\u4fdd\u4e86\u4e0e\u6e2f\u5143\u6302\u94a9\u7684\u7a33\u5b9a\u5e01\u53d7\u5230\u76d1\u7ba1\uff0c\u53c8\u4e3a\u5176\u4ed6\u7a33\u5b9a\u5e01\u7559\u6709\u4e00\u5b9a\u7a7a\u95f4\u3002\u76d1\u7ba1\u8981\u6c42\u53d1\u884c\u65b9\u5efa\u7acb\u50a8\u5907\u91d1\u5b9e\u65f6\u9a8c\u8bc1\u673a\u5236\uff0c\u901a\u8fc7\u533a\u5757\u94fe\u667a\u80fd\u5408\u7ea6\u81ea\u52a8\u6bd4\u5bf9\u8d44\u4ea7\u8d1f\u503a\u8868\uff0c\u786e\u4fdd\u50a8\u5907\u8d44\u4ea7\u4ef7\u503c\u4e0e\u6d41\u901a\u7a33\u5b9a\u5e01\u9762\u503c\u7b49\u503c\u3002\u6b64\u5916\uff0c\u300a\u7a33\u5b9a\u5e01\u6761\u4f8b\u300b\u5f15\u5165 \u201c\u6d88\u8d39\u8005\u4fdd\u62a4\u57fa\u91d1\u201d\uff0c\u8981\u6c42\u53d1\u884c\u65b9\u6309\u5b63\u5ea6\u8ba1\u63d0\u4ea4\u6613\u624b\u7eed\u8d39\u7684 5% \u4f5c\u4e3a\u98ce\u9669\u51c6\u5907\u91d1\uff0c\u7528\u4e8e\u5e94\u5bf9\u6781\u7aef\u5e02\u573a\u6ce2\u52a8\u4e0b\u7684\u8d4e\u56de\u9700\u6c42;<\/p>\n<p>\u5168\u7403\u67a2\u7ebd\u5b9a\u4f4d\uff1a\u9999\u6e2f\u901a\u8fc7\u653f\u7b56\u4f18\u52bf\u5438\u5f15 Web3 \u4f01\u4e1a\u843d\u6237\uff0c\u76ee\u6807\u6210\u4e3a RWA \u8de8\u5883\u878d\u8d44\u8bd5\u70b9\uff08\u5982\u6df1\u6e2f\u78b3\u4ea4\u6613\uff09\u7684\u6838\u5fc3\u8282\u70b9;<\/p>\n<p>\u4f20\u7edf\u91d1\u878d\u878d\u5408\uff1a\u4e2d\u94f6\u9999\u6e2f\u3001\u6c47\u4e30\u7b49\u673a\u6784\u52a0\u901f\u5e03\u5c40\uff0c\u63a2\u7d22\u4ee3\u5e01\u5316\u5b58\u6b3e\u3001\u94fe\u4e0a\u6e05\u7b97\u7b49\u573a\u666f\u3002<\/p>\n<h3 class=\"customstyle_text\">\u7edf\u4e00\u7acb\u6cd5\u578b\uff1a\u6b27\u76df MiCA \u6846\u67b6\u7684\u5408\u89c4\u6210\u672c\u6096\u8bba<\/h3>\n<p>\u89c4\u5219\u4f53\u7cfb\uff1aMiCA\uff08\u52a0\u5bc6\u8d44\u4ea7\u5e02\u573a\u76d1\u7ba1\uff09\u5c06 RWA \u4ee3\u5e01\u5212\u5206\u4e3a\u8d44\u4ea7\u53c2\u8003\u4ee3\u5e01\uff08ARTs\uff09\u3001\u7535\u5b50\u8d27\u5e01\u4ee3\u5e01\uff08EMTs\uff09\u53ca\u6df7\u5408\u578b\u52a0\u5bc6\u8d44\u4ea7\uff0c\u8981\u6c42\u53d1\u884c\u65b9\u8bbe\u7acb\u6b27\u76df\u5b9e\u4f53\u5e76\u63d0\u4ea4\u5408\u89c4\u767d\u76ae\u4e66 [\u00a015\u00a0];<\/p>\n<p>\u6267\u884c\u56f0\u5883\uff1a\u4e2d\u5c0f\u673a\u6784\u6324\u51fa\uff1a\u5728\u91d1\u878d\u79d1\u6280\u9886\u57df\uff0c\u5408\u89c4\u6210\u672c\u8fc7\u9ad8\u5bfc\u81f4\u4e2d\u5c0f\u673a\u6784\u88ab\u6324\u51fa\u5e02\u573a\u7684\u73b0\u8c61\u65f6\u6709\u53d1\u751f\u3002\u4f7f\u5f97\u4f17\u591a\u5c0f\u578b\u5e73\u53f0\u4e0d\u582a\u91cd\u8d1f\u3002\u4e0d\u5f97\u4e0d\u9009\u62e9\u9000\u51fa\u5e02\u573a\u3002\u4f8b\u5982\uff0c\u5362\u68ee\u5821 Tokeny \u9ec4\u91d1\u4ee3\u5e01\u9879\u76ee\u5408\u89c4\u6210\u672c\u8fbe 220 \u4e07\u6b27\u5143\uff0c\u8f83\u6c99\u76d2\u9879\u76ee\u9ad8 200%\u00a0\uff0c\u8feb\u4f7f 35% \u7684\u5c0f\u578b\u5e73\u53f0\u9000\u51fa\u5e02\u573a;<\/p>\n<p>\u6d41\u52a8\u6027\u5272\u88c2\uff1aMiCA \u8981\u6c42\u4e8c\u7ea7\u4ea4\u6613\u9700\u6301\u724c\u4ea4\u6613\u6240\u64ae\u5408\uff0c\u5bfc\u81f4 DeFi \u5e73\u53f0\u65e5\u5747\u4ea4\u6613\u91cf\u4e0b\u964d 35%\u00a0\uff082025 \u5e74 ESMA \u62a5\u544a\uff09;<\/p>\n<p>\u533a\u57df\u534f\u540c\uff1a\u4f9d\u6258\u300a\u6b27\u76df\u91d1\u878d\u5de5\u5177\u5e02\u573a\u6307\u4ee4\u2161\u300b\uff08MiFID II\uff09\u5b9e\u73b0\u6210\u5458\u56fd\u76d1\u7ba1\u4e92\u8ba4\uff0c\u4f46\u8de8\u5883 RWA \u7ed3\u7b97\u4ecd\u4f9d\u8d56 SWIFT \u7f51\u7edc\u3002<\/p>\n<h3 class=\"customstyle_text\">DFSA\uff08\u8fea\u62dc\u91d1\u878d\u670d\u52a1\u7ba1\u7406\u5c40\uff09\u63a8\u51fa\u5206\u9636\u6bb5\u6c99\u76d2\u673a\u5236\uff0c\u6d4b\u8bd5\u671f\u5185\u8c41\u514d\u8bc1\u5238\u578b\u4ee3\u5e01\u7684\u8d44\u672c\u5145\u8db3\u7387\u8981\u6c42\uff0c\u4f46\u6d4b\u8bd5\u8f6c\u6b63\u7387\u4ec5 22%\u00a0\uff082025 \u5e74\u6570\u636e\uff09;<\/p>\n<p>\u65b0\u52a0\u5761\u5b9e\u8df5\uff1aMAS \u5bf9\u79c1\u52df\u53d1\u884c\uff08\u2264\u00a050 \u4eba\uff09\u53ca\u5c0f\u989d\u52df\u8d44\uff08\u2264\u00a0500 \u4e07\u65b0\u5e01\uff09\u5b9e\u65bd\u8c41\u514d\uff0c\u4f46\u8981\u6c42\u94fe\u4e0a KYC \u8986\u76d6\u7387\u2265\u00a095%\u00a0\uff0c\u5bfc\u81f4\u6280\u672f\u6295\u5165\u5360\u6bd4\u5347\u81f3 25%\u00a0\u3002<\/p>\n<h3 class=\"customstyle_text\">\u4e92\u64cd\u4f5c\u6027\u56f0\u5c40\uff1a\u5408\u89c4\u5b64\u5c9b\u7684\u6280\u672f-\u5236\u5ea6\u6210\u56e0<\/h3>\n<p>\u5168\u7403 RWA \u751f\u6001\u9762\u4e34\u7684\u6838\u5fc3\u77db\u76fe\u5728\u4e8e\uff1a\u94fe\u4e0a\u8d44\u4ea7\u7684\u5168\u7403\u6d41\u52a8\u6027\u4e0e\u5c5e\u5730\u5316\u76d1\u7ba1\u7684\u4e0d\u53ef\u8c03\u548c\u6027\u3002\u5177\u4f53\u8868\u73b0\u4e3a\uff1a<\/p>\n<p>\u534f\u8bae\u5c42\u5272\u88c2\uff1a\u7b26\u5408\u9999\u6e2f Ensemble \u6c99\u76d2\u7684 KYC \u6a21\u5757\uff08\u5982\u8682\u8681\u94fe\u7ec4\u4ef6\uff09\u4e0e\u6b27\u76df MiCA \u7684 AML \u534f\u8bae\u4e92\u64cd\u4f5c\u6027\u7f3a\u5931\uff0c\u5bfc\u81f4\u8de8\u53f8\u6cd5\u533a\u9879\u76ee\u9700\u91cd\u590d\u5f00\u53d1\u6210\u672c\u589e\u52a0;<\/p>\n<p>\u53f8\u6cd5\u7ba1\u8f96\u6743\u51b2\u7a81\uff1a\u7f8e\u56fd SEC \u5bf9\u94fe\u4e0a\u5206\u7ea2\u7684\u6269\u5f20\u6027\u76d1\u7ba1\u5bfc\u81f4\u57fa\u4e8e\u65b0\u52a0\u5761\u8c41\u514d\u6761\u6b3e\u7684\u6536\u76ca\u578b\u4ee3\u5e01\u5728\u7f8e\u6d41\u52a8\u6027\u5f52\u96f6\uff08\u6848\u4f8b\uff1aMaple Finance \u4e1c\u5357\u4e9a\u4fe1\u8d37\u6c60 2025 \u5e74\u9000\u51fa\u7f8e\u56fd\u5e02\u573a\uff0c\u5176\u5728\u4e1c\u5357\u4e9a\u5408\u89c4\u7684\u4e1a\u52a1\u6a21\u5f0f\uff0c\u96be\u4ee5\u6ee1\u8db3\u7f8e\u56fd\u53f8\u6cd5\u7ba1\u8f96\u533a\u5bf9\u6295\u8d44\u8005\u4fdd\u62a4\u3001\u53cd\u6d17\u94b1\u7b49\u66f4\u4e25\u683c\u7684\u76d1\u7ba1\u89c4\u5219\uff0c\u4e3a\u89c4\u907f\u8de8\u533a\u57df\u89c4\u5219\u51b2\u7a81\u98ce\u9669\uff0c\u6700\u7ec8\u9009\u62e9\u6218\u7565\u6027\u9000\u51fa\uff09;<\/p>\n<p>\u6d41\u52a8\u6027\u6c60\u788e\u7247\u5316\uff1a\u7a33\u5b9a\u5e01\u95f8\u95e8\u653f\u7b56\uff08\u5982\u9999\u6e2f HKDG\u3001\u6b27\u76df EMT\uff09\u8feb\u4f7f\u505a\u5e02\u5546\u5206\u5272\u8d44\u91d1\u6c60\uff0c\u975e\u6807\u8d44\u4ea7\u8de8\u5883\u4e70\u5356\u4ef7\u5dee\u6269\u5927\u3002<\/p>\n<p>\u6570\u636e\u4f50\u8bc1\uff1a\u636e\u00a0CoinGecko\u00a02025 \u5e74\u7edf\u8ba1\uff0c\u5168\u7403 Top 50 RWA \u534f\u8bae\u4e2d\u4ec5 12% \u652f\u6301\u8de8\u53f8\u6cd5\u533a\u5408\u89c4\u4ea4\u4e92\uff0c\u65e5\u5747\u8de8\u5883\u4ea4\u6613\u91cf\u5360\u6bd4\u4e0d\u8db3 