{"id":3157,"date":"2025-09-17T16:08:00","date_gmt":"2025-09-17T08:08:00","guid":{"rendered":"https:\/\/www.benfen.org\/blog\/?p=3157"},"modified":"2025-12-09T10:12:19","modified_gmt":"2025-12-09T02:12:19","slug":"panoramic-analysis-of-rwa-opportunities-challenges-the-future-of-on-chain-assets","status":"publish","type":"post","link":"https:\/\/www.benfen.org\/blog\/index.php\/zh\/panoramic-analysis-of-rwa-opportunities-challenges-the-future-of-on-chain-assets\/","title":{"rendered":"RWA \u7684\u53cc\u5203\u5251\uff1a\u4e58\u98ce\u53e3\u4e4b\u52bf\uff0c\u7834\u6697\u7901\u4e4b\u56f0"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\"><span><i class=\"fas fa-arrow-right\"><\/i><\/span>\u5f15\u8a00 <\/h2>\n\n\n\n<p>\u8fd1\u65e5\uff0cRWA 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class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/Development-History-of-RWA-1024x682.png\" alt=\"Development History of RWA\" class=\"wp-image-3145\" style=\"width:600px\" srcset=\"https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/Development-History-of-RWA-1024x682.png 1024w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/Development-History-of-RWA-300x200.png 300w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/Development-History-of-RWA-768x512.png 768w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/Development-History-of-RWA.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span><i class=\"fas fa-arrow-right\"><\/i><\/span><strong>\u4e8c\u3001RWA\u7684\u6982\u5ff5\u53ca\u8d44\u4ea7\u5206\u7c7b<\/strong> <\/h2>\n\n\n\n<p>\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7\uff08Real World Assets\uff0cRWA\uff09\u901a\u5e38\u6307\u5c06\u73b0\u5b9e\u4e16\u754c\u4e2d\u7684\u6709\u5f62\u6216\u65e0\u5f62\u8d44\u4ea7\u901a\u8fc7\u533a\u5757\u94fe\u6280\u672f\u8f6c\u6362\u4e3a\u53ef\u4ea4\u6613\u7684\u6570\u5b57\u4ee3\u5e01\uff0c\u5b9e\u73b0\u8d44\u4ea7\u7684\u6570\u5b57\u5316\u548c\u901a\u8bc1\u5316\u3002RWA\u8986\u76d6\u8303\u56f4\u6781\u5e7f\uff0c\u4ece\u4f20\u7edf\u91d1\u878d\u8d44\u4ea7\u4e00\u76f4\u5ef6\u4f38\u5230\u5b9e\u4f53\u7ecf\u6d4e\u5404\u9886\u57df\u3002\u5177\u4f53\u6765\u8bf4\uff0c<strong>\u5305\u62ec\u653f\u5e9c\u503a\u5238\u3001\u516c\u53f8\u503a\u5238\u7b49\u503a\u52a1\u5de5\u5177\uff0c\u80a1\u7968\u7b49\u80a1\u6743\u7c7b\u8d44\u4ea7\uff0c\u623f\u4ea7\u3001\u9ec4\u91d1\u7b49\u5b9e\u7269\u8d44\u4ea7\uff0c\u79c1\u52df\u80a1\u6743\u3001\u77e5\u8bc6\u4ea7\u6743\u3001\u4f9b\u5e94\u94fe\u5e94\u6536\u8d26\u6b3e\u7b49\u975e\u6807\u51c6\u5316\u6743\u76ca\uff0c\u51e0\u4e4e\u4efb\u4f55\u5177\u6709\u4ef7\u503c\u6216\u6743\u5c5e\u7684\u8d44\u4ea7\u7c7b\u578b\u90fd\u5728\u63a2\u7d22\u4e0a\u94fe\u7684\u53ef\u80fd<\/strong>\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-full is-resized\"><img decoding=\"async\" width=\"1280\" height=\"853\" src=\"https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/Concept-and-Asset-Classification-of-RWA.png\" alt=\"Concept and Asset Classification of RWA\" class=\"wp-image-3146\" style=\"width:600px\" srcset=\"https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/Concept-and-Asset-Classification-of-RWA.png 1280w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/Concept-and-Asset-Classification-of-RWA-300x200.png 300w\" sizes=\"(max-width: 1280px) 100vw, 1280px\" \/><\/figure>\n<\/div>\n\n\n<p>\u9700\u8981\u6ce8\u610f\u7684\u662f\uff0c\u72ed\u4e49RWA\u901a\u5e38\u4e0d\u5305\u62ec\u7a33\u5b9a\u5e01\u7b49\u951a\u5b9a\u6cd5\u5e01\u7684\u4ee3\u5e01\uff1a\u5c3d\u7ba1\u7a33\u5b9a\u5e01\u7684\u50a8\u5907\u673a\u5236\u4e5f\u662f\u7531\u94fe\u4e0b\u6cd5\u5e01\u6216\u503a\u5238\u652f\u6491\uff0c\u5728\u5e7f\u4e49\u4e0a\u5c5e\u4e8eRWA\u8303\u7574\uff0c\u4f46\u4e00\u822c\u5355\u72ec\u5f52\u7c7b\u4e3a\u7a33\u5b9a\u5e01\u3002\u672c\u6587\u8ba8\u8bba\u7684RWA\u5c06\u4e3b\u8981\u805a\u7126\u4e8e\u7a33\u5b9a\u5e01\u4ee5\u5916\u7684\u73b0\u5b9e\u8d44\u4ea7\u4ee3\u5e01\u5316\uff0c\u5982\u56fd\u503a\u3001\u623f\u5730\u4ea7\u3001\u79c1\u52df\u503a\u6743\u3001\u79c1\u52df\u80a1\u6743\u3001\u5e94\u6536\u8d26\u6b3e\u3001\u827a\u672f\u54c1\u7b49\u7c7b\u522b\u3002<\/p>\n\n\n\n<p>\u6309\u7167\u8d44\u4ea7\u6027\u8d28\uff0c\u5f53\u524d\u94fe\u4e0aRWA\u4e3b\u8981\u53ef\u5206\u4e3a\u4ee5\u4e0b\u51e0\u7c7b\uff1a<\/p>\n\n\n\n<ul 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Gold\uff08PAXG\uff09\u3001Tether