5%\u00a0\u3002\u6b64\u73b0\u72b6\u4e0e \u201c\u8d44\u4ea7\u6d41\u800c\u4e0d\u7834\u201d \u7684\u7406\u60f3\u56fe\u666f\u5f62\u6210\u5c16\u9510\u5bf9\u7acb\uff0c\u4e9f\u9700\u901a\u8fc7\u4ee5\u4e0b\u8def\u5f84\u7834\u5c40\uff1a<\/p>\n<p>\u76d1\u7ba1\u4e92\u8ba4\u673a\u5236\uff1a\u63a8\u52a8\u9999\u6e2f-\u65b0\u52a0\u5761\u6c99\u76d2\u7b49\u6548\u534f\u8bae\uff0c\u5141\u8bb8\u7ecf\u4e00\u65b9\u8ba4\u8bc1\u7684\u5408\u89c4\u6a21\u5757\u81ea\u52a8\u83b7\u5f97\u53e6\u4e00\u65b9\u8ba4\u53ef;<\/p>\n<p>\u8de8\u94fe\u6280\u672f\u6807\u51c6\uff1a\u91c7\u7528 LayerZero \u5168\u94fe\u67b6\u6784\u5efa\u7acb\u4e3b\u6743\u94fe\u95f4\u901a\u4fe1\u534f\u8bae\uff0c\u5c06\u8de8\u5883\u7ed3\u7b97\u8017\u65f6\u538b\u7f29\u81f3 3 \u79d2\u4ee5\u5185\uff08\u6d4b\u8bd5\u6570\u636e\uff09\u3002<\/p>\n<h2 class=\"customstyle_text\">\n<li>\n<p>\u53ef\u7f16\u7a0b\u76d1\u7ba1\u6c99\u76d2\u6f14\u8fdb<\/p>\n<\/li>\n<\/ul>\n<p>\u5728\u5168\u7403\u91d1\u878d\u5e02\u573a\u52a0\u901f\u6570\u5b57\u5316\u8f6c\u578b\u7684\u5f53\u4e0b\uff0c\u9999\u6e2f Ensemble \u6c99\u76d2\u4e8c\u671f\u542f\u52a8\u7684 \u201c\u76d1\u7ba1\u89c4\u5219\u4ee3\u7801\u5316\u201d \u8bd5\u70b9\u6781\u5177\u524d\u77bb\u6027\u3002\u968f\u7740\u533a\u5757\u94fe\u6280\u672f\u5728\u91d1\u878d\u9886\u57df\u7684\u6df1\u5165\u5e94\u7528\uff0c\u591a\u94fe RWA \u9879\u76ee\u7684\u8de8\u5883\u53d1\u5c55\u9700\u6c42\u65e5\u76ca\u8feb\u5207\u3002\u9999\u6e2f\u51ed\u501f\u5176\u56fd\u9645\u91d1\u878d\u4e2d\u5fc3\u7684\u5730\u4f4d\uff0c\u8054\u5408\u65b0\u52a0\u5761\u7b49\u91d1\u878d\u521b\u65b0\u6d3b\u8dc3\u5730\u533a\uff0c\u6784\u5efa\u8d77\u8de8\u5883\u6c99\u76d2\u534f\u4f5c\u7f51\u7edc\u3002\u901a\u8fc7\u8682\u8681\u94fe \u201c\u8de8\u94fe\u6570\u636e\u9a8c\u8bc1\u5e73\u53f0\u201d\uff0c\u8fd0\u7528\u5148\u8fdb\u7684\u9690\u79c1\u8ba1\u7b97\u6280\u672f\uff0c\u5b9e\u73b0\u8d44\u4ea7\u6570\u636e\u5728\u4e0d\u540c\u53f8\u6cd5\u7ba1\u8f96\u533a\u95f4 \u201c\u53ef\u7528\u4e0d\u53ef\u89c1\u201d\uff0c\u6709\u6548\u5e73\u8861\u6570\u636e\u6d41\u901a\u4e0e\u5b89\u5168\u9690\u79c1\u7684\u9700\u6c42\u3002\u8fd9\u4e00\u4e3e\u63aa\u4e0d\u4ec5\u6709\u671b\u5c06 RWA \u8de8\u5883\u5ba1\u6279\u5468\u671f\u4ece\u539f\u672c\u7684 45 \u5929\u5927\u5e45\u538b\u7f29\u81f3 7 \u5929\uff0c\u7b14\u8005\u9884\u8ba1\u8fd8\u4f1a\u5728 2026 \u5e74\u5c06\u8de8\u5883\u5408\u89c4\u6280\u672f\u6210\u672c\u964d\u4f4e 40%\u00a0\uff0c\u5c4a\u65f6\u5c06\u6781\u5927\u5730\u63d0\u5347\u591a\u94fe RWA \u8d44\u4ea7\u5728\u4e9a\u592a\u5730\u533a\u7684\u6d41\u8f6c\u6548\u7387\uff0c\u4fc3\u8fdb\u533a\u57df\u91d1\u878d\u5e02\u573a\u7684\u6df1\u5ea6\u878d\u5408\u4e0e\u521b\u65b0\u53d1\u5c55\u3002<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u9884\u8a00\u673a\u7f51\u7edc\u5347\u7ea7<\/p>\n<\/li>\n<\/ul>\n<p>Chainlink CCIP\u00a0\u6280\u672f\u5728\u9999\u6e2f\u8bd5\u70b9\u4e2d\u5c55\u73b0\u51fa\u5353\u8d8a\u6210\u6548\uff0c\u5c06\u8de8\u94fe\u4ea4\u6613\u4ef7\u5dee\u6210\u529f\u63a7\u5236\u5728 5% \u4ee5\u5185\uff0c\u663e\u8457\u4f18\u5316\u8d44\u4ea7\u5b9a\u4ef7\u7684\u51c6\u786e\u6027\uff0c\u4e3a RWA \u4ea4\u6613\u63d0\u4f9b\u4e86\u66f4\u7a33\u5b9a\u7684\u4ef7\u683c\u57fa\u7840\u3002\u4e0e\u6b64\u540c\u65f6\uff0c\u5185\u5730\u5728\u65b0\u80fd\u6e90\u9886\u57df\u5927\u529b\u90e8\u7f72 \u201c\u536b\u661f\u9065\u611f   \u7269\u8054\u7f51\u201d \u6df7\u5408\u9884\u8a00\u673a\u7f51\u7edc\u3002\u8be5\u7f51\u7edc\u5229\u7528\u536b\u661f\u9065\u611f\u6280\u672f\u5b9e\u65f6\u76d1\u6d4b\u5149\u4f0f\u7535\u7ad9\u3001\u5145\u7535\u6869\u7b49\u65b0\u80fd\u6e90\u5b9e\u4f53\u8d44\u4ea7\u7684\u8fd0\u884c\u72b6\u51b5\uff0c\u7ed3\u5408\u7269\u8054\u7f51\u8bbe\u5907\u91c7\u96c6\u7684\u7cbe\u51c6\u6570\u636e\uff0c\u5b9e\u73b0\u6570\u636e\u9ad8\u6548\u4e0a\u94fe\uff0c\u4f7f\u6570\u636e\u4e0a\u94fe\u6548\u7387\u6709\u6548\u63d0\u5347\uff0c\u5e76\u540c\u6b65\u964d\u4f4e\u94fe\u4e0b\u6570\u636e\u9a8c\u8bc1\u6210\u672c\u3002\u8fd9\u4e00\u521b\u65b0\u4e3a\u7eff\u8272 RWA \u9879\u76ee\u63d0\u4f9b\u4e86\u53ef\u9760\u3001\u53ca\u65f6\u7684\u94fe\u4e0a\u6570\u636e\u652f\u6491\uff0c\u6709\u529b\u63a8\u52a8\u65b0\u80fd\u6e90\u4ea7\u4e1a\u4e0e\u533a\u5757\u94fe\u91d1\u878d\u7684\u6df1\u5ea6\u878d\u5408\uff0c\u52a9\u529b\u5b9e\u73b0 \u201c\u53cc\u78b3\u201d \u76ee\u6807\u3002<\/p>\n<h3 class=\"customstyle_text\">\n<li>\n<p>\u5408\u89c4\u6846\u67b6\u56fd\u9645\u4e92\u8ba4<\/p>\n<\/li>\n<\/ul>\n<p>\u8fd1\u671f\uff0c\u9999\u6e2f\u4e0e\u7f8e\u56fd\u5728\u7a33\u5b9a\u5e01\u653f\u7b56\u65b9\u9762\u7684\u65b0\u52a8\u4f5c\uff0c\u4e3a RWA \u5408\u89c4\u6846\u67b6\u7684\u56fd\u9645\u4e92\u8ba4\u6ce8\u5165\u65b0\u52a8\u529b\u30025 \u6708 21 \u65e5\uff0c\u9999\u6e2f\u7acb\u6cd5\u4f1a\u4e09\u8bfb\u901a\u8fc7\u300a\u7a33\u5b9a\u5e01\u6761\u4f8b\u8349\u6848\u300b\uff0c\u8bbe\u7acb\u6cd5\u5e01\u7a33\u5b9a\u5e01\u53d1\u884c\u4eba\u53d1\u724c\u5236\u5ea6\uff0c\u8981\u6c42\u6301\u724c\u673a\u6784\u7ef4\u6301 100% \u9ad8\u6d41\u52a8\u6027\u50a8\u5907\uff08\u5982\u73b0\u91d1\u3001\u56fd\u503a\uff09\uff0c\u6ee1\u8db3\u53cd\u6d17\u94b1\u3001\u4fe1\u606f\u62ab\u9732\u3001\u7b2c\u4e09\u65b9\u5ba1\u8ba1\u7b49\u4e25\u683c\u8981\u6c42\u3002\u51e0\u4e4e\u540c\u4e00\u65f6\u671f\uff0c\u00a05 \u6708 19 \u65e5\u7f8e\u56fd\u53c2\u8bae\u9662\u4ee5\u538b\u5012\u6027\u7968\u6570\u901a\u8fc7\u300aGENIUS \u6cd5\u6848\u300b\u7a0b\u5e8f\u6027\u6295\u7968\uff0c\u8be5\u6cd5\u6848\u8981\u6c42\u7a33\u5b9a\u5e01\u53d1\u884c\u5546\u4ee5 100% \u7f8e\u5143\u73b0\u91d1\u6216\u77ed\u671f\u7f8e\u56fd\u56fd\u503a\u7b49\u9ad8\u6d41\u52a8\u6027\u8d44\u4ea7\u4f5c\u4e3a\u50a8\u5907\uff0c\u5e76\u63d0\u4ea4\u6708\u5ea6\u900f\u660e\u5ea6\u62a5\u544a\u3002\u6b64\u524d\uff0c\u9999\u6e2f\u91d1\u7ba1\u5c40 2024 \u5e74\u53d1\u5e03\u7684\u7a33\u5b9a\u5e01\u76d1\u7ba1\u89c4\u5219\u5df2\u4e0e\u6b27\u76df MiCA \u6846\u67b6\u5b9e\u73b0\u7b49\u6548\u4e92\u8ba4\uff0c\u6301\u724c\u7a33\u5b9a\u5e01\u53d1\u884c\u5546\u53ef\u51ed\u9999\u6e2f\u5408\u89c4\u8d44\u8d28\u76f4\u63a5\u7533\u8bf7\u6b27\u76df EMT \u724c\u7167\uff0c\u7b14\u8005\u9884\u8ba1\u964d\u4f4e 30% \u5408\u89c4\u6210\u672c\uff0c\u5438\u5f15 Circle\u3001Tether \u7b49\u673a\u6784\u8bbe\u7acb\u4e9a\u592a\u8fd0\u8425\u4e2d\u5fc3\u3002\u5185\u5730\u4e5f\u5728\u52a0\u901f\u5236\u5b9a\u6570\u5b57\u8d44\u4ea7\u76d1\u7ba1\u9886\u57df\u7684\u7ba1\u7406\u65b9\u6848\uff0c\u63a2\u7d22\u6570\u636e\u8d44\u4ea7\u5165\u8868\u4e0e\u56fd\u9645\u4f1a\u8ba1\u51c6\u5219\uff08IAS 38\uff09\u5bf9\u63a5\uff0c\u8ba1\u5212 2026 \u5e74\u5f00\u653e\u4f01\u4e1a\u6570\u636e\u8d44\u4ea7\u8de8\u5883\u4ea4\u6613\u8bd5\u70b9\uff0c\u63a8\u52a8\u672c\u571f\u89c4\u5219\u4e0e\u56fd\u9645\u6807\u51c6\u7684\u6df1\u5ea6\u8854\u63a5\uff0c\u9010\u6b65\u6784\u5efa\u5168\u7403\u534f\u540c\u7684 RWA \u5408\u89c4\u751f\u6001\u3002<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>\u5206\u5e03\u5f0f\u8d26\u672c\u7ed3\u7b97\u521b\u65b0<\/p>\n<\/li>\n<\/ul>\n<p>\u9999\u6e2f\u91d1\u7ba1\u5c40\u79ef\u6781\u501f\u9274\u6b27\u6d32\u592e\u884c 15.9 \u4ebf\u6b27\u5143\u533a\u5757\u94fe\u6279\u53d1\u4ea4\u6613\u7684\u6210\u529f\u7ecf\u9a8c\uff0c\u8bd5\u70b9\u6570\u5b57\u6e2f\u5143\uff08e-HKD\uff09\u4e0e\u4ee3\u5e01\u5316\u8d44\u4ea7\u7684\u5b9e\u65f6\u7ed3\u7b97\uff08T \u00a01\/2\uff09\uff0c\u65e8\u5728\u63d0\u5347\u8d44\u91d1\u7ed3\u7b97\u6548\u7387\uff0c\u589e\u5f3a\u9999\u6e2f\u5728\u5168\u7403\u6570\u5b57\u8d44\u4ea7\u7ed3\u7b97\u9886\u57df\u7684\u7ade\u4e89\u529b\u3002\u5185\u5730\u5219\u6301\u7eed\u6df1\u5316\u6570\u5b57\u4eba\u6c11\u5e01\uff08e-CNY\uff09\u4e0e\u9999\u6e2f \u201c\u591a\u79cd\u592e\u884c\u6570\u5b57\u8d27\u5e01\u4e92\u64cd\u4f5c\u201d\uff08m-CBDC Bridge\uff09\u9879\u76ee\uff0c\u91cd\u70b9\u805a\u7126\u8de8\u5883\u8d38\u6613\u7ed3\u7b97\u573a\u666f\u3002\u901a\u8fc7\u592e\u884c\u6570\u5b57\u8d27\u5e01\u4f53\u7cfb\uff0c\u7b80\u5316\u8de8\u5883\u652f\u4ed8\u6d41\u7a0b\uff0c\u51cf\u5c11\u4e2d\u95f4\u73af\u8282\uff0c\u964d\u4f4e\u4ea4\u6613\u6210\u672c\uff0c\u663e\u8457\u63d0\u5347\u8d44\u91d1\u8de8\u5883\u6d41\u8f6c\u6548\u7387\uff0c\u8fdb\u4e00\u6b65\u5de9\u56fa\u4eba\u6c11\u5e01\u5728\u56fd\u9645\u7ed3\u7b97\u4e2d\u7684\u5730\u4f4d\uff0c\u63a8\u52a8\u8de8\u5883\u8d38\u6613\u7684\u4fbf\u5229\u5316\u53d1\u5c55\u3002<\/p>\n<h3 class=\"customstyle_text\">\n<li>\n<p>\u56fd\u9645\u673a\u6784\u4e0e\u4e2d\u8d44\u91d1\u878d\u79d1\u6280\u534f\u4f5c<\/p>\n<\/li>\n<\/ul>\n<p>\u6b27\u7f8e\u91d1\u878d\u673a\u6784\u5728 RWA \u9886\u57df\u5e03\u5c40\u5df2\u4e45\u4e14\u6210\u679c\u663e\u8457\uff0c\u8d1d\u83b1\u5fb7 Onyx \u5e73\u53f0\u6574\u5408 BUIDL \u57fa\u91d1\u4e0e\u6469\u6839\u5927\u901a JPM Coin\uff0c\u6784\u5efa\u8d77\u7f8e\u503a\u8d28\u62bc\u501f\u8d37\u7f51\u7edc\uff0c\u7ba1\u7406\u89c4\u6a21\u5df2\u7a81\u7834 10 \u4ebf\u7f8e\u5143\uff0c\u5145\u5206\u5c55\u793a\u4f20\u7edf\u91d1\u878d\u5de8\u5934\u5728\u6570\u5b57\u8d44\u4ea7\u9886\u57df\u7684\u521b\u65b0\u5b9e\u529b\u3002\u5728\u4e2d\u6e2f\u534f\u4f5c\u65b9\u9762\uff0c\u8682\u8681\u6570\u79d1\u4e0e\u745e\u94f6\u8054\u5408\u63a8\u51fa\u4e9a\u592a\u65b0\u80fd\u6e90 RWA \u5e73\u53f0\uff0c\u6210\u6548\u6590\u7136\uff0c\u6839\u636e\u96c5\u864e\u8d22\u7ecf\u6570\u636e\u663e\u793a\uff0c\u00a02025 \u5e74\u878d\u8d44\u89c4\u6a21\u8fbe 5 \u4ebf\u7f8e\u5143\uff0c\u4e3b\u6743\u8d22\u5bcc\u57fa\u91d1\u8ba4\u8d2d\u5360\u6bd4 35%\u00a0\u3002\u8fd9\u4e00\u5408\u4f5c\u5c06\u6709\u671b\u6210\u529f\u6253\u9020 \u201c\u5185\u5730\u8d44\u4ea7\u786e\u6743 \u2013 \u9999\u6e2f\u5408\u89c4\u5305\u88c5 \u2013 \u5168\u7403\u673a\u6784\u914d\u7f6e\u201d \u7684\u5b8c\u6574\u4e1a\u52a1\u95ed\u73af\uff0c\u501f\u52a9\u5185\u5730\u4e30\u5bcc\u7684\u65b0\u80fd\u6e90\u8d44\u4ea7\u8d44\u6e90\u3001\u9999\u6e2f\u6210\u719f\u7684\u91d1\u878d\u5408\u89c4\u4f53\u7cfb\u4ee5\u53ca\u5168\u7403\u673a\u6784\u7684\u8d44\u91d1\u4f18\u52bf\uff0c\u6253\u901a\u5b9e\u4f53\u8d44\u4ea7\u8de8\u5883\u8bc1\u5238\u5316\u8def\u5f84\uff0c\u63a8\u52a8\u65b0\u80fd\u6e90\u4ea7\u4e1a\u5728\u5168\u7403\u8303\u56f4\u5185\u7684\u8d44\u91d1\u878d\u901a\u4e0e\u9879\u76ee\u843d\u5730\u3002<\/p>\n<ul class=\" list-paddingleft-2\">\n<li>\n<p>SWIFT \u4e0e\u533a\u5757\u94fe\u7684\u5408\u89c4\u5bf9\u63a5<\/p>\n<\/li>\n<\/ul>\n<p>\u9999\u6e2f\u53c2\u4e0e\u7684 SWIFT GPI \u8bd5\u70b9\u9879\u76ee\uff0c\u521b\u65b0\u6027\u5730\u63a5\u5165 Chainlink \u9884\u8a00\u673a\uff0c\u6839\u636e\u00a0DBS BANK\u00a0\u5b98\u7f51\u6570\u636e\uff0c\u5176\u5728 GSBN \u7535\u5b50\u63d0\u5355\u9879\u76ee\u4e2d\u53ef\u4ee5\u5b9e\u73b0 \u201c\u94f6\u884c\u4fdd\u51fd \u2013 \u667a\u80fd\u5408\u7ea6\u89e6\u53d1\u201d \u7684\u81ea\u52a8\u5316\u878d\u8d44\u6d41\u7a0b\u3002\u5c3d\u7ba1\u5728\u7ed3\u7b97\u901f\u5ea6\u4e0a\u8f83 Ripple \u6162 10%\u00a0\uff0c\u4f46\u5176\u51ed\u501f\u8986\u76d6 200   \u56fd\u5bb6\u7684\u5e9e\u5927\u5408\u89c4\u7f51\u7edc\uff0c\u5c06\u6210\u4e3a\u6c47\u4e30\u3001\u6e23\u6253\u7b49\u4f20\u7edf\u94f6\u884c\u63a5\u5165 RWA \u7684\u4e3b\u8981\u901a\u9053\u3002\u8fd9\u4e00\u6a21\u5f0f\u4e3a\u533a\u5757\u94fe\u6280\u672f\u4e0e\u4f20\u7edf\u91d1\u878d\u4f53\u7cfb\u7684\u5408\u89c4\u878d\u5408\u63d0\u4f9b\u4e86\u6210\u529f\u8303\u4f8b\uff0c\u65e2\u53d1\u6325\u533a\u5757\u94fe\u5728\u4ea4\u6613\u81ea\u52a8\u5316\u3001\u4fe1\u606f\u900f\u660e\u5316\u65b9\u9762\u7684\u4f18\u52bf\uff0c\u53c8\u4f9d\u6258 SWIFT \u6210\u719f\u7684\u5408\u89c4\u6846\u67b6\uff0c\u6709\u671b\u6d88\u9664\u4f20\u7edf\u91d1\u878d\u673a\u6784\u5bf9\u533a\u5757\u94fe\u6280\u672f\u5e94\u7528\u7684\u5408\u89c4\u987e\u8651\uff0c\u4fc3\u8fdb RWA \u4e1a\u52a1\u5728\u4f20\u7edf\u91d1\u878d\u9886\u57df\u7684\u5e7f\u6cdb\u63a8\u5e7f\u4e0e\u5e94\u7528\u3002<\/p>\n<h2 class=\"customstyle_text\">\u201c\u7a7a\u6c14\u5e01\u201d \u4e0e \u201c\u8d44\u91d1\u76d8\u201d \u6cdb\u6ee5<\/h3>\n<p>\u5f53\u4e0b\uff0c RWA \u5e02\u573a\u6df1\u53d7 \u201c\u7a7a\u6c14\u5e01\u201d \u53ca \u201c\u8d44\u91d1\u76d8\u201d \u7684\u837c\u6bd2\u3002\u90e8\u5206\u4e0d\u6cd5\u5206\u5b50\u6253\u7740 RWA \u7684\u5e4c\u5b50\uff0c\u4ee5 \u201c\u8f7b\u677e\u5b9e\u73b0\u8d22\u5bcc\u81ea\u7531\u201d \u7b49\u865a\u5047\u627f\u8bfa\u86ca\u60d1\u6295\u8d44\u8005\uff0c\u5176\u9879\u76ee\u5b9e\u5219\u6beb\u65e0\u5e95\u5c42\u8d44\u4ea7\u4f9d\u6258\uff0c\u5b8c\u5168\u4f9d\u9760\u591a\u7ea7\u5206\u9500\u3001\u62c9\u4eba\u5934\u8fd4\u4f63\u7684\u4f20\u9500\u624b\u6bb5\u7ef4\u7cfb\u8fd0\u4f5c\u3002\u5c31\u5982 2025 \u5e74\u521d\u66dd\u5149\u7684 \u201c\u67d0\u4e30\u80fd\u6e90\u5e01\u201d\uff08\u5316\u540d\uff09\u9879\u76ee\uff0c\u5ba3\u79f0\u62e5\u6709\u591a\u4e2a\u6d77\u5916\u5927\u578b\u80fd\u6e90\u9879\u76ee\u4f5c\u4e3a\u652f\u6491\uff0c\u5411\u6295\u8d44\u8005\u8bb8\u4e0b\u5e74\u5316\u6536\u76ca\u9ad8\u8fbe 50% \u7684\u7a7a\u5934\u652f\u7968\uff0c\u5438\u5f15\u4e86\u5927\u6279\u6295\u8d44\u8005\u8e0a\u8dc3\u6295\u5165\u8d44\u91d1\u3002\u4f46\u7ecf\u76d1\u7ba1\u90e8\u95e8\u6df1\u5165\u8c03\u67e5\u540e\u53d1\u73b0\uff0c\u8be5\u9879\u76ee\u6240\u8c13\u7684\u80fd\u6e90\u8d44\u4ea7\u7eaf\u5c5e\u5b50\u865a\u4e4c\u6709\uff0c\u672c\u8d28\u5c31\u662f\u4f9d\u9760\u65b0\u6295\u8d44\u8005\u7684\u8d44\u91d1\u6765\u652f\u4ed8\u8001\u6295\u8d44\u8005\u56de\u62a5\u7684\u5e9e\u6c0f\u9a97\u5c40\u3002\u968f\u7740\u8d44\u91d1\u94fe\u7684\u65ad\u88c2\uff0c\u9879\u76ee\u8fc5\u901f\u5d29\u76d8\uff0c\u4f17\u591a\u6295\u8d44\u8005\u8840\u672c\u65e0\u5f52\uff0c\u635f\u5931\u60e8\u91cd\u3002<\/p>\n<p>\u66f4\u4ee4\u4eba\u4e0d\u9f7f\u7684\u662f\uff0c\u4e00\u4e9b\u4e0d\u826f\u9879\u76ee\u4e3a\u9a97\u53d6\u6295\u8d44\u8005\u4fe1\u4efb\uff0c\u4e0d\u60dc\u91c7\u7528\u4f2a\u9020\u5ba1\u8ba1\u62a5\u544a\u3001\u76d7\u7528\u77e5\u540d\u673a\u6784\u6807\u8bc6\u7b49\u6076\u52a3\u624b\u6bb5\u3002\u4eca\u5e74 4 \u6708\uff0c\u201c\u67d0\u534e\u91d1\u878d\u94fe\u201d\uff08\u5316\u540d\uff09\u9879\u76ee\u5728\u793e\u4ea4\u5a92\u4f53\u4e0a\u5927\u8086\u5ba3\u4f20\u5176\u83b7\u5f97\u4e86\u5fb7\u52e4\u7684\u5ba1\u8ba1\u80cc\u4e66\uff0c\u5e76\u914d\u6709\u4f2a\u9020\u7684\u5fb7\u52e4 Logo \u53ca\u5ba1\u8ba1\u62a5\u544a\uff0c\u4ee5\u6b64\u5438\u5f15\u6295\u8d44\u8005\u8d2d\u4e70\u5176\u53d1\u884c\u7684\u865a\u62df\u4ee3\u5e01\u3002\u968f\u7740\u9879\u76ee\u70ed\u5ea6\u6025\u5267\u6500\u5347\uff0c\u76d1\u7ba1\u90e8\u95e8\u53ca\u65f6\u4ecb\u5165\u8c03\u67e5\uff0c\u7ed3\u679c\u663e\u793a\u8be5\u9879\u76ee\u4e0d\u4ec5\u8d22\u52a1\u6570\u636e\u5168\u662f\u9020\u5047\uff0c\u56e2\u961f\u6210\u5458\u4fe1\u606f\u4e5f\u662f\u865a\u6784\u7684\uff0c\u5176\u76ee\u7684\u4ec5\u4ec5\u662f\u5728\u77ed\u671f\u5185\u75af\u72c2\u5708\u94b1\u540e\u8fc5\u901f\u8dd1\u8def\u3002\u6b64\u7c7b\u884c\u5f84\u4e25\u91cd\u6270\u4e71\u4e86\u5e02\u573a\u6b63\u5e38\u79e9\u5e8f\uff0c\u6781\u5927\u635f\u5bb3\u4e86\u6295\u8d44\u8005\u7684\u5408\u6cd5\u5229\u76ca\u3002<\/p>\n<h3 class=\"customstyle_text\">\u5408\u89c4\u5957\u5229\u4e0e\u76d1\u7ba1\u6f0f\u6d1e<\/h3>\n<p>\u90e8\u5206 RWA \u9879\u76ee\u4e3a\u8c0b\u53d6\u79c1\u5229\uff0c\u5229\u7528\u8de8\u5883\u76d1\u7ba1\u5b58\u5728\u7684\u5dee\u5f02\u8fdb\u884c\u5957\u5229\uff0c\u8fd9\u4e00\u884c\u4e3a\u4e25\u91cd\u7834\u574f\u4e86\u5e02\u573a\u7684\u516c\u5e73\u6027\u4e0e\u7a33\u5b9a\u6027\u3002\u6d77\u5357\u4e3a\u5927\u529b\u63a8\u52a8\u6570\u5b57\u7ecf\u6d4e\u53d1\u5c55\uff0c\u51fa\u53f0\u4e86\u8bf8\u591a\u9f13\u52b1\u521b\u65b0\u7684\u653f\u7b56\u63aa\u65bd\uff0c\u7136\u800c\uff0c\u90e8\u5206\u522b\u6709\u7528\u5fc3\u7684\u9879\u76ee\u5374\u501f\u6b64\u673a\u4f1a\u89c4\u907f\u6570\u636e\u51fa\u5883\u5408\u89c4\u5ba1\u67e5\u3002\u4f8b\u5982\uff0c\u4e2a\u522b\u9879\u76ee\u5728\u6d77\u5357\u8bbe\u7acb\u8fd0\u8425\u4e3b\u4f53\u540e\uff0c\u672a\u7ecf\u4efb\u4f55\u5b89\u5168\u8bc4\u4f30\u6d41\u7a0b\uff0c\u4fbf\u79c1\u81ea\u5c06\u5927\u91cf\u6d89\u53ca\u4e2a\u4eba\u9690\u79c1\u53ca\u5546\u4e1a\u673a\u5bc6\u7684\u6570\u636e\u4f20\u8f93\u81f3\u5883\u5916\u670d\u52a1\u5668\uff0c\u7528\u4e8e\u9879\u76ee\u7684\u65e5\u5e38\u8fd0\u8425\u3002\u8fd9\u79cd\u884c\u4e3a\u4e0d\u4ec5\u76f4\u63a5\u8fdd\u53cd\u4e86\u300a\u6570\u636e\u5b89\u5168\u6cd5\u300b\u7684\u76f8\u5173\u89c4\u5b9a\uff0c\u8fd8\u6781\u6709\u53ef\u80fd\u5bfc\u81f4\u6570\u636e\u6cc4\u9732\uff0c\u5bf9\u56fd\u5bb6\u5b89\u5168\u4ee5\u53ca\u4f01\u4e1a\u548c\u4e2a\u4eba\u7684\u5408\u6cd5\u6743\u76ca\u6784\u6210\u4e25\u91cd\u5a01\u80c1\u3002<\/p>\n<p>\u8fd8\u6709\u4e00\u4e9b\u9879\u76ee\u9009\u62e9\u5728\u8fea\u62dc\u7b49\u76d1\u7ba1\u76f8\u5bf9\u5bbd\u677e\u7684\u5730\u533a\u6ce8\u518c\uff0c\u4ee5\u6b64\u7ed5\u5f00\u4e25\u683c\u7684\u8bc1\u5238\u6cd5\u7ea6\u675f\u3002\u4f8b\u5982\uff0c\u4e2a\u522b\u9879\u76ee\u5728\u8fea\u62dc\u6ce8\u518c\u6210\u7acb\u540e\uff0c\u9762\u5411\u5168\u7403\u5927\u8086\u53d1\u884c\u8bc1\u5238\u578b\u4ee3\u5e01\uff0c\u4f46\u5374\u5e76\u672a\u6309\u7167\u8bc1\u5238\u6cd5\u7684\u8981\u6c42\u8fdb\u884c\u5145\u5206\u7684\u4fe1\u606f\u62ab\u9732\uff0c\u4e5f\u672a\u5bf9\u6295\u8d44\u8005\u8fdb\u884c\u5fc5\u8981\u7684\u98ce\u9669\u8bc4\u4f30\u4e0e\u4fdd\u62a4\u3002\u5f53\u9879\u76ee\u6700\u7ec8\u5931\u8d25\u65f6\uff0c\u6295\u8d44\u8005\u7531\u4e8e\u7f3a\u4e4f\u6709\u6548\u7684\u6cd5\u5f8b\u4f9d\u636e\uff0c\u96be\u4ee5\u901a\u8fc7\u6cd5\u5f8b\u9014\u5f84\u7ef4\u62a4\u81ea\u8eab\u6743\u76ca\uff0c\u8fd9\u4e00\u6848\u4f8b\u5145\u5206\u51f8\u663e\u4e86\u8de8\u5883\u76d1\u7ba1\u6f0f\u6d1e\u7ed9\u6295\u8d44\u8005\u5e26\u6765\u7684\u5de8\u5927\u98ce\u9669\u3002<\/p>\n<p>\u6b64\u5916\uff0c\u5185\u5730\u5408\u89c4 RWA \u4ea7\u54c1\u7684\u53c2\u4e0e\u6e20\u9053\u6781\u4e3a\u6709\u9650\uff0c\u8fd9\u4f7f\u5f97\u5927\u91cf\u6295\u8d44\u8005\u65e0\u5948\u8f6c\u5411\u975e\u5408\u89c4\u9879\u76ee\u5bfb\u6c42\u6295\u8d44\u673a\u4f1a\uff0c\u4ece\u800c\u8fdb\u4e00\u6b65\u52a0\u5267\u4e86\u5e02\u573a\u7684\u6df7\u4e71\u7a0b\u5ea6\u3002\u975e\u5408\u89c4\u9879\u76ee\u7531\u4e8e\u7f3a\u4e4f\u6709\u6548\u7684\u76d1\u7ba1\uff0c\u9879\u76ee\u8d28\u91cf\u826f\u83a0\u4e0d\u9f50\uff0c\u6295\u8d44\u8005\u7684\u672c\u91d1\u5b89\u5168\u548c\u9884\u671f\u6536\u76ca\u6839\u672c\u65e0\u6cd5\u5f97\u5230\u4fdd\u969c\u3002\u957f\u6b64\u4ee5\u5f80\uff0c\u5fc5\u5c06\u5bf9\u6574\u4e2a RWA \u5e02\u573a\u7684\u5065\u5eb7\u53ef\u6301\u7eed\u53d1\u5c55\u9020\u6210\u4e25\u91cd\u963b\u788d\u3002<\/p>\n<h3 class=\"customstyle_text\">\u6280\u672f\u98ce\u9669\u4e0e\u64cd\u4f5c\u9677\u9631<\/h3>\n<p>\u5728 RWA \u9886\u57df\uff0c\u6280\u672f\u98ce\u9669\u9891\u53d1\uff0c\u7ed9\u9879\u76ee\u7684\u7a33\u5b9a\u8fd0\u884c\u4ee5\u53ca\u6295\u8d44\u8005\u7684\u8d44\u4ea7\u5b89\u5168\u5e26\u6765\u4e86\u6781\u5927\u7684\u6311\u6218\u3002\u667a\u80fd\u5408\u7ea6\u4f5c\u4e3a RWA \u9879\u76ee\u7684\u5173\u952e\u6280\u672f\u652f\u6491\uff0c\u4e00\u65e6\u51fa\u73b0\u6f0f\u6d1e\uff0c\u5c31\u6781\u6613\u6210\u4e3a\u9ed1\u5ba2\u653b\u51fb\u7684\u76ee\u6807\uff0c\u5bfc\u81f4\u9879\u76ee\u8d44\u91d1\u88ab\u76d7\u53d6\u3002\u540c\u65f6\uff0c\u9884\u8a00\u673a\u6570\u636e\u5ef6\u8fdf\u4e5f\u662f\u4e00\u4e2a\u8f83\u4e3a\u5e38\u89c1\u4e14\u68d8\u624b\u7684\u6280\u672f\u95ee\u9898\u3002\u5982\u679c\u6570\u636e\u5ef6\u8fdf\uff0c\u76f8\u5173\u65b9\u5219\u65e0\u6cd5\u53ca\u65f6\u6839\u636e\u5e02\u573a\u53d8\u5316\u8c03\u6574\u6295\u8d44\u7b56\u7565\uff0c\u6700\u7ec8\u5bfc\u81f4\u8d44\u4ea7\u4ef7\u503c\u76f4\u63a5\u53d7\u5230\u51b2\u51fb\u3002<\/p>\n<p>\u90e8\u5206\u4e0d\u6cd5\u9879\u76ee\u4e3a\u6b3a\u8bc8\u6295\u8d44\u8005\uff0c\u751a\u81f3\u642d\u5efa\u5c71\u5be8\u94fe\uff0c\u5e76\u8c0e\u79f0\u662f\u57fa\u4e8e\u4e3b\u6d41\u516c\u94fe\u5f00\u53d1\u3002\u4ee5 \u201c\u67d0\u94fe\u201d\uff08\u5316\u540d\uff09\u9879\u76ee\u4e3a\u4f8b\uff0c\u8be5\u9879\u76ee\u5ba3\u79f0\u57fa\u4e8e\u4ee5\u592a\u574a\u516c\u94fe\u6784\u5efa\uff0c\u4f46\u5b9e\u9645\u4e0a\u5374\u662f\u81ea\u5efa\u7684\u5c01\u95ed\u94fe\u3002\u9879\u76ee\u65b9\u53ef\u4ee5\u968f\u5fc3\u6240\u6b32\u5730\u63a7\u5236\u4ee3\u5e01\u53d1\u884c\u6570\u91cf\u4ee5\u53ca\u4ea4\u6613\u4ef7\u683c\uff0c\u6295\u8d44\u8005\u5728\u88ab\u865a\u5047\u5ba3\u4f20\u8bef\u5bfc\u4e70\u5165\u4ee3\u5e01\u540e\uff0c\u4ee3\u5e01\u4ef7\u683c\u968f\u5373\u66b4\u8dcc\uff0c\u8d44\u4ea7\u4e25\u91cd\u53d7\u635f\u3002\u6b64\u7c7b\u884c\u4e3a\u4e25\u91cd\u7834\u574f\u4e86\u5e02\u573a\u4fe1\u4efb\u73af\u5883\uff0c\u6781\u5927\u5730\u963b\u788d\u4e86\u884c\u4e1a\u7684\u5065\u5eb7\u53d1\u5c55\u4e0e\u8fdb\u6b65\u3002<\/p>\n<h2 class=\"customstyle_text\">\u6838\u5fc3\u77db\u76fe\u672c\u8d28<\/h3>\n<p>\u5728 RWA \u7684\u53d1\u5c55\u8fdb\u7a0b\u4e2d\uff0c\u901a\u8bc1\u5316\u6280\u672f\u6240\u5021\u5bfc\u7684 \u201c\u53bb\u4e2d\u5fc3\u5316\u6d41\u52a8\u201d \u7279\u6027\u4e0e\u4f20\u7edf\u91d1\u878d\u79c9\u6301\u7684 \u201c\u5c5e\u5730\u5316\u76d1\u7ba1\u201d \u539f\u5219\u95f4\u5b58\u5728\u7740\u6df1\u5c42\u6b21\u7684\u77db\u76fe\u3002\u4ee5 Toucan \u4e0e Verra \u5728\u78b3\u4fe1\u7528\u89c4\u5219\u65b9\u9762\u7684\u535a\u5f08\u4e3a\u4f8b\uff0cToucan \u81f4\u529b\u4e8e\u5c06\u78b3\u4fe1\u7528\u901a\u8bc1\u5316\uff0c\u878d\u5165\u53bb\u4e2d\u5fc3\u5316\u6570\u5b57\u91d1\u878d\u4f53\u7cfb\uff0c\u63a8\u52a8\u78b3\u4fe1\u7528\u5728\u533a\u5757\u94fe\u4e0a\u7684\u6d41\u901a\uff1b\u800c Verra \u4f5c\u4e3a\u5168\u7403\u9886\u5148\u7684\u78b3\u4fe1\u7528\u8ba4\u8bc1\u673a\u6784\uff0c\u51fa\u4e8e\u5bf9\u78b3\u4fe1\u7528\u73af\u5883\u6548\u76ca\u6d88\u8d39\u754c\u5b9a\u3001\u907f\u514d\u91cd\u590d\u8ba1\u7b97\u7b49\u56e0\u7d20\u8003\u91cf\uff0c\u5bf9\u90e8\u5206\u901a\u8bc1\u5316\u884c\u4e3a\u4e88\u4ee5\u9650\u5236\uff0c\u53cc\u65b9\u77db\u76fe\u51f8\u663e\u51fa\u533a\u5757\u94fe\u6280\u672f\u4e0b\u8d44\u4ea7\u65b0\u6d41\u901a\u6a21\u5f0f\u4e0e\u4f20\u7edf\u8ba4\u8bc1\u76d1\u7ba1\u4f53\u7cfb\u7684\u51b2\u7a81\u3002\u5728\u4e2d\u6e2f\u6570\u636e\u8de8\u5883\u6d41\u52a8\u65b9\u9762\uff0c\u5185\u5730\u6709\u7740\u4e25\u683c\u7684\u6570\u636e\u5b89\u5168\u4e0e\u51fa\u5883\u7ba1\u7406\u89c4\u5b9a\uff0c\u9999\u6e2f\u5219\u57fa\u4e8e\u81ea\u8eab\u56fd\u9645\u91d1\u878d\u4e2d\u5fc3\u5b9a\u4f4d\uff0c\u5728\u6570\u636e\u8de8\u5883\u89c4\u5219\u4e0a\u5b58\u5728\u5dee\u5f02\uff0c\u8fd9\u4f7f\u5f97 RWA \u9879\u76ee\u5728\u8fdb\u884c\u8de8\u5883\u6570\u636e\u4ea4\u4e92\u65f6\u9762\u4e34\u5236\u5ea6\u6027\u963b\u788d\u3002\u8fd9\u79cd\u77db\u76fe\u672c\u8d28\u4e0a\u662f\u4ef7\u503c\u4e92\u8054\u7f51\u91cd\u6784\u8fdb\u7a0b\u4e2d\uff0c\u8ffd\u6c42\u9ad8\u6548\u8d44\u4ea7\u6d41\u52a8\u7684\u6280\u672f\u6548\u7387\u4e0e\u4fdd\u969c\u91d1\u878d\u7a33\u5b9a\u3001\u6570\u636e\u5b89\u5168\u7b49\u7684\u76d1\u7ba1\u5b89\u5168\u4e4b\u95f4\u7684\u52a8\u6001\u5e73\u8861\u96be\u9898\u3002\u82e5\u65e0\u6cd5\u59a5\u5584\u534f\u8c03\uff0c\u5c06\u5236\u7ea6 RWA \u5728\u5168\u7403\u8303\u56f4\u7684\u5065\u5eb7\u53d1\u5c55\u3002<\/p>\n<h3 class=\"customstyle_text\">\u533a\u57df\u751f\u6001\u7279\u5f81<\/h3>\n<p>\u4ece\u5168\u7403 RWA \u5e02\u573a\u7684\u533a\u57df\u751f\u6001\u6765\u770b\uff0c\u76ee\u524d\u5df2\u7ecf\u5448\u73b0\u51fa\u9c9c\u660e\u7684\u7279\u5f81\u3002\u5728\u6807\u51c6\u5316\u8d44\u4ea7\u9886\u57df\uff0c\u56fd\u503a\u3001\u7a33\u5b9a\u5e01\u7b49\u4f9d\u6258\u4e8e\u6b27\u7f8e\u6210\u719f\u7684\u76d1\u7ba1\u6846\u67b6\uff0c\u5982\u7f8e\u56fd\u8bc1\u5238\u4ea4\u6613\u59d4\u5458\u4f1a\uff08SEC\uff09\u5bf9\u8bc1\u5238\u7c7b\u8d44\u4ea7\u7684\u4e25\u683c\u76d1\u7ba1\uff0c\u6b27\u76df\u300a\u52a0\u5bc6\u8d44\u4ea7\u5e02\u573a\u6cd5\u89c4\u300b\uff08MiCA\uff09\u5bf9\u7a33\u5b9a\u5e01\u7b49\u7684\u89c4\u8303\uff0c\u4ee5\u53ca\u9999\u6e2f\u5730\u533a\u6210\u719f\u7684\u79bb\u5cb8\u91d1\u878d\u57fa\u7840\u8bbe\u65bd\u3002\u8fd9\u4e9b\u5730\u533a\u5b8c\u5584\u7684\u6cd5\u5f8b\u4f53\u7cfb\u3001\u4e25\u683c\u7684\u5e02\u573a\u51c6\u5165\u4e0e\u4fe1\u606f\u62ab\u9732\u8981\u6c42\uff0c\u4f7f\u5f97\u6807\u51c6\u5316\u8d44\u4ea7\u5728\u5168\u7403\u5e02\u573a\u4e0a\u5177\u5907\u8f83\u9ad8\u516c\u4fe1\u529b\uff0c\u5438\u5f15\u7740\u98ce\u9669\u504f\u597d\u8f83\u4f4e\u7684\u5927\u578b\u673a\u6784\u6295\u8d44\u8005\u8fdb\u884c\u8d44\u4ea7\u914d\u7f6e\uff0c\u5b83\u4eec\u8ffd\u6c42\u8d44\u4ea7\u7684\u7a33\u5065\u589e\u503c\u4e0e\u5b89\u5168\u6027\uff0c\u6210\u719f\u76d1\u7ba1\u4e0b\u7684\u6807\u51c6\u5316\u8d44\u4ea7\u5951\u5408\u5176\u6295\u8d44\u7406\u5ff5\u3002<\/p>\n<p>\u975e\u6807\u8d44\u4ea7\uff0c\u8bf8\u5982\u623f\u5730\u4ea7\u3001\u78b3\u4fe1\u7528\u7b49\uff0c\u5185\u5730\u51ed\u501f\u5360\u5168\u7403\u5de5\u4e1a\u4ea7\u503c 30% \u7684\u5e9e\u5927\u5b9e\u4f53\u8d44\u4ea7\u50a8\u5907\uff0c\u5728\u8d44\u4ea7\u4f9b\u7ed9\u7aef\u5177\u6709\u663e\u8457\u4f18\u52bf\u3002\u540c\u65f6\uff0c\u9999\u6e2f\u76d1\u7ba1\u6c99\u76d2\u521b\u65b0\u4e3a\u975e\u6807\u8d44\u4ea7 RWA \u9879\u76ee\u63d0\u4f9b\u4e86\u8bd5\u9a8c\u7530\uff0c\u52a9\u529b\u5176\u63a2\u7d22\u5408\u89c4\u8def\u5f84\u4e0e\u4e1a\u52a1\u6a21\u5f0f\u3002\u7136\u800c\uff0c\u975e\u6807\u8d44\u4ea7 RWA \u9762\u4e34\u8bf8\u591a\u6311\u6218\u3002\u6cd5\u5f8b\u9002\u914d\u65b9\u9762\uff0c\u623f\u5730\u4ea7\u7b49\u975e\u6807\u8d44\u4ea7\u6d89\u53ca\u590d\u6742\u4ea7\u6743\u5173\u7cfb\uff0c\u73b0\u6709\u6cd5\u5f8b\u5728\u901a\u8bc1\u5316\u6743\u76ca\u754c\u5b9a\u4e0a\u5b58\u5728\u7a7a\u767d\uff1b\u6280\u672f\u74f6\u9888\u4e0a\uff0c\u5982\u4f55\u7cbe\u51c6\u8bc4\u4f30\u5176\u4ef7\u503c\u5e76\u4e0a\u94fe\uff0c\u786e\u4fdd\u6570\u636e\u771f\u5b9e\u53ef\u9760\uff0c\u4ecd\u662f\u96be\u9898\uff1b\u56fd\u9645\u6807\u51c6\u4e92\u8ba4\u5c42\u9762\uff0c\u5168\u7403\u5404\u56fd\u5728\u78b3\u4fe1\u7528\u7b49\u975e\u6807\u8d44\u4ea7\u6807\u51c6\u4e0a\u5b58\u5728\u5dee\u5f02\uff0c\u963b\u788d\u8de8\u5883\u6d41\u901a\u4e0e\u4ea4\u6613\u3002\u7a81\u7834\u8fd9\u4e9b\u969c\u788d\uff0c\u662f\u5b9e\u73b0\u975e\u6807\u8d44\u4ea7 RWA \u89c4\u6a21\u5316\u843d\u5730\u7684\u5173\u952e\u3002<\/p>\n<h3 class=\"customstyle_text\">\u672a\u6765\u6218\u7565\u65b9\u5411<\/h3>\n<p>\u76ee\u524d\uff0c\u201c\u53cc\u67a2\u7ebd\u201d [\u00a018\u00a0]\u3002\u6a21\u5f0f (\u9999\u6e2f\u4f5c\u4e3a \u201c\u76d1\u7ba1\u521b\u65b0\u67a2\u7ebd\u201d\uff0c\u5185\u5730\u4f5c\u4e3a \u201c\u5b9e\u4f53\u8d44\u4ea7\u67a2\u7ebd\u201d) \u6b63\u5728\u9010\u6b65\u6210\u578b\u3002\u9999\u6e2f\u51ed\u501f\u5176\u56fd\u9645\u91d1\u878d\u4e2d\u5fc3\u5730\u4f4d\u3001\u4e30\u5bcc\u7684\u91d1\u878d\u4eba\u624d\u50a8\u5907\u3001\u5b8c\u5584\u7684\u91d1\u878d\u57fa\u7840\u8bbe\u65bd\u4ee5\u53ca\u7075\u6d3b\u7684\u76d1\u7ba1\u521b\u65b0\u673a\u5236\uff0c\u6210\u4e3a \u201c\u76d1\u7ba1\u521b\u65b0\u67a2\u7ebd\u201d\u3002\u4e00\u65b9\u9762\uff0c\u9999\u6e2f\u79ef\u6781\u5438\u5f15\u56fd\u9645\u8d44\u672c\uff0c\u901a\u8fc7\u4f18\u5316\u76d1\u7ba1\u6c99\u76d2\uff0c\u4e3a RWA \u9879\u76ee\u63d0\u4f9b\u5408\u89c4\u8bd5\u9a8c\u73af\u5883\uff0c\u63a8\u52a8\u91d1\u878d\u521b\u65b0\u4ea7\u54c1\u5feb\u901f\u8fed\u4ee3\uff1b\u53e6\u4e00\u65b9\u9762\uff0c\u4e0e\u5168\u7403\u91d1\u878d\u5e02\u573a\u7d27\u5bc6\u5bf9\u63a5\uff0c\u5c06\u4f18\u8d28 RWA \u9879\u76ee\u63a8\u5411\u56fd\u9645\u6295\u8d44\u8005\u3002\u5185\u5730\u5219\u4f5c\u4e3a \u201c\u5b9e\u4f53\u8d44\u4ea7\u67a2\u7ebd\u201d\uff0c\u62e5\u6709\u6d77\u91cf\u4e14\u591a\u5143\u7684\u5b9e\u4f53\u8d44\u4ea7\uff0c\u4ece\u65b0\u80fd\u6e90\u8bbe\u5907\u5230\u6570\u636e\u8d44\u4ea7\uff0c\u4e3a RWA \u9879\u76ee\u63d0\u4f9b\u6e90\u6e90\u4e0d\u65ad\u7684\u6807\u7684\u4f9b\u7ed9\u3002<\/p>\n<p>\u4e3a\u5b9e\u73b0\u53cc\u67a2\u7ebd\u9ad8\u6548\u534f\u540c\uff0c\u8de8\u94fe\u9884\u8a00\u673a\u7f51\u7edc\u81f3\u5173\u91cd\u8981\u3002\u5b83\u80fd\u89e3\u51b3\u4e0d\u540c\u94fe\u95f4\u6570\u636e\u4ea4\u4e92\u96be\u9898\uff0c\u786e\u4fdd\u8d44\u4ea7\u6570\u636e\u5728\u4e0d\u540c\u533a\u5757\u94fe\u5e73\u53f0\u95f4\u51c6\u786e\u3001\u5b9e\u65f6\u4f20\u8f93\uff0c\u63d0\u5347\u6570\u636e\u771f\u5b9e\u6027\u4e0e\u53ef\u9760\u6027\uff0c\u6253\u7834\u4fe1\u606f\u5b64\u5c9b\u3002\u52a8\u6001\u76d1\u7ba1\u6c99\u76d2\u5219\u80fd\u6839\u636e RWA \u5e02\u573a\u53d1\u5c55\u60c5\u51b5\u3001\u6280\u672f\u9769\u65b0\u4ee5\u53ca\u98ce\u9669\u72b6\u51b5\uff0c\u7075\u6d3b\u8c03\u6574\u76d1\u7ba1\u89c4\u5219\uff0c\u7834\u89e3\u5408\u89c4\u517c\u5bb9\u6027\u96be\u9898\uff0c\u5728\u9f13\u52b1\u521b\u65b0\u4e0e\u9632\u8303\u98ce\u9669\u95f4\u627e\u5230\u5e73\u8861\u3002\u6700\u7ec8\uff0c\u6784\u5efa\u8d77 \u201c\u8d44\u4ea7\u6d41\u800c\u4e0d\u7834\u201d \u7684\u5168\u7403\u6d41\u52a8\u4f53\u7cfb\uff0c\u5373\u8d44\u4ea7\u5728\u5168\u7403\u8303\u56f4\u5185\u80fd\u591f\u9ad8\u6548\u6d41\u901a\uff0c\u540c\u65f6\u4fdd\u6301\u8d44\u4ea7\u6743\u5c5e\u3001\u76d1\u7ba1\u5408\u89c4\u7b49\u5173\u952e\u8981\u7d20\u7684\u5b8c\u6574\u6027\u3002<\/p>\n<p>\u57fa\u4e8e\u6b64\uff0c\u4ee5\u4e0b\u4e09\u4e2a\u65b9\u5411\u5c06\u5728\u4e2d\u6e2f\u8054\u52a8\u4e2d\u5177\u6709\u98ce\u5411\u6807\u610f\u4e49\uff1a\u9999\u6e2f\u5408\u89c4\u6c99\u76d2\u5185\u7684\u6807\u51c6\u5316\u8d44\u4ea7\u9879\u76ee\uff1a\u5982\u4ee3\u5e01\u5316\u7eff\u8272\u503a\u5238\u3002\u968f\u7740\u5168\u7403\u5bf9\u53ef\u6301\u7eed\u53d1\u5c55\u5173\u6ce8\u5ea6\u63d0\u5347\uff0c\u7eff\u8272\u503a\u5238\u5e02\u573a\u89c4\u6a21\u4e0d\u65ad\u6269\u5927\uff0c\u800c\u9999\u6e2f\u5408\u89c4\u6c99\u76d2\u5c06\u4e3a\u5176\u63d0\u4f9b\u521b\u65b0\u7a7a\u95f4\uff0c\u673a\u6784\u53ef\u501f\u52a9\u6c99\u76d2\u5185\u76f8\u5bf9\u5bbd\u677e\u7684\u76d1\u7ba1\u73af\u5883\uff0c\u63d0\u524d\u5173\u6ce8\u4f18\u8d28\u7eff\u8272\u503a\u5238\u9879\u76ee\uff0c\u83b7\u53d6\u53ef\u6301\u7eed\u53d1\u5c55\u7ea2\u5229\uff0c\u4e14\u80fd\u6709\u6548\u63a7\u5236\u6295\u8d44\u98ce\u9669;<\/p>\n<p>\u5185\u5730\u653f\u7b56\u8bd5\u70b9\u4e2d\u7684\u5b9e\u4f53\u8d44\u4ea7\u00a0RWA\uff1a\u65b0\u80fd\u6e90\u8bbe\u5907\u3001\u6570\u636e\u8d44\u4ea7\u7b49\u9886\u57df\u8574\u542b\u5de8\u5927\u6f5c\u529b\u3002\u5185\u5730\u5728\u65b0\u80fd\u6e90\u4ea7\u4e1a\u53d1\u5c55\u8fc5\u901f\uff0c\u5927\u91cf\u65b0\u80fd\u6e90\u8bbe\u5907\u6295\u5165\u8fd0\u8425\uff0c\u5176\u4ea7\u751f\u7684\u7a33\u5b9a\u6536\u76ca\u6743\u53ef\u901a\u8fc7 RWA \u6a21\u5f0f\u5b9e\u73b0\u8d44\u4ea7\u8bc1\u5238\u5316\uff0c\u4e3a\u91d1\u878d\u521b\u65b0\u5728\u653f\u7b56\u6bb5\u63d0\u4f9b\u5177\u6709\u8f83\u9ad8\u53ef\u4fe1\u5ea6\u7684\u73b0\u5b9e\u4e16\u754c\u591a\u5143\u8d44\u4ea7\u3002\u6570\u636e\u8d44\u4ea7\u4f5c\u4e3a\u65b0\u5174\u8d44\u4ea7\u7c7b\u522b\uff0c\u968f\u7740\u6570\u636e\u8981\u7d20\u5e02\u573a\u5efa\u8bbe\u63a8\u8fdb\uff0c\u5728\u653f\u7b56\u8bd5\u70b9\u4e2d\u6709\u671b\u91ca\u653e\u5de8\u5927\u4ef7\u503c;<\/p>\n<p>\u6280\u672f\u00a0\u2013\u00a0\u76d1\u7ba1\u534f\u540c\u9886\u57df\u7684\u57fa\u7840\u8bbe\u65bd\u670d\u52a1\u5546\uff1a\u8de8\u94fe\u534f\u8bae\u80fd\u6253\u901a\u4e0d\u540c\u533a\u5757\u94fe\u95f4\u58c1\u5792\uff0c\u63d0\u5347\u8d44\u4ea7\u8de8\u94fe\u6d41\u901a\u6548\u7387\uff1b\u667a\u80fd\u5408\u7ea6\u5ba1\u8ba1\u673a\u6784\u5219\u4fdd\u969c\u667a\u80fd\u5408\u7ea6\u5b89\u5168\u6027\uff0c\u964d\u4f4e\u56e0\u5408\u7ea6\u6f0f\u6d1e\u5bfc\u81f4\u7684\u98ce\u9669\u3002\u6b64\u7c7b\u57fa\u7840\u8bbe\u65bd\u670d\u52a1\u5546\uff0c\u5c06\u540c\u6b65\u5206\u4eab RWA \u5e02\u573a\u6280\u672f\u4e0e\u76d1\u7ba1\u534f\u540c\u53d1\u5c55\u5e26\u6765\u7684\u957f\u671f\u589e\u957f\u7ea2\u5229\u3002<\/p>\n<h3 class=\"customstyle_text\">\u98ce\u9669\u9632\u63a7\u6d41\u7a0b<\/h3>\n<p>\u5f3a\u5316\u5408\u89c4\u5ba1\u67e5\uff1a\u6295\u8d44\u8005\u5728\u53c2\u4e0e