Gold\uff08XAUT\uff09<\/strong>\u7b49\u901a\u8fc71:1\u5b9e\u7269\u9ec4\u91d1\u50a8\u5907\u53d1\u884c\u7684\u4ee3\u5e01\u3002\u78b3\u4fe1\u7528\u3001\u539f\u6cb9\u7b49\u80fd\u6e90\u7c7b\u8d44\u4ea7\u53d7\u5236\u4e8e\u66f4\u9ad8\u7684\u76d1\u7ba1\u95e8\u69db\uff0c\u76ee\u524d\u591a\u5904\u4e8e\u8bd5\u70b9\u9636\u6bb5\u3002<\/li>\n\n\n\n<li>\u80a1\u6743\u4e0e\u57fa\u91d1\u4efd\u989d\uff1a\u5305\u62ec\u672a\u4e0a\u5e02\u80a1\u6743\u3001\u4e0a\u5e02\u516c\u53f8\u80a1\u7968\u53ca\u5404\u7c7b\u79c1\u52df\u57fa\u91d1\u4efd\u989d\u7684\u94fe\u4e0a\u53d1\u884c\u3002\u4ee3\u8868\u5e73\u53f0\u6709<strong>Securitize\u3001ADDX\u3001Swarm<\/strong>\u7b49\uff0c\u5408\u89c4\u5730\u5c06\u4f01\u4e1a\u80a1\u6743\u6216\u57fa\u91d1\u53d7\u76ca\u51ed\u8bc1\u8f6c\u5316\u4e3a\u94fe\u4e0a\u4ee3\u5e01\u6d41\u901a\u3002\u8fd9\u7c7b\u8d44\u4ea7\u53d7\u8bc1\u5238\u76d1\u7ba1\u7ea6\u675f\u8f83\u591a\uff0c\u4e8c\u7ea7\u4ea4\u6613\u9700\u4e25\u683cKYC\u767d\u540d\u5355\uff0c\u90e8\u5206\u9879\u76ee\u9009\u62e9\u8bb8\u53ef\u94fe\u6765\u9650\u5236\u6d41\u8f6c\u8303\u56f4\u3002\u80a1\u6743\u7c7bRWA\u76ee\u524d\u89c4\u6a21\u5f88\u5c0f\uff08\u622a\u81f32025\u5e746\u6708\u5e95\u5e02\u503c\u7ea63.62\u4ebf\u7f8e\u5143\uff0c\u5360RWA\u4e0d\u52302%\uff09\uff0c\u4e14\u7f3a\u4e4f\u6d41\u52a8\u6027\uff0c\u8fd9\u662f\u76d1\u7ba1\u548c\u5e02\u573a\u56e0\u7d20\u5171\u540c\u4f5c\u7528\u7684\u7ed3\u679c\u3002<\/li>\n\n\n\n<li>\u623f\u5730\u4ea7\uff1a\u623f\u4ea7\u5177\u6709\u4ef7\u503c\u9ad8\u3001\u6d41\u52a8\u6027\u5dee\u7684\u7279\u70b9\uff0c\u4f20\u7edf\u4ea4\u6613\u5f80\u5f80\u95e8\u69db\u9ad8\u3001\u5468\u671f\u957f\u3002RWA\u4e3a\u623f\u4ea7\u6295\u8d44\u63d0\u4f9b\u4e86\u788e\u7247\u5316\u7684\u65b0\u8def\u5f84\uff0c\u4f8b\u5982\u901a\u8fc7SPV\u6301\u6709\u4e0d\u52a8\u4ea7\u5e76\u53d1\u884c\u4ee3\u5e01\u5316\u6743\u76ca\uff0c\u4f7f\u5c0f\u989d\u6295\u8d44\u8005\u4e5f\u80fd\u6309\u6bd4\u4f8b\u5206\u4eab\u623f\u79df\u6536\u76ca\u6216\u7269\u4e1a\u5347\u503c\u3002\u7136\u800c\u623f\u5730\u4ea7\u4e0a\u94fe\u9762\u4e34\u786e\u6743\u590d\u6742\u548c\u6cd5\u5f8b\u8854\u63a5\u96be\u9898\uff1a\u94fe\u4e0a\u4ee3\u5e01\u8f6c\u8ba9\u4e0e\u7ebf\u4e0b\u4ea7\u6743\u8fc7\u6237\u5982\u4f55\u540c\u6b65\u4ecd\u65e0\u660e\u786e\u5148\u4f8b\u3002\u66fe\u6709\u65b0\u52a0\u5761\u67d0\u623f\u4ea7\u9879\u76ee\u56e0\u7ebf\u4e0b\u4ea7\u6743\u53d8\u66f4\u672a\u53ca\u65f6\u53cd\u6620\u5230NFT\u4ee3\u5e01\uff0c\u5bfc\u81f4\u8be5NFT\u6210\u4e3a\u201c\u65e0\u4e3b\u8d44\u4ea7\u201d\uff0c\u66b4\u9732\u4e86\u94fe\u4e0b\u4fe1\u606f\u6ede\u540e\u7684\u98ce\u9669\u3002\u56e0\u6b64\uff0c\u76ee\u524d\u623f\u5730\u4ea7RWA\u591a\u4ee5\u6536\u76ca\u6743\u4ee3\u5e01\u4e3a\u4e3b\uff08\u5982\u79df\u91d1\u6536\u76ca\u6743\uff09\uff0c\u6301\u6709\u4eba\u5e76\u4e0d\u76f4\u63a5\u62e5\u6709\u7269\u4e1a\u6240\u6709\u6743\uff0c\u4ec5\u6309\u6301\u5e01\u6bd4\u4f8b\u83b7\u5f97\u6536\u76ca\u5206\u914d\u3002<\/li>\n\n\n\n<li>\u53e6\u7c7b\u6536\u85cf\u4e0e\u827a\u672f\u54c1\uff1a\u5305\u62ec\u827a\u672f\u54c1\u3001\u6536\u85cf\u5361\u724c\u3001\u540d\u9152\u540d\u8868\u7b49\u975e\u4f20\u7edf\u8d44\u4ea7\u7684\u4ee3\u5e01\u5316\u3002\u6b64\u7c7b\u8d44\u4ea7\u901a\u5e38\u7f3a\u4e4f\u6d3b\u8dc3\u7684\u516c\u5f00\u5e02\u573a\u5b9a\u4ef7\uff0c\u4e0a\u94fe\u4e3b\u8981\u76ee\u7684\u662f\u964d\u4f4e\u6295\u8d44\u95e8\u69db\u3001\u63d0\u9ad8\u6d41\u8f6c\u6548\u7387\u3002\u4f8b\u5982\u65e9\u671f\u66fe\u6709\u5e73\u53f0\u5c06\u8457\u540d\u753b\u4f5c\u8fdb\u884cNFT\u788e\u7247\u53d1\u884c\uff0c\u8ba9\u591a\u4eba\u5171\u4eab\u6240\u6709\u6743\u3002\u4f46\u7531\u4e8e\u827a\u672f\u54c1\u4f30\u503c\u4e3b\u89c2\u6027\u5f3a\u3001\u6d41\u52a8\u6027\u6781\u4f4e\uff0c\u76ee\u524d\u8fd9\u65b9\u9762RWA\u4ecd\u5c5e\u5c0f\u4f17\u5c1d\u8bd5\uff0c\u89c4\u6a21\u548c\u5f71\u54cd\u529b\u6709\u9650\u3002\u4f46\u968f\u7740 BenFen \u7b49\u5e73\u53f0\u7684<strong>\u4e00\u952e\u53d1\u884c<\/strong>\u80fd\u529b\u666e\u53ca\uff0c\u672a\u6765\u827a\u672f\u54c1\u3001\u6536\u85cf\u7c7b\u8d44\u4ea7\u7684\u4ee3\u5e01\u5316\u95e8\u69db\u6709\u671b\u663e\u8457\u964d\u4f4e\u3002<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span><i class=\"fas fa-arrow-right\"><\/i><\/span><strong>\u4e09\u3001\u4e3b\u6d41RWA\u9879\u76ee\u76d8\u70b9<\/strong> <\/h2>\n\n\n\n<p>RWA\u8d5b\u9053\u8fd1\u5e74\u6765\u6d8c\u73b0\u51fa\u591a\u79cd\u6a21\u5f0f\u7684\u9879\u76ee\uff0c\u4e0b\u9762\u6309\u8d44\u4ea7\u7c7b\u522b\u5217\u4e3e\u4e3b\u8981\u7684\u4ee3\u8868\u6027\u9879\u76ee\uff0c\u6bcf\u4e2a\u9879\u76ee\u5e76\u7b80\u8ff0\u5176\u6838\u5fc3\u673a\u5236\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u56fd\u503a\u7c7bRWA\u9879\u76ee\uff1a\u5178\u578b\u4ee3\u8868\u5305\u62ec<strong>Ondo Finance\u3001Superstate\u3001Backed Finance<\/strong>\u7b49\u3002\n<ul