RWA \u9879\u76ee\u65f6\uff0c\u9700\u5efa\u7acb\u4e25\u683c\u7684\u5408\u89c4\u5ba1\u67e5\u6d41\u7a0b\u3002\u5bf9\u9879\u76ee\u5e95\u5c42\u8d44\u4ea7\uff0c\u8981\u6df1\u5165\u6838\u67e5\u5176\u771f\u5b9e\u6027\u3001\u6743\u5c5e\u5173\u7cfb\u4ee5\u53ca\u8d44\u4ea7\u8d28\u91cf\uff0c\u53ef\u901a\u8fc7\u5b9e\u5730\u8c03\u7814\u3001\u7b2c\u4e09\u65b9\u8d44\u4ea7\u8bc4\u4f30\u7b49\u65b9\u5f0f\u3002\u540c\u65f6\uff0c\u4e25\u683c\u5ba1\u67e5\u9879\u76ee\u5408\u89c4\u8d44\u8d28\uff0c\u786e\u4fdd\u5176\u7b26\u5408\u56fd\u5185\u5916\u76f8\u5173\u6cd5\u5f8b\u6cd5\u89c4\uff0c\u5305\u62ec\u8bc1\u5238\u6cd5\u3001\u91d1\u878d\u76d1\u7ba1\u89c4\u5b9a\u7b49\u3002\u5173\u6ce8\u9879\u76ee\u76d1\u7ba1\u5907\u6848\u60c5\u51b5\uff0c\u8b66\u60d5\u672a\u5907\u6848\u6216\u5907\u6848\u4fe1\u606f\u4e0d\u5b9e\u9879\u76ee\u3002\u5bf9\u4e8e\u90a3\u4e9b\u4ee5\u9ad8\u6536\u76ca\u627f\u8bfa\u4e3a\u8bf1\u9975\uff0c\u5374\u65e0\u6cd5\u63d0\u4f9b\u5408\u7406\u6536\u76ca\u903b\u8f91\u4e0e\u5408\u89c4\u4f9d\u636e\u7684\u9879\u76ee\uff0c\u4ee5\u53ca\u5b58\u5728\u865a\u5047\u5ba3\u4f20\u884c\u4e3a\u7684\u9879\u76ee\uff0c\u8981\u575a\u51b3\u89c4\u907f\uff0c\u907f\u514d\u9677\u5165\u6295\u8d44\u9677\u9631;<\/p>\n<p>\u6280\u672f\u5b89\u5168\u8bc4\u4f30\uff1a\u5728 RWA \u9879\u76ee\u6280\u672f\u5b89\u5168\u5efa\u8bbe\u4e2d\uff0c\u9879\u76ee\u65b9\u4e0e\u5f00\u53d1\u56e2\u961f\u5e94\u4ece\u591a\u7ef4\u5ea6\u5f3a\u5316\u5b89\u5168\u4fdd\u969c\u4f53\u7cfb\u3002\u667a\u80fd\u5408\u7ea6\u662f RWA 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RWA \u5e02\u573a\u53d1\u5c55\u5f71\u54cd\u6df1\u8fdc\u3002\u76f8\u5173\u7528\u6237\u9700\u5bc6\u5207\u5173\u6ce8\u8fd9\u4e9b\u5730\u533a\u76d1\u7ba1\u6c99\u76d2\u8fdb\u5c55\uff0c\u53ca\u65f6\u4e86\u89e3\u653f\u7b56\u8c03\u6574\u65b9\u5411\u3001\u65b0\u7684\u51c6\u5165\u89c4\u5219\u3001\u521b\u65b0\u8bd5\u70b9\u9886\u57df\u7b49\u4fe1\u606f\u3002\u628a\u63e1\u8de8\u5883\u5408\u89c4\u6846\u67b6\u6f14\u8fdb\u8d8b\u52bf\uff0c\u5982\u56fd\u9645\u95f4\u76d1\u7ba1\u5408\u4f5c\u52a0\u5f3a\u3001\u76d1\u7ba1\u6807\u51c6\u8d8b\u540c\u6216\u5dee\u5f02\u5316\u53d8\u5316\u7b49\uff0c\u636e\u6b64\u7075\u6d3b\u8c03\u6574\u7b56\u7565\uff0c\u786e\u4fdd\u5728\u5408\u89c4\u6846\u67b6\u5185\u7a33\u5065\u53d1\u5c55\uff0c\u89c4\u907f\u56e0\u653f\u7b56\u53d8\u52a8\u5e26\u6765\u7684\u5408\u89c4\u98ce\u9669\u4e0e\u6295\u8d44\u635f\u5931\u3002<\/p>\n<p>RWA \u7684\u5168\u7403\u5b9e\u8df5\u4e0d\u4ec5\u662f\u4e00\u573a\u6280\u672f\u9769\u65b0\uff0c\u66f4\u662f\u5bf9\u4f20\u7edf\u91d1\u878d\u8303\u5f0f\u7684\u6df1\u5ea6\u91cd\u6784\u3002\u672a\u6765\uff0c\u968f\u7740\u6280\u672f\u6548\u7387\u4e0e\u76d1\u7ba1\u5b89\u5168\u52a8\u6001\u5e73\u8861\u7684\u6301\u7eed\u4f18\u5316\uff0cRWA \u5c06\u6709\u671b\u6210\u4e3a\u94fe\u63a5\u5b9e\u4f53\u7ecf\u6d4e\u4e0e\u5168\u7403\u8d44\u672c\u7684\u6838\u5fc3\u7ebd\u5e26\uff0c\u4e3a\u5168\u7403\u7ecf\u6d4e\u53ef\u6301\u7eed\u53d1\u5c55\u6ce8\u5165\u5168\u65b0\u52a8\u80fd\u3002\u7136\u800c\uff0c\u5f53\u524d RWA \u5e02\u573a\u4e71\u8c61\u4e1b\u751f\uff0c\u5145\u65a5\u7740 \u201c\u7a7a\u6c14\u5e01\u201d\u3001\u201c\u8d44\u91d1\u76d8\u201d\u3001\u201c\u5408\u89c4\u5957\u5229\u201d \u7b49\u4e0d\u826f\u73b0\u8c61\uff0c\u4e25\u91cd\u5a01\u80c1\u5e02\u573a\u5065\u5eb7\u3002\u8fd9\u9700\u8981\u884c\u4e1a\u53c2\u4e0e\u8005\u575a\u5b88\u5408\u89c4\u5e95\u7ebf\u3001\u52a0\u5f3a\u6280\u672f\u5b89\u5168\u6295\u5165\uff0c\u76d1\u7ba1\u673a\u6784\u5b8c\u5584\u76d1\u7ba1\u4f53\u7cfb\u3001\u5f3a\u5316\u5e02\u573a\u76d1\u7ba1\uff0c\u6295\u8d44\u8005\u63d0\u5347\u98ce\u9669\u610f\u8bc6\u3001\u8c28\u614e\u6295\u8d44\uff0c\u4e09\u65b9\u534f\u540c\u52aa\u529b\uff0c\u65b9\u80fd\u63a8\u52a8 RWA \u5e02\u573a\u5b9e\u73b0\u957f\u671f\u5065\u5eb7\u53d1\u5c55\uff0c\u91ca\u653e\u5176\u5de8\u5927\u6f5c\u529b\u3002<\/p>\n<h2 class=\"customstyle_text\">\n<h2 class=\"customstyle_text\">Boston Consulting Group. (\u00a02023). Tokenization of Real-World Assets: A $\u00a016 Trillion Opportunity by 2030.\u00a0\u6ce2\u58eb\u987f\u54a8\u8be2\u5185\u90e8\u62a5\u544a\uff08\u5f15\u8a00\u6bb5\uff0cP\u00a02\uff09<\/p>\n<p>[\u00a02\u00a0]\u00a0\u8d75\u9e5e. (\u00a02025). \u4ee3\u5e01\u5316\u6216\u662f\u672a\u6765\u5b8f\u89c2\u7ecf\u6d4e\u53d1\u5c55\u4e0e\u503a\u52a1\u7a33\u5b9a\u589e\u957f\u7684\u65b0\u601d\u8def\u3002\u65b0\u6d6a\u8d22\u7ecf.\uff08\u6ce8\uff1a\u8d75\u9e5e\u5173\u4e8e\u56fd\u503a\u4ee3\u5e01\u5316\u7684\u5b8f\u89c2\u5f71\u54cd\u5206\u6790\u88ab\u5f15\u7528\u4e8e 2.1 \u8282\u9996\u6bb5\uff09<\/p>\n<p>[\u00a03\u00a0]\u00a0BlackRock. (\u00a02024). BUIDL Tokenized Fund Prospectus.\u00a0\u8d1d\u83b1\u5fb7\u5b98\u65b9\u6587\u4ef6\uff082.1 \u8282\uff0cP\u00a04\uff09\u3002<\/p>\n<p>[\u00a04\u00a0]\u00a0Goldman Sachs. (\u00a02024). Digital Asset Platform (DAP) Whitepaper. \u9ad8\u76db\u6280\u672f\u62a5\u544a\uff082.1 \u8282\uff0cP\u00a04\uff09\u3002<\/p>\n<p>[\u00a05\u00a0]\u00a0\u9999\u6e2f\u91d1\u878d\u7ba1\u7406\u5c40\u3002\u91d1\u7ba1\u5c40\u63a8\u51fa Ensemble \u9805\u76ee\u6c99\u76d2\u4fc3\u9032\u4ee3\u5e63\u5316\u61c9\u7528 [EB\/OL]. \u9999\u6e2f\u91d1\u878d\u7ba1\u7406\u5c40\uff0c\u00a02024-08-28 (\u00a02025-05-27).<\/p>\n<p>[\u00a06\u00a0]\u00a0Hong Kong Monetary Authority (HKMA). (\u00a02024). Digital Bond Issuance in CMU: Annual Report. \u9999\u6e2f\u91d1\u7ba1\u5c40\u5b98\u7f51\uff082.1 \u8282\uff0cP\u00a05\uff09\u3002<\/p>\n<p>[\u00a07\u00a0]\u00a0International Monetary Fund (IMF). (\u00a02024). Global Financial Stability Report: Real Estate Liquidity Challenges. Chapter 3. \u56fd\u9645\u8d27\u5e01\u57fa\u91d1\u7ec4\u7ec7\uff082.2 \u8282\uff0cP\u00a08\uff09\u3002<\/p>\n<p>[\u00a08\u00a0]\u300a\u8bc1\u5238\u65e5\u62a5\u300b. (\u00a02024).\u300a\u65b0\u80fd\u6e90\u8d44\u4ea7\u901a\u8bc1\u5316\uff1a\u6717\u65b0\u79d1\u6280\u8de8\u5883\u878d\u8d44\u65b0\u8303\u5f0f\u300b. 2024 \u5e74 11 \u6708 15 \u65e5\u3002\uff082.2 \u8282\uff0cP\u00a010\uff09<\/p>\n<p>[\u00a09\u00a0]\u00a0Toucan Protocol. (\u00a02025). Annual Impact Report.\u00a0\u9879\u76ee\u767d\u76ae\u4e66\uff082.3 \u8282\uff0cP\u00a011\uff09\u3002<\/p>\n<p>[\u00a010\u00a0]\u00a0\u4e2d\u534e\u4eba\u6c11\u5171\u548c\u56fd\u8d22\u653f\u90e8\u3002\u4e2d\u534e\u4eba\u6c11\u5171\u548c\u56fd\u8d22\u653f\u90e8\u6587\u544a\uff082024 \u5e74\u7b2c 12 \u671f\uff09[J\/OL]. 