class=\"wp-block-list\">\n<li>Ondo\u662f\u4e00\u5bb6\u4e13\u6ce8\u4e8e\u4f20\u7edf\u91d1\u878d\u8d44\u4ea7\u4e0a\u94fe\u7684\u5e73\u53f0\uff0c\u7387\u5148\u63a8\u51fa\u4e86\u77ed\u671f\u7f8e\u503aETF\u4ee3\u5e01OUSG\uff0c\u901a\u8fc7\u7279\u6b8a\u76ee\u7684\u8f7d\u4f53\uff08SPV\uff09\u6301\u6709\u771f\u5b9e\u503a\u5238\u8d44\u4ea7\uff0c\u5e76\u53d1\u884c\u5bf9\u5e94ERC-20\u4ee3\u5e011:1\u951a\u5b9a\u5e95\u5c42ETF\u4ef7\u503c\uff0c\u6bcf\u65e5\u81ea\u52a8\u7ed3\u7b97\u5229\u606f<\/li>\n\n\n\n<li>Superstate\u5219\u7531Compound\u521b\u59cb\u4eba\u53d1\u8d77\uff0c\u8d70\u7684\u662f\u5b8c\u5168\u5408\u89c4\u7684\u57fa\u91d1\u8def\u5f84\u2014\u2014\u5176\u4ea7\u54c1USTB\u76f4\u63a5\u6295\u8d44\u4e8e\u7f8e\u56fd\u77ed\u671f\u56fd\u503a\uff0c\u901a\u8fc7\u6ce8\u518c\u57fa\u91d1\u65b9\u5f0f\u53d1\u884c\u94fe\u4e0a\u4efd\u989d\uff0c\u7ba1\u7406\u8d39\u4ec50.15%\u3002USTB\u4ec5\u5f00\u653e\u7ed9\u7b26\u5408\u7f8e\u56fd\u76d1\u7ba1\u5b9a\u4e49\u7684\u5408\u683c\u6295\u8d44\u8005\u8ba4\u8d2d\uff0c\u5e76\u5141\u8bb8\u6295\u8d44\u8005\u81ea\u884c\u4fdd\u7ba1\u4ee3\u5e01\u4efd\u989d\u6216\u901a\u8fc7Anchorage\u3001BitGo\u7b49\u6258\u7ba1\u94f6\u884c\u4fdd\u5b58\u3002<\/li>\n\n\n\n<li>Backed Finance\u63d0\u4f9bxStocks\u6846\u67b6\u5c06\u7f8e\u80a1\u548c\u6b27\u80a1\u7b49\u8bc1\u5238\u4ee3\u5e01\u5316\u3002\u4f8b\u5982Backed\u53d1\u884c\u7684TSLAx\u4ee3\u5e01\u4e0e\u7279\u65af\u62c9\u80a1\u79681:1\u951a\u5b9a\uff0c\u7531\u53d7\u76d1\u7ba1\u6258\u7ba1\u673a\u6784\u6301\u6709\u771f\u5b9e\u80a1\u7968\u5e76\u652f\u6301\u4ee3\u5e01\u968f\u65f61:1\u8d4e\u56de\u3002Backed\u7684\u4ee3\u5e01\u652f\u63017\u00d724\u5c0f\u65f6\u4ea4\u6613\uff0c\u6253\u7834\u4f20\u7edf\u80a1\u5e02\u65f6\u533a\u9650\u5236\uff0c\u80a1\u606f\u901a\u8fc7\u7a7a\u6295\u989d\u5916\u4ee3\u5e01\u7684\u65b9\u5f0f\u5206\u914d\u7ed9\u4ee3\u5e01\u6301\u6709\u4eba\uff0c\u552f\u4e00\u7684\u95ee\u9898\u662f\u5176\u7ed3\u7b97\u6a21\u578b\u662f\u534a\u5c01\u95ed\u7684synthetix\uff0c\u7528\u6237\u7684\u76c8\u5229\u65e0\u6cd5\u505a\u52307&#215;24\u7ed3\u7b97\u3002<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>\u603b\u4f53\u800c\u8a00\uff0c\u56fd\u503a\u548c\u8bc1\u5238\u7c7bRWA\u9879\u76ee\u7684\u5171\u540c\u7279\u70b9\u662f\u9ad8\u5ea6\u91cd\u89c6\u5408\u89c4\uff0c<strong>\u901a\u5e38\u901a\u8fc7\u8bbe\u7acb\u79bb\u5cb8SPV\u6216\u53d7\u76d1\u7ba1\u57fa\u91d1\uff0c\u786e\u4fdd\u4ee3\u5e01\u4e0e\u5e95\u5c42\u8d44\u4ea7\u7684\u6cd5\u5f8b\u5173\u7cfb\u7a33\u56fa\u6e05\u6670<\/strong>\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/Mainstream-RWA-Projects-1024x682.png\" alt=\"Mainstream RWA Projects\" class=\"wp-image-3148\" style=\"width:600px\" srcset=\"https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/Mainstream-RWA-Projects-1024x682.png 1024w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/Mainstream-RWA-Projects-300x200.png 300w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/Mainstream-RWA-Projects-768x512.png 768w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/Mainstream-RWA-Projects.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<ul class=\"wp-block-list\">\n<li>\u4fe1\u7528\u8d37\u6b3e\u7c7bRWA\u9879\u76ee\uff1a\u8fd9\u4e00\u9886\u57df\u6d8c\u73b0\u4e86<strong>Maple Finance\u3001Goldfinch\u3001TrueFi\u3001Centrifuge\u3001Credix\u3001Clearpool<\/strong>\u7b49\u534f\u8bae\u3002\n<ul class=\"wp-block-list\">\n<li>Maple Finance\u5b9a\u4f4d\u4e3a\u591a\u94fe\u7684\u673a\u6784\u7ea7\u501f\u8d37\u5e73\u53f0\uff0c\u670d\u52a1\u5bf9\u8c61\u4e3b\u8981\u662f\u5bf9\u51b2\u57fa\u91d1\u3001\u4ea4\u6613\u516c\u53f8\u3001DAO\u7b49\u673a\u6784\u501f\u6b3e\u4eba\u3002Maple\u901a\u8fc7\u5f15\u5165\u94fe\u4e0b\u5c3d\u804c\u8c03\u67e5\u548c\u501f\u6b3e\u4eba\u4fe1\u7528\u8bc4\u5206\uff0c\u5b9e\u73b0\u4e86\u65e0\u62b5\u62bc\/\u4f4e\u62b5\u62bc\u8d37\u6b3e\u5728\u94fe\u4e0a\u7684\u81ea\u52a8\u5339\u914d\uff0c\u5176\u4ea7\u54c1\u7ebf\u8fd8\u6269\u5c55\u5230\u4ee3\u5e01\u5316\u7f8e\u503a\u548c\u8d38\u6613\u5e94\u6536\u6b3e\u6c60\uff0c2025\u5e746\u6708\u5e73\u53f0\u7ba1\u7406\u8d44\u4ea7\u89c4\u6a21\u5df2\u7a81\u783424\u4ebf\u7f8e\u5143\u3002<\/li>\n\n\n\n<li>Goldfinch\u4e13\u6ce8\u4e8e\u65b0\u5174\u5e02\u573a\u7684\u4fe1\u7528\u501f\u8d37\uff0c\u901a\u8fc7\u8ba9\u52a0\u5bc6\u6295\u8d44\u8005\u4e3a\u53d1\u5c55\u4e2d\u56fd\u5bb6\u7684\u91d1\u878d\u79d1\u6280\u673a\u6784\u63d0\u4f9b\u8d37\u6b3e\u8d44\u91d1\uff0c\u4ee5\u83b7\u53d6\u9ad8\u6536\u76ca\u5229\u606f\u3002Goldfinch\u91c7\u7528\u53cc\u5c42\u6c60\u6a21\u5f0f\uff1a\u6563\u6237\u8d44\u91d1\u8fdb\u5165\u9ad8\u7ea7\u6c60\u83b7\u5f97\u7a33\u5b9a\u6536\u76ca\uff08\u5386\u53f2\u5e74\u5316\u7ea67-10%\uff09\uff0c\u7531\u793e\u533a\u9009\u51fa\u7684\u540e\u5907\u6c60\u63d0\u4f9b\u90e8\u5206\u8d44\u91d1\u627f\u62c5\u66f4\u9ad8\u98ce\u9669\u3001\u6362\u53d6\u66f4\u9ad8\u5229\u7387\u56de\u62a5\u3002\u8be5\u6a21\u5f0f\u5229\u7528\u793e\u533a\u5171\u8bc6\u548c\u4ee3\u5e01\u6fc0\u52b1\u6765\u8fdb\u884c\u98ce\u9669\u5b9a\u4ef7\uff0c\u90e8\u5206\u5b9e\u73b0\u4e86\u65e0\u62b5\u62bc\u8d37\u6b3e\u3002<\/li>\n\n\n\n<li>TrueFi\u6700\u521d\u805a\u7126\u4e8e\u9762\u5411\u52a0\u5bc6\u673a\u6784\u7684\u65e0\u62b5\u62bc\u501f\u8d37\uff0c\u5982\u4eca\u4e5f\u5728\u5411\u673a\u6784\u7ea7RWA\u670d\u52a1\u8fc7\u6e21\uff0c\u9010\u6b65\u4e3a\u4f20\u7edf\u8d44\u4ea7\u5f15\u5165\u94fe\u4e0a\u878d\u8d44\u6e20\u9053\u3002<\/li>\n\n\n\n<li>Centrifuge\u5219\u5b9a\u4f4d\u4e3aRWA\u57fa\u7840\u8bbe\u65bd\u63d0\u4f9b\u8005\uff0c\u901a\u8fc7\u5176Tinlake\u534f\u8bae\u5c06\u73b0\u5b9e\u8d44\u4ea7\uff08\u5e94\u6536\u8d26\u6b3e\u3001\u623f\u8d37\u7b49\uff09\u94f8\u6210NFT\uff0c\u518d\u62c6\u5206\u4e3a\u4f18\u5148\u7ea7DROP\u548c\u6b21\u7ea7TIN\u4e24\u7c7b\u4ee3\u5e01\u4f9b\u6295\u8d44\u4eba\u8ba4\u8d2d\uff0c\u5df2\u7ecf\u6210\u4e3a\u94fe\u4e0a\u5e94\u6536\u8d26\u6b3e\u878d\u8d44\u7684\u9f99\u5934\u5e73\u53f0\u3002<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>\u603b\u4f53\u6765\u770b\uff0c<strong>\u4fe1\u7528\u7c7bRWA\u9879\u76ee\u901a\u8fc7\u94fe\u4e0bSPV+\u94fe\u4e0a\u8d44\u91d1\u6c60\u7684\u7ed3\u6784\uff0c\u5c06\u4e2d\u5c0f\u4f01\u4e1a\u8d37\u6b3e\u7b49\u8d44\u4ea7\u5f15\u5165DeFi<\/strong>\u3002\u5728\u8fd9\u4e9b\u5e73\u53f0\u4e0a\uff0c\u51fa\u8d44\u4eba\u83b7\u5f97\u7684\u5229\u7387\u76f8\u5bf9\u8f83\u9ad8\uff08\u901a\u5e38\u5e74\u53168%\u201318%\u4e0d\u7b49\uff09\uff0c\u4f46\u9700\u627f\u62c5\u8f83\u9ad8\u7684\u4fe1\u7528\u98ce\u9669\uff0c\u5e76\u4f9d\u8d56\u94fe\u4e0b\u5ba1\u8ba1\u3001\u6cd5\u5f8b\u624b\u6bb5\u6765\u4fdd\u969c\u6295\u8d44\u5b89\u5168\u3002<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u5176\u5b83\u7c7b\u522bRWA\u9879\u76ee\uff1a\u5927\u5b97\u5546\u54c1\u9886\u57df\u7684Paxos Gold\uff08PAXG\uff09\u548cTether Gold\uff08XAUT\uff09\u7b49\u5c06\u5b9e\u7269\u9ec4\u91d1\u6258\u7ba1\u540e\u53d1\u884c\u4ee3\u5e01\u7684\u9879\u76ee\u3002\n<ul class=\"wp-block-list\">\n<li>PAXG\u6bcf\u679a\u4ee3\u5e01\u5bf9\u5e941\u76ce\u53f8\u4f26\u6566\u91d1\uff0c\u7ecfBrink\u2019s\u7b49\u9876\u7ea7\u673a\u6784\u4fdd\u7ba1\uff0c\u5e76\u5141\u8bb8\u6301\u6709\u4eba\u6309\u4e00\u5b9a\u8d39\u7528\u8d4e\u56de\u5b9e\u7269\u9ec4\u91d1\u3002PAXG\u7b49\u9ec4\u91d1\u4ee3\u5e01\u8ba9\u6295\u8d44\u8005\u65e0\u9700\u627f\u62c5\u5b9e\u7269\u4fdd\u7ba1\u6210\u672c\u5373\u53ef\u83b7\u5f97\u9ec4\u91d1\u655e\u53e3\uff0c\u540c\u65f6\u80fd\u5728\u94fe\u4e0a24\/7\u4ea4\u6613\u6216\u7528\u4e8eDeFi\u62b5\u62bc\u501f\u8d37\u3002<\/li>\n\n\n\n<li>\u5728\u673a\u6784\u57fa\u91d1\u548c\u80a1\u6743\u4ee3\u5e01\u5316\u65b9\u5411\uff0c\u9664\u4e86\u524d\u8ff0\u7684Securitize\u3001Backed\u7b49\uff0c\u4e5f\u6709\u65b0\u5174\u9879\u76ee\u5982Swarm Markets\u5f15\u5165\u6b27\u6d32\u8bc1\u5238\u4e0a\u94fe\uff0cADDX\u5728\u65b0\u52a0\u5761\u63d0\u4f9b\u79c1\u52df\u57fa\u91d1\u4ee3\u5e01\u8ba4\u8d2d\u5e73\u53f0\u7b49\u3002\u8fd9\u4e9b\u5e73\u53f0\u53d7\u9650\u4e8e\u76d1\u7ba1\uff0c\u591a\u53ea\u9488\u5bf9\u5408\u683c\u6295\u8d44\u8005\u5f00\u653e\u3002<\/li>\n<\/ul>\n<\/li>\n<\/ul>\n\n\n\n<p>\u6574\u4f53\u6765\u770b\uff0c\u76ee\u524d\u771f\u6b63\u843d\u5730\u5e76\u6709\u4e00\u5b9a\u89c4\u6a21\u7684RWA\u9879\u76ee\u4ecd\u4ee5\u503a\u5238\u548c\u4fe1\u8d37\u7c7b\u4e3a\u4e3b\u6d41\uff0c\u5176\u4ed6\u7c7b\u522b\u5927\u591a\u5904\u4e8e\u8d77\u6b65\u63a2\u7d22\u9636\u6bb5\u3002\u503c\u5f97\u6ce8\u610f\u7684\u662f\uff0c\u9664\u5177\u4f53\u9879\u76ee\u5916\uff0c\u5e95\u5c42\u516c\u94fe\u57fa\u7840\u8bbe\u65bd\u7684\u6f14\u8fdb\u540c\u6837\u5173\u952e\u3002\u4f8b\u5982 BenFen \u5728 2025 \u5e74\u7684\u5347\u7ea7\u4e2d\u5df2\u7387\u5148\u652f\u6301 <strong>RWA \u4e00\u952e\u53d1\u884c<\/strong>\u529f\u80fd\uff0c\u4e3a\u503a\u5238\u3001\u80a1\u6743\u3001\u623f\u5730\u4ea7\u7b49\u591a\u79cd\u8d44\u4ea7\u7684\u94fe\u4e0a\u5316\u63d0\u4f9b\u4e86<strong>\u6807\u51c6\u5316\u6846\u67b6<\/strong>\uff0c\u4e0e\u8fd9\u4e9b\u5e94\u7528\u5c42\u9879\u76ee\u5f62\u6210<strong>\u4e92\u8865\u5173\u7cfb<\/strong>\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span><i class=\"fas fa-arrow-right\"><\/i><\/span><strong>\u56db\u3001\u84dd\u6d77or\u7ea2\u6d77\uff0cRWA\u80fd\u8d70\u591a\u8fdc\uff1f<\/strong> <\/h2>\n\n\n\n<p>\u867d\u7136\u8bf4RWA\u94fe\u4e0a\u8d44\u4ea7\u7684\u89c4\u6a21\u8fd1\u4e24\u5e74\u5448\u73b0\u7206\u53d1\u5f0f\u589e\u957f\uff0c\u4f46\u5177\u4f53\u672a\u6765\u80fd\u8d70\u591a\u8fdc\u5462\uff1f\u6839\u636eBinance Research\u548cRWA.xyz\u7b49\u673a\u6784\u7684\u6570\u636e\uff0c2020\u5e74\u65f6\u94fe\u4e0aRWA\u603b\u91cf\u4e0d\u52302\u4ebf\u7f8e\u5143\uff0c\u800c2023\u5e74\u5e95\u5df2\u8d85\u8fc710\u4ebf\u7f8e\u5143\uff1b\u52302024\u5e74\u5e74\u4e2d\u5219\u7a81\u7834\u4e86120\u4ebf\u7f8e\u5143\uff08\u4e0d\u542b\u7a33\u5b9a\u5e01\uff09\u3002\u8fdb\u51652025\u5e74\uff0c\u968f\u7740\u673a\u6784\u8d44\u91d1\u6d8c\u5165\uff0c\u89c4\u6a21\u7ee7\u7eed\u98d9\u5347\u30022025\u5e74\u4e0a\u534a\u5e74\u5168\u7403\u94fe\u4e0aRWA\u8d44\u4ea7\u603b\u503c\u5df2\u8d85233\u4ebf\u7f8e\u5143\uff0c\u8f832024\u5e74\u521d\u589e\u957f\u8fd1380%\u3002<\/p>\n\n\n\n<p><strong>\u622a\u81f32025\u5e748\u6708\uff0cRWA\u5e02\u503c\u7ea6\u4e3a252.2\u4ebf\u7f8e\u5143<\/strong>\u3002\u5176\u4e2d\uff0c\u4ee3\u5e01\u5316\u7f8e\u56fd\u56fd\u503a\u662f\u6700\u5927\u7684\u5355\u4e00\u7c7b\u522b\uff0c\u5e02\u503c\u7ea668\u4ebf\u7f8e\u5143\uff0c\u5360RWA\u603b\u91cf\u768427%\u5de6\u53f3\u3002\u5982\u679c\u6309\u66