2024-12-30 (\u00a02025-0527).<\/p>\n<p>[\u00a011\u00a0]\u00a0LayerZero Labs. (\u00a02025).\u00a0Cross-Chain Infrastructure for RWA: Hong Kong Pilot Report. \u6280\u672f\u767d\u76ae\u4e66\uff083.2 \u8282\uff0cP\u00a016\uff09<\/p>\n<p>[\u00a012\u00a0]\u00a0Bundesanstalt f\u00fcr Finanzdienstleistungsaufsicht (BaFin). (\u00a02024).\u00a0Supervisory Bulletin on Smart Contract Risks.\u00a0\u5fb7\u56fd\u91d1\u878d\u76d1\u7ba1\u5c40\u62a5\u544a\uff083.2 \u8282\uff0cP\u00a017\uff09<\/p>\n<p>[\u00a013\u00a0]\u00a0\u6c49\u5764\u5f8b\u5e08\u4e8b\u52a1\u6240. (\u00a02025).\u300a\u4e2d\u56fd RWA \u5408\u89c4\u8def\u5f84\u7814\u7a76\u62a5\u544a\u300b. \u6cd5\u5f8b\u51fa\u7248\u793e\u3002\uff084.1 \u8282\uff0cP\u00a021\uff09<\/p>\n<p>[\u00a014\u00a0]\uff08\u6ce8\uff1a\u975e\u6cd5\u96c6\u8d44\u6848\u4f8b \u201c\u6052\u4e30\u80fd\u6e90\u5e01\u201d \u5f15\u7528\u81ea\u8be5\u62a5\u544a\u6848\u4f8b\u5e93\uff09<\/p>\n<p>[\u00a015\u00a0]\u00a0Hong Kong Legislative Council. (\u00a02025).\u300a\u7a33\u5b9a\u5e01\u6761\u4f8b\u8349\u6848\u300b\uff082025 \u5e74\u7b2c 12 \u53f7\u6cd5\u6848\uff09. \u9999\u6e2f\u653f\u5e9c\u5baa\u62a5\u3002\uff084.2 \u8282\uff0cP\u00a022\uff09<\/p>\n<p>[\u00a016\u00a0]\u00a0European Parliament. (\u00a02023).\u00a0Markets in Crypto-Assets Regulation (MiCA). \u6b27\u76df\u5b98\u65b9\u516c\u62a5\uff084.3 \u8282\uff0cP\u00a023\uff09\u3002<\/p>\n<p>[\u00a017\u00a0]\u00a0RWA \u6982\u5ff5\u5e01 OM \u95ea\u5d29\uff1a\u00a090% \u5e02\u503c\u84b8\u53d1\u80cc\u540e\u7684\u64cd\u7eb5\u8c03\u67e5\u300b. \u52a0\u5bc6\u8d27\u5e01\u5206\u6790\u62a5\u544a\uff086.1 \u8282\uff0cP\u00a027\uff09\u3002<\/p>\n<p>[\u00a018\u00a0]\u00a0\u4e2d\u56fd\u4e92\u8054\u7f51\u91d1\u878d\u534f\u4f1a. (\u00a02025).\u300aRWA \u9886\u57df\u98ce\u9669\u8b66\u793a\u6848\u4f8b\u96c6\u300b. \u884c\u4e1a\u901a\u62a5\uff086.1 \u8282\uff0cP\u00a027\uff09\u3002<\/p>\n<p>[\u00a019\u00a0]\u00a0\u90d1\u5b9a\u5411. (\u00a02025).\u300aRWA \u7684\u672c\u8d28\uff1a\u4ee3\u7801\u5b9a\u4e49\u8d44\u4ea7\uff0c\u4fe1\u4efb\u8fde\u63a5\u5168\u7403\u300b.\u300a\u9999\u6e2f\u533a\u5757\u94fe\u6280\u672f\u5e94\u7528\u534f\u4f1a\u5e74\u62a5\u300b.\uff087.3 \u8282\uff0cP\u00a030\uff09<\/p>\n<p><strong>\u514d\u8d23\u58f0\u660e:\u00a0\u00a0\u00a0<\/strong><\/p>\n<p>\u672c\u62a5\u544a\u7531 Web3\u00a0Caff Research \u7f16\u5199\uff0c\u6240\u542b\u4fe1\u606f\u4ec5\u4f9b\u53c2\u8003\uff0c\u4e0d\u6784\u6210\u4efb\u4f55\u9884\u6d4b\u6216\u6295\u8d44\u5efa\u8bae\u3001\u63d0\u8bae\u6216\u8981\u7ea6\uff0c\u6295\u8d44\u8005\u8bf7\u52ff\u4f9d\u8d56\u6b64\u7c7b\u4fe1\u606f\u8d2d\u4e70\u3001\u51fa\u552e\u4efb\u4f55\u8bc1\u5238\u3001\u52a0\u5bc6\u8d27\u5e01\u6216\u91c7\u53d6\u4efb\u4f55\u6295\u8d44\u7b56\u7565\u3002\u62a5\u544a\u4e2d\u4f7f\u7528\u7684\u672f\u8bed\u548c\u8868\u8fbe\u7684\u89c2\u70b9\u65e8\u5728\u5e2e\u52a9\u7406\u89e3\u884c\u4e1a\u52a8\u5411\uff0c\u4fc3\u8fdb Web3 \u5305\u62ec\u533a\u5757\u94fe\u884c\u4e1a\u8d1f\u8d23\u4efb\u53d1\u5c55\uff0c\u4e0d\u5e94\u88ab\u89e3\u91ca\u4e3a\u660e\u786e\u7684\u6cd5\u5f8b\u89c2\u70b9\u6216 Web3\u00a0Caff Research \u7684\u89c2\u70b9\u3002\u62a5\u544a\u4e2d\u7684\u770b\u6cd5\u4ec5\u53cd\u6620\u4f5c\u8005\u622a\u81f3\u6240\u8ff0\u65e5\u671f\u7684\u4e2a\u4eba\u610f\u89c1\uff0c\u4e0e Web3\u00a0Caff Research \u7acb\u573a\u65e0\u5173\uff0c\u4e14\u53ef\u80fd\u968f\u540e\u7eed\u60c5\u51b5\u800c\u53d8\u5316\u3002\u672c\u62a5\u544a\u4e2d\u6240\u542b\u7684\u4fe1\u606f\u548c\u770b\u6cd5\u6765\u81ea Web3\u00a0Caff Research \u8ba4\u4e3a\u53ef\u9760\u7684\u4e13\u6709\u548c\u975e\u4e13\u6709\u6765\u6e90\uff0c\u5e76\u4e0d\u4e00\u5b9a\u6db5\u76d6\u6240\u6709\u6570\u636e\uff0c\u4ea6\u4e0d\u4fdd\u8bc1\u5176\u51c6\u786e\u6027\u3002\u56e0\u6b64\uff0cWeb3\u00a0Caff Research \u4e0d\u5bf9\u5176\u51c6\u786e\u6027\u548c\u53ef\u9760\u6027\u4f5c\u4efb\u4f55\u5f62\u5f0f\u7684\u62c5\u4fdd\uff0c\u4e5f\u4e0d\u627f\u62c5\u4ee5\u4efb\u4f55\u5176\u4ed6\u65b9\u5f0f\u4ea7\u751f\u7684\u9519\u8bef\u548c\u9057\u6f0f\u7684\u8d23\u4efb\uff08\u5305\u62ec\u56e0\u758f\u5ffd\u800c\u5bf9\u4efb\u4f55\u4eba\u4ea7\u751f\u7684\u8d23\u4efb\uff09\u3002\u672c\u62a5\u544a\u53ef\u80fd\u542b\u6709 \u201c\u524d\u77bb\u6027\u201d \u4fe1\u606f\uff0c\u8fd9\u7c7b\u4fe1\u606f\u53ef\u80fd\u5305\u62ec\u9884\u6d4b\u548c\u9884\u62a5\uff0c\u672c\u6587\u5e76\u4e0d\u6784\u6210\u5bf9\u4efb\u4f55\u9884\u6d4b\u7684\u62c5\u4fdd\u3002\u662f\u5426\u4f9d\u8d56\u672c\u62a5\u544a\u6240\u8f7d\u4fe1\u606f\u5b8c\u5168\u7531\u8bfb\u8005\u81ea\u884c\u51b3\u5b9a\u3002\u672c\u62a5\u544a\u4ec5\u4f9b\u53c2\u8003\uff0c\u4e0d\u6784\u6210\u8d2d\u4e70\u6216\u51fa\u552e\u4efb\u4f55\u8bc1\u5238\u3001\u52a0\u5bc6\u8d27\u5e01\u6216\u91c7\u53d6\u4efb\u4f55\u6295\u8d44\u7b56\u7565\u7684\u6295\u8d44\u5efa\u8bae\u3001\u63d0\u8bae\u6216\u8981\u7ea6\uff0c\u5e76\u8bf7\u60a8\u4e25\u683c\u9075\u5b88\u6240\u5728\u56fd\u5bb6\u6216\u5730\u533a\u7684\u76f8\u5173\u6cd5\u5f8b\u6cd5\u89c4\u3002<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>RWA\u8d5b\u905325\u5e74\u6700\u65b0\u7814\u62a5\uff1a\u5168\u7403\u89c6\u89d2\u4e0b\uff0cRWA \u6b63\u5982\u4f55\u517c\u987e\u6280\u672f\u3001\u76d1\u7ba1\u4e0e\u5e02\u573a\u5e73\u8861\uff1f \u60a8\u6b63\u5728\u9605\u8bfb Web3\u00a0Caff [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2588,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-2587","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/posts\/2587","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=2587"}],"version-history":[{"count":1,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/posts\/2587\/revisions"}],"predecessor-version":[{"id":5162,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/posts\/2587\/revisions\/5162"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=\/wp\/v2\/media\/2588"}],"wp:attachment":[{"href":"http:\/\/www.jineng168.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=2587"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=2587"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.jineng168.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=2587"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}