f4\u5e7f\u4e49\u8ba1\u7b97\uff0c\u628a\u7a33\u5b9a\u5e01\u8ba1\u5165RWA\u8303\u7574\uff0c\u5219\u94fe\u4e0aRWA\u5e02\u503c\u8fd8\u67092568\u4ebf\u7f8e\u5143\u7684\u7a33\u5b9a\u5e01\u90e8\u5206\uff1b\u4f46\u6b63\u5982\u524d\u6587\u6240\u8ff0\uff0c\u6211\u4eec\u4e3b\u8981\u5173\u6ce8\u975e\u7a33\u5b9a\u5e01\u8d44\u4ea7\u3002\u9664\u4e86\u7f8e\u503a\uff0cRWA\u4e2d\u7b2c\u4e8c\u5927\u677f\u5757\u662f\u79c1\u52df\u4fe1\u8d37\uff0c\u5305\u62ec\u5404\u79cd\u94fe\u4e0a\u8d37\u6b3e\u6c60\uff0c\u5176\u89c4\u6a21\u5360\u6bd4\u5728\u4e0d\u65ad\u63d0\u9ad8\u3002<\/p>\n\n\n\n<p>\u4f8b\u5982Maple\u3001Goldfinch\u3001Centrifuge\u7b49\u5408\u8ba1\u7ba1\u7406\u7684\u8d37\u6b3e\u6c60\u89c4\u6a21\u5df2\u8fbe\u6570\u4ebf\u7f8e\u5143\u91cf\u7ea7\u3002\u4e0d\u8fc7\u7531\u4e8e\u4fe1\u8d37\u8d44\u4ea7\u671f\u9650\u8f83\u957f\u3001\u6d41\u52a8\u6027\u4f4e\uff0c\u8fd9\u90e8\u5206\u5728\u6574\u4f53RWA\u5e02\u503c\u4e2d\u5360\u6bd4\u4ecd\u6709\u9650\uff08\u7ea610%\u5de6\u53f3\uff09\u3002\u5176\u4f59\u7c7b\u522b\u5982\u4ee3\u5e01\u5316\u80a1\u7968\u548c\u5546\u54c1\u76ee\u524d\u4f53\u91cf\u5f88\u5c0f\uff1a\u94fe\u4e0a\u80a1\u7968\u4ee3\u5e01\u603b\u503c\u4ec5\u7ea63.6\u4ebf\u7f8e\u5143\uff1b\u9ec4\u91d1\u7b49\u5546\u54c1\u7c7b\u4ee3\u5e01\u6d41\u901a\u5e02\u503c\u4ea6\u53ea\u662f\u6570\u4ebf\u7f8e\u5143\u6c34\u5e73\u3002\u53ef\u4ee5\u770b\u51fa\uff0c\u7a33\u5b9a\u5e01\u4e4b\u5916\u7684RWA\u7248\u56fe\u4e2d\uff0c\u7f8e\u503a\u4e0e\u4fe1\u8d37\u662f\u53cc\u5f15\u64ce\uff1a\u7f8e\u503aRWA\u51ed\u501f\u4f4e\u98ce\u9669\u5229\u7387\u6210\u4e3aDeFi\u201c\u6536\u76ca\u5e95\u5ea7\u201d\uff0c\u800c\u79c1\u52df\u4fe1\u8d37RWA\u4ee5\u66f4\u9ad8\u56de\u62a5\u5438\u5f15\u98ce\u9669\u504f\u597d\u8d44\u91d1\u3002\u4e8c\u8005\u63a8\u52a8\u4e86\u8fc7\u53bb\u4e00\u5e74\u94fe\u4e0aRWA\u89c4\u6a21\u7684\u8fc5\u731b\u6500\u5347\u3002<\/p>\n\n\n\n<p>\u5728\u8fd9\u4e00\u80cc\u666f\u4e0b\uff0c<strong>\u57fa\u7840\u8bbe\u65bd\u5c42\u7684\u7a81\u7834<\/strong>\u663e\u5f97\u5c24\u4e3a\u5173\u952e\uff0c\u7a33\u5b9a\u5e01\u652f\u4ed8\u516c\u94fe <strong>BenFen<\/strong> \u5ba3\u5e03\u91cd\u5927\u5347\u7ea7\u540e\uff0c\u6b63\u5f0f\u652f\u6301 <strong>RWA \u4e00\u952e\u53d1\u884c\u4e0e\u4e0a\u94fe<\/strong>\uff0c\u5e76\u4e0e\u4e00\u952e\u7a33\u5b9a\u5e01\u53d1\u884c\u4fdd\u6301\u7edf\u4e00\u6846\u67b6\uff0c\u51ed\u501f<strong>\u4e00\u952e\u7a33\u5b9a\u5e01\u53d1\u884c\u3001Gas \u4ee3\u4ed8<\/strong>\u7b49\u673a\u5236\uff0cBenFen \u6b63\u5728\u5347\u7ea7\u4e3a\u7a33\u5b9a\u5e01\u4e0e RWA \u7684\u4e00\u952e\u53d1\u884c\u4e2d\u5fc3\uff0c\u4ee5\u53ca\u5168\u7403\u652f\u4ed8\u4e0e\u8d44\u4ea7\u6d41\u901a\u7684\u5165\u53e3\u3002<\/p>\n\n\n\n<p>\u53ef\u4ee5\u9884\u89c1\uff0c\u968f\u7740\u6280\u672f\u6210\u719f\u3001\u76d1\u7ba1\u5b8c\u5584\uff0cRWA\u6709\u671b\u6210\u957f\u4e3a\u52a0\u5bc6\u9886\u57df\u4e2d\u7ee7\u7a33\u5b9a\u5e01\u4e4b\u540e\u7684\u53c8\u4e00\u652f\u67f1\u8d5b\u9053\uff0c\u903b\u8f91\u4e0a\u662f\u539f\u672c\u5c5e\u4e8e\u7ea2\u6d77\u7684\u8d44\u4ea7\u54c1\u7c7b\u901a\u8fc7\u533a\u5757\u94fe\u5c01\u88c5\u6210\u65b0\u84dd\u6d77\uff0c\u8be5\u5de5\u5177\u5fc5\u6210\u4e3a\u91d1\u878d\u65b0\u8d35\u3002\u800c\u50cf BenFen \u8fd9\u6837\u517c\u5177\u7a33\u5b9a\u5e01\u4e0e RWA \u4e00\u952e\u53d1\u884c\u80fd\u529b\u7684\u516c\u94fe\uff0c\u5c06\u5728\u8fd9\u4e00\u8fdb\u7a0b\u4e2d\u626e\u6f14<strong>\u5173\u952e\u89d2\u8272\u3002<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><em>\uff08Source: <a href=\"http:\/\/blocktempo.com\" target=\"_blank\" rel=\"noopener\">blocktempo.com<\/a>\uff09<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span><i class=\"fas fa-arrow-right\"><\/i><\/span><strong>\u4e94\u3001\u5404\u4e3b\u8981\u53f8\u6cd5\u8f96\u533a\u7684\u76d1\u7ba1\u6001\u5ea6\u4e0e\u5408\u89c4\u6846\u67b6<\/strong> <\/h2>\n\n\n\n<p>RWA\u6d89\u53ca\u4f20\u7edf\u91d1\u878d\u8d44\u4ea7\u7684\u4e0a\u94fe\uff0c\u4e0d\u53ef\u907f\u514d\u5730\u9762\u5bf9\u5404\u56fd\u8bc1\u5238\u548c\u91d1\u878d\u6cd5\u89c4\u7684\u7ea6\u675f\u3002\u5404\u53f8\u6cd5\u8f96\u533a\u5bf9RWA\u53ca\u5176\u4ee3\u5e01\u5316\u7684\u76d1\u7ba1\u6001\u5ea6\u8fe5\u5f02\uff0c\u6982\u62ec\u800c\u8a00\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u7f8e\u56fd\uff1a\u7f8e\u56fd\u5bf9RWA\u603b\u4f53\u6301\u8c28\u614e\u6001\u5ea6\uff0c\u76d1\u7ba1\u6846\u67b6\u4ee5\u73b0\u6709\u8bc1\u5238\u6cd5\u4e3a\u57fa\u7840\u3002\u9879\u76ee\u65b9\u901a\u5e38\u901a\u8fc7SPV\u9694\u79bb+\u8bc1\u5238\u79c1\u52df\u5408\u89c4\u7684\u6a21\u5f0f\u6765\u64cd\u4f5c\u3002\u540c\u65f6\uff0c\u4ee3\u5e01\u53d1\u884c\u9700\u9075\u5faaSEC\u76d1\u7ba1\uff0c\u4f8b\u5982\u8d70Reg D\uff08\u9762\u5411\u5408\u683c\u6295\u8d44\u8005\u7684\u79c1\u52df\u53d1\u884c\uff09\u6216Reg S\uff08\u5883\u5916\u53d1\u884c\uff09\u7b49\u8def\u5f84\uff0c\u4ee5\u8c41\u514d\u516c\u5f00\u6ce8\u518c\u8981\u6c42\u3002\u8fd9\u610f\u5473\u7740\u5728\u7f8e\u56fd\u53d1\u884cRWA\u4ee3\u5e01\u5927\u591a\u4ec5\u9650\u5408\u683c\u6295\u8d44\u8005\u53c2\u4e0e\uff0c\u666e\u901a\u96f6\u552e\u6295\u8d44\u8005\u76ee\u524d\u96be\u4ee5\u76f4\u63a5\u8d2d\u4e70\u3002\u603b\u4f53\u4e0a\uff0c\u7f8e\u56fd\u76d1\u7ba1\u673a\u6784\uff08SEC\u3001CFTC\u7b49\uff09\u5bf9RWA\u7684\u6001\u5ea6\u504f\u4fdd\u5b88\uff0c\u8981\u6c42\u6b64\u7c7b\u4ee3\u5e01\u5b9e\u8d28\u7b49\u540c\u8bc1\u5238\uff0c\u5fc5\u987b\u9075\u5faa\u4fe1\u606f\u62ab\u9732\u548c\u6295\u8d44\u8005\u4fdd\u62a4\u89c4\u5219\u3002\u8fd9\u4f7f\u5f97\u7f8e\u56fd\u7684RWA\u521b\u65b0\u4e3b\u8981\u96c6\u4e2d\u5728\u673a\u6784\u5e02\u573a\uff0c\u8bb8\u591a\u9879\u76ee\u9009\u62e9\u5148\u5728\u6d77\u5916\u8bd5\u70b9\u518d\u5f15\u5165\u7f8e\u56fd\u3002\uff08\u6bd5\u7adf\u5ddd\u666e\u641e\u5e01\u80a1\u8054\u52a8\uff0c\u77ff\u573a\u8fd9\u4e9b\u5df2\u7ecf\u5403\u9971\u4e86\uff0c\u6ca1\u5fc5\u8981\u518d\u7ed9\u81ea\u5df1\u5f00\u65b0\u5751\uff09<\/li>\n\n\n\n<li>\u6b27\u76df\uff1a\u6b27\u76df\u5728RWA\u76d1\u7ba1\u4e0a\u76f8\u5bf9\u79ef\u6781\uff0c2023\u5e74\u901a\u8fc7\u7684MiCA\u6cd5\u89c4\uff08\u52a0\u5bc6\u8d44\u4ea7\u5e02\u573a\u76d1\u7ba1\uff09\u5bf9RWA\u6709\u76f4\u63a5\u6d89\u53ca\uff0c\u5176\u4e2d\u5c06\u951a\u5b9a\u73b0\u5b9e\u8d44\u4ea7\u7684\u4ee3\u5e01\u5b9a\u4e49\u4e3a\u201c\u8d44\u4ea7\u53c2\u8003\u4ee3\u5e01\uff08ART\uff09\u201d\u5e76\u7eb3\u5165\u76d1\u7ba1\u3002\u5728\u6b27\u76df\uff0cRWA\u9879\u76ee\u5e38\u91c7\u7528\u4fe1\u6258\u6216\u6b27\u76df\u8ba4\u53efSPV\u67b6\u6784\uff0c\u8bbe\u7acb\u53ef\u53d8\u8d44\u672c\u6295\u8d44\u516c\u53f8(SICAV)\u4f5c\u4e3aSPV\uff0c\u6301\u6709\u5e95\u5c42\u8d44\u4ea7\u5e76\u53d1\u884c\u4ee3\u5e01\u3002MiCA\u5408\u89c4\u8981\u6c42\uff1a\u53d1\u884c\u65b9\u5fc5\u987b\u62ab\u9732\u5e95\u5c42\u8d44\u4ea7\u7684\u6258\u7ba1\u65b9\u5f0f\u3001\u6743\u76ca\u5206\u914d\u89c4\u5219\u7b49\u3002\u603b\u4f53\u800c\u8a00\uff0c\u6b27\u76df\u503e\u5411\u4e8e\u5c06RWA\u7eb3\u5165\u73b0\u6709\u91d1\u878d\u76d1\u7ba1\u4f53\u7cfb\uff0c\u901a\u8fc7\u7edf\u4e00\u89c4\u5219\u964d\u4f4e\u6cd5\u5f8b\u4e0d\u786e\u5b9a\u6027\u3002<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/MiCA-compliance-with-RWA-1024x682.png\" alt=\"MiCA compliance with RWA\" class=\"wp-image-3149\" style=\"width:600px\" srcset=\"https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/MiCA-compliance-with-RWA-1024x682.png 1024w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/MiCA-compliance-with-RWA-300x200.png 300w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/MiCA-compliance-with-RWA-768x512.png 768w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/MiCA-compliance-with-RWA.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<ul class=\"wp-block-list\">\n<li>\u65b0\u52a0\u5761\uff1a\u65b0\u52a0\u5761\u91d1\u878d\u7ba1\u7406\u5c40\uff08MAS\uff09\u4e8e2022\u5e74\u542f\u52a8\u4e86Project Guardian\u8ba1\u5212\uff0c\u4e0e\u591a\u5bb6\u91d1\u878d\u673a\u6784\u5408\u4f5c\u6d4b\u8bd5\u516c\u503a\u3001\u5916\u6c47\u4ea4\u6613\u7684\u94fe\u4e0a\u7ed3\u7b97\u548c\u4ee3\u5e01\u5316\u3002MAS\u53d1\u5e03\u7684\u6570\u5b57\u8d44\u4ea7\u6846\u67b6\u4e2d\uff0c\u5c06\u7a33\u5b9a\u5e01\u548c\u8bc1\u5238\u578b\u4ee3\u5e01\u7eb3\u5165\u76d1\u7ba1\u6c99\u76d2\uff0c\u9f13\u52b1\u5728\u5408\u89c4\u73af\u5883\u4e0b\u8bd5\u9a8cRWA\u5e94\u7528\u3002\u603b\u4f53\u800c\u8a00\uff0c\u65b0\u52a0\u5761\u653f\u5e9c\u5728\u76d1\u7ba1\u4e0a\u76f8\u5bf9\u5bbd\u677e\u4e14\u63d0\u4f9b\u653f\u7b56\u652f\u6301\uff08\u4f8b\u5982\u7a0e\u6536\u4f18\u60e0\u3001\u76d1\u7ba1\u6c99\u76d2\uff09\u3002<\/li>\n\n\n\n<li><strong>\u4e2d\u56fd\u9999\u6e2f\uff1a<\/strong>\u76ee\u524d\uff0c\u9999\u6e2f\u5df2\u5141\u8bb8\u6301\u724c\u5238\u5546\u7533\u8bf7\u5f00\u5c55\u4ee3\u5e01\u5316\u8bc1\u5238\u53d1\u884c\u548c\u4ea4\u6613\u7684\u8bd5\u70b9\uff0c\u53ea\u9650\u4e13\u4e1a\u6295\u8d44\u8005\u53c2\u4e0e\u3002\u603b\u4f53\u6765\u770b\uff0c\u9999\u6e2f\u5bf9RWA\u7684\u6001\u5ea6\u975e\u5e38\u79ef\u6781\uff0c\u901a\u8fc7\u653f\u5e9c\u80cc\u4e66\u7684\u65b9\u5f0f\u5438\u5f15\u76f8\u5173\u9879\u76ee\u843d\u5730\uff0c\u5f3a\u8c03<strong>\u5408\u89c4\u5148\u884c\u3001\u521b\u65b0\u7d27\u968f<\/strong>\u3002<\/li>\n\n\n\n<li><strong>\u963f\u8054\u914b\uff1a<\/strong>\u8fea\u62dc\u8bbe\u7acb\u7684\u865a\u62df\u8d44\u4ea7\u76d1\u7ba1\u5c40\uff08VARA\uff09\u63a8\u51fa\u4e86\u5168\u7403\u9996\u4e2a\u9488\u5bf9RWA\u4ee3\u5e01\u5316\u8f83\u5168\u9762\u7684\u76d1\u7ba1\u6846\u67b6\uff0c\u6db5\u76d6\u4ee3\u5e01\u53d1\u884c\u3001\u6258\u7ba1\u3001\u4ea4\u6613\u7b49\u73af\u8282\uff0c\u4e3a\u4ee3\u5e01\u5316\u8d44\u4ea7\u63d0\u4f9b\u6cd5\u5f8b\u786e\u5b9a\u6027\u3002\u867d\u7136VARA\u89c4\u5219\u5c1a\u672a\u8986\u76d6\u6240\u6709\u8d44\u4ea7\u7c7b\u578b\uff0c\u4f46\u5f70\u663e\u4e86\u8fea\u62dc\u5e0c\u671b\u6210\u4e3aRWA\u67a2\u7ebd\u7684\u51b3\u5fc3\u3002\u6b64\u5916\uff0c\u963f\u5e03\u624e\u6bd4\u7684\u91d1\u878d\u4e2d\u5fc3ADGM\u4e5f\u57282023\u5e74\u542f\u52a8<strong>\u4ee3\u5e01\u5316\u8bd5\u70b9\u6c99\u76d2<\/strong>\uff0c\u9080\u8bf7\u91d1\u878d\u79d1\u6280\u516c\u53f8\u6d4b\u8bd5\u5305\u62ec\u503a\u6743\u3001\u57fa\u91d1\u4efd\u989d\u5728\u5185\u7684RWA\u4ea7\u54c1\u3002\u5728\u5e94\u7528\u65b9\u9762\uff0c\u8fea\u62dc\u571f\u5730\u5c40\u5ba3\u5e03\u63a2\u7d22\u623f\u5730\u4ea7\u4ee3\u5e01\u5316\uff0c\u6b32\u5c06\u623f\u4ea7\u767b\u8bb0\u4e0e\u533a\u5757\u94fe\u7ed3\u5408\uff1b\u963f\u8054\u914b\u7684\u78b3\u4ea4\u6613\u6240\u4e5f\u8003\u8651\u5f15\u5165\u533a\u5757\u94fe\u4ee5\u6269\u5927\u78b3\u4fe1\u7528\u7684\u4ea4\u6613\u3002\u603b\u4f53\u800c\u8a00\uff0c\u963f\u8054\u914b\u91c7\u53d6<strong>\u5b98\u6c11\u5408\u4f5c\u3001\u76d1\u7ba1\u6c99\u76d2<\/strong>\u7684\u8def\u5f84\uff0c\u9f13\u52b1\u5883\u5185\u5916\u673a\u6784\u5728\u672c\u5730\u5f00\u5c55RWA\u4e1a\u52a1\uff0c\u5176\u5bbd\u677e\u7684\u7a0e\u6536\u548c\u660e\u786e\u7684\u52a0\u5bc6\u6cd5\u89c4\u5438\u5f15\u4e86\u4e0d\u5c11\u9879\u76ee\u56e2\u961f\u8fdb\u9a7b\u3002\u53ef\u4ee5\u9884\u89c1\uff0c\u968f\u7740\u6cd5\u5f8b\u9010\u6b65\u5b8c\u5584\uff0c\u8fea\u62dc\u548c\u963f\u5e03\u624e\u6bd4\u6709\u671b\u6210\u4e3a\u4e2d\u4e1c\u7684RWA\u53d1\u884c\u4e0e\u4ea4\u6613\u4e2d\u5fc3\u3002<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/Regulatory-stances-toward-RWA-and-tokenization-vary-widely-1024x682.png\" alt=\"Regulatory stances toward RWA and tokenization vary widely\" class=\"wp-image-3150\" style=\"width:600px\" srcset=\"https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/Regulatory-stances-toward-RWA-and-tokenization-vary-widely-1024x682.png 1024w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/Regulatory-stances-toward-RWA-and-tokenization-vary-widely-300x200.png 300w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/Regulatory-stances-toward-RWA-and-tokenization-vary-widely-768x512.png 768w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/Regulatory-stances-toward-RWA-and-tokenization-vary-widely.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span><i class=\"fas fa-arrow-right\"><\/i><\/span><strong>\u516d\u3001\u4e0d\u540c\u56fd\u5bb6\u53ca\u8d44\u4ea7\u7c7b\u578b\u7684\u94fe\u4e0a\u53d1\u884c\u6210\u672c\u4e0e\u6536\u76ca\u6bd4\u8f83<\/strong> <\/h2>\n\n\n\n<p>RWA\u9879\u76ee\u7684\u7ecf\u6d4e\u6a21\u578b\u6d89\u53ca\u591a\u65b9\u6210\u672c\u4e0e\u6536\u76ca\uff0c\u5305\u62ec\u5e95\u5c42\u8d44\u4ea7\u6536\u76ca\u7387\u3001\u6258\u7ba1\u548c\u5ba1\u8ba1\u6210\u672c\u3001\u534f\u8bae\u6536\u8d39\u4ee5\u53ca\u6295\u8d44\u8005\u6536\u76ca\u6c34\u5e73\u7b49\u3002\u4e0d\u540c\u56fd\u5bb6\u7684\u76d1\u7ba1\u73af\u5883\u548c\u4e0d\u540c\u8d44\u4ea7\u7c7b\u522b\u90fd\u4f1a\u5bf9\u53d1\u884c\u6210\u672c\u548c\u6536\u76ca\u6784\u6210\u5f71\u54cd\u3002\u4e0b\u9762\u6211\u4eec\u4ece\u4e3b\u8981\u8d44\u4ea7\u7c7b\u522b\u5165\u624b\uff0c\u7ed3\u5408\u6570\u636e\u548c\u6848\u4f8b\u8fdb\u884c\u6bd4\u8f83\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u56fd\u503a\u53ca\u653f\u5e9c\u503a\u5238\uff1a\u8fd9\u7c7bRWA\u5e95\u5c42\u8d44\u4ea7\u6536\u76ca\u7387\u53d6\u51b3\u4e8e\u5b8f\u89c2\u5229\u7387\u3002\u4ee5\u7f8e\u56fd\u56fd\u503a\u4e3a\u4f8b\uff0c\u5f53\u524d\u4e00\u5e74\u671f\u7f8e\u503a\u5229\u7387\u7ea6\u57285%\u5de6\u53f3\uff0c\u56e0\u6b64\u4ee3\u5e01\u5316\u7684\u7f8e\u503a\uff08\u5982Ondo\u7684OUSG\u3001Superstate\u7684USTB\uff09\u80fd\u63d0\u4f9b\u63a5\u8fd15%\u5e74\u5316\u7684\u65e0\u98ce\u9669\u5229\u7387\uff0c\u6210\u4e3a\u94fe\u4e0a\u8d44\u91d1\u7684\u201c\u5229\u7387\u951a\u201d\u3002\u53d1\u884c\u8fd9\u7c7b\u4ea7\u54c1\u7684\u6210\u672c\u4e3b\u8981\u5728\u4e8e\u57fa\u91d1\u7ba1\u7406\u8d39\u548c\u5408\u89c4\u5f00\u9500\u3002\u4f8b\u5982Ondo\u7684OUSG\u91c7\u7528ETF\u8de8\u94fe\u5305\u88c5\u7ed3\u6784\uff0c\u6536\u53d6\u7ea6<strong>0.15%\u20130.3%\u7684\u5e74\u7ba1\u7406\u8d39<\/strong>\u7528\u4e8e\u8986\u76d6\u8fd0\u8425\u6210\u672c\uff0c\u5305\u62ec\u6258\u7ba1\u94f6\u884c\u3001\u5f8b\u5e08\u5408\u89c4\u7b49\u8d39\u7528\u3002Superstate\u7684USTB\u5c5e\u4e8e\u6ce8\u518c\u57fa\u91d1\uff0c\u7ba1\u7406\u8d39\u66f4\u4f4e\uff0c\u4ec5<strong>0.15%<\/strong>\uff0c\u53e6\u5916\u8fd8\u6709\u6258\u7ba1\u8d39\u652f\u4ed8\u7ed9Anchorage\u7b49\u94f6\u884c\u6258\u7ba1\u4eba\uff0c\u4f46\u901a\u8fc7\u76f4\u63a5\u6301\u6709\u56fd\u503a\u800c\u975e\u5d4c\u5957ETF\uff0c\u51cf\u5c11\u4e86\u53cc\u91cd\u8d39\u7528\u5c42\u7ea7\u3002\u5728\u5408\u89c4\u6210\u672c\u4e0a\uff0c\u7f8e\u56fd\u53d1\u884c\u6b64\u7c7b\u4ea7\u54c1\u9700\u8981\u7b26\u5408\u6cd5\u89c4\u8c41\u514d\uff0c\u6cd5\u5f8b\u670d\u52a1\u8d39\u7528\u8f83\u9ad8\uff1b\u800c\u5728\u745e\u58eb\u3001\u65b0\u52a0\u5761\u7b49\u5730\u53d1\u884c\u56fd\u503a\u4ee3\u5e01\uff0c\u7531\u4e8e\u76d1\u7ba1\u63a5\u53d7\u5ea6\u9ad8\uff0c\u5ba1\u6279\u6d41\u7a0b\u76f8\u5bf9\u7b80\u5316\u3002\u6574\u4f53\u800c\u8a00\uff0c\u56fd\u503aRWA\u7684\u6536\u76ca\u4e2d\u67a2\u8f83\u4f4e\u4f46\u7a33\u5065\uff0c\u8d39\u7528\u7ed3\u6784\u4e2d\u7ba1\u7406\u8d39\u5360\u6bd4\u8f83\u5c0f\u3002<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u79c1\u52df\u4fe1\u8d37\uff1a\u94fe\u4e0a\u7684\u79c1\u4eba\u8d37\u6b3e\u8d44\u4ea7\u901a\u5e38\u63d0\u4f9b\u9ad8\u4e8e\u4f20\u7edf\u5229\u7387\u7684\u6536\u76ca\uff0c\u4ee5\u8865\u507f\u66f4\u9ad8\u7684\u4fe1\u7528\u548c\u6d41\u52a8\u6027\u98ce\u9669\u3002\u4ee5Maple\u548cGoldfinch\u4e3a\u4f8b\uff0c\u5176\u501f\u8d37\u6c60\u9488\u5bf9\u4e2d\u5c0f\u4f01\u4e1a\u6216\u65b0\u5174\u5e02\u573a\u653e\u6b3e\uff0c\u5386\u53f2\u5e74\u5316\u5229\u7387\u8303\u56f4\u7ea6\u57288%\u201315%\u4e4b\u95f4\u3002\u5177\u4f53\u6536\u76ca\u56e0\u501f\u6b3e\u4e3b\u4f53\u8d44\u8d28\u800c\u5f02\uff1a\u4f18\u8d28\u501f\u6b3e\u4eba\uff08\u5982\u6709\u62b5\u62bc\u54c1\u6216\u7a33\u5b9a\u73b0\u91d1\u6d41\u7684\u4f01\u4e1a\uff09\u8d37\u6b3e\u5229\u7387\u53ef\u80fd\u57288\u201310%\uff0c\u98ce\u9669\u8f83\u9ad8\u7684\u501f\u6b3e\uff08\u5982\u65b0\u521b\u516c\u53f8\u65e0\u62b5\u62bc\u8d37\u6b3e\uff09\u5229\u7387\u5219\u8fbe15%\u751a\u81f3\u66f4\u9ad8\u3002\u6295\u8d44\u8fd9\u4e9b\u8d37\u6b3e\u6c60\u7684\u51fa\u8d44\u4eba\u53ef\u4ee5\u83b7\u5f97\u76f8\u5e94\u5229\u606f\u6536\u76ca\uff0c\u4f46\u9700\u627f\u62c5\u8fdd\u7ea6\u98ce\u9669\u548c\u8f83\u957f\u7684\u9501\u5b9a\u671f\u3002\u4e3a\u4e86\u589e\u5f3a\u6295\u8d44\u5438\u5f15\u529b\uff0c\u4e0d\u5c11\u5e73\u53f0\u91c7\u53d6\u6536\u76ca\u5206\u7ea7\u673a\u5236\uff1a\u4f8b\u5982Goldfinch\u7684\u9ad8\u7ea7\u6c60\u6295\u8d44\u8005\u62ff\u56fa\u5b9a\u5229\u7387\uff0c\u800c\u6b21\u7ea7\u53c2\u4e0e\u8005\u83b7\u5f97\u5269\u4f59\u9ad8\u6536\u76ca\u4f46\u5148\u627f\u62c5\u635f\u5931\u3002\u53d1\u884c\u6b64\u7c7b\u8d44\u4ea7\u7684<strong>\u6210\u672c\u4e3b\u8981\u4f53\u73b0\u5728\u5c3d\u804c\u8c03\u67e5\u548c\u98ce\u9669\u7ba1\u7406\u4e0a<\/strong>\u3002\u501f\u6b3e\u9879\u76ee\u524d\u9700\u8058\u8bf7<strong>\u7b2c\u4e09\u65b9\u5ba1\u8ba1\u3001\u5f8b\u5e08\u8fdb\u884c\u94fe\u4e0b\u5c3d\u8c03<\/strong>\u3002\u5e73\u53f0\u65b9\u8fd8\u4f1a\u4ece\u501f\u6b3e\u5229\u606f\u4e2d\u62bd\u53d6\u4e00\u5b9a\u6bd4\u4f8b\u4f5c\u4e3a\u534f\u8bae\u8d39\uff1aMaple\u6bcf\u7b14\u8d37\u6b3e\u6536\u53d6<strong>0.5%\u20132%<\/strong>\u7684\u624b\u7eed\u8d39\u3002\u8fd9\u4e9b\u8d39\u7528\u90e8\u5206\u8f6c\u5ac1\u7ed9\u501f\u6b3e\u4eba\uff0c\u90e8\u5206\u4f53\u73b0\u5728\u6295\u8d44\u4eba\u6536\u76ca\u7684\u6298\u8ba9\u3002<strong>\u76f8\u6bd4\u4f20\u7edf\u91d1\u878d\uff0c\u94fe\u4e0a\u4fe1\u8d37\u5728\u64ae\u5408\u548c\u7ba1\u7406\u6210\u672c\u4e0a\u6709\u6240\u4e0b\u964d\uff08\u667a\u80fd\u5408\u7ea6\u81ea\u52a8\u6267\u884c\u8fd8\u6b3e\u3001\u5206\u6da6\uff09\uff0c\u4f46\u5728\u4fe1\u7528\u8bc4\u4f30\u548c\u50ac\u6536\u73af\u8282\u4ecd\u9700\u4eba\u5de5\u548c\u6cd5\u5f8b\u4ecb\u5165\uff0c\u56e0\u6b64\u6574\u4f53\u6210\u672c\u4e0d\u7b97\u4f4e\u3002<\/strong>\u6b64\u5916\uff0c\u4e0d\u540c\u53f8\u6cd5\u5730\u533a\u5bf9\u94fe\u4e0a\u653e\u8d37\u7684\u5408\u89c4\u8981\u6c42\u5f71\u54cd\u4e5f\u5f88\u5927\uff1a\u5728\u7f8e\u56fd\uff0c\u8fd9\u79cd\u9762\u5411\u516c\u4f17\u7684\u501f\u8d37\u5f88\u53ef\u80fd\u88ab\u89c6\u4e3a\u8bc1\u5238\u6216\u6295\u8d44\u4ea7\u54c1\uff0c\u9700\u8981\u6ce8\u518c\u6216\u8c41\u514d\uff08\u5408\u89c4\u6210\u672c\u9ad8\uff09\uff1b\u800c\u5728\u65b0\u52a0\u5761\u7b49\u5730\uff0c\u901a\u8fc7\u6301\u724c\u6cd5\u4eba\u53d1\u884c\u53c2\u4e0e\u7b14\u6570\u6709\u9650\u7684\u4ee3\u5e01\u5316\u503a\u6743\u53ef\u4ee5\u5728\u6c99\u76d2\u5185\u8fdb\u884c\uff0c\u624b\u7eed\u76f8\u5bf9\u7b80\u5316\u3002\u56e0\u6b64\u4e00\u4e9b\u9879\u76ee\u9009\u62e9\u5728\u65b0\u52a0\u5761\u3001\u745e\u58eb\u7b49\u53cb\u597d\u5730\u533a\u8bbe\u7acb\u57fa\u91d1\u53d1\u884c\u8d37\u6b3e\u51ed\u8bc1\uff0c\u518d\u5728\u5168\u7403\u8303\u56f4\u52df\u8d44\u4ee5\u964d\u4f4e\u76d1\u7ba1\u6469\u64e6\u3002<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/11\/on-chain-lending-1024x682.png\" alt=\"on-chain lending\" class=\"wp-image-3154\" style=\"width:600px\" srcset=\"https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/11\/on-chain-lending-1024x682.png 1024w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/11\/on-chain-lending-300x200.png 300w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/11\/on-chain-lending-768x512.png 768w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/11\/on-chain-lending.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<ul class=\"wp-block-list\">\n<li>\u623f\u5730\u4ea7\u53ca\u5176\u5b83\u5b9e\u7269\u8d44\u4ea7\uff1a\u623f\u5730\u4ea7\u4ee3\u5e01\u901a\u5e38\u5bf9\u5e94\u79df\u91d1\u6536\u76ca\u6216\u5730\u4ea7\u503a\u6743\uff0c\u5176\u6536\u76ca\u7387\u53d7\u5f53\u5730\u623f\u5730\u4ea7\u79df\u552e\u5e02\u573a\u5f71\u54cd\u3002\u4e00\u822c\u53d1\u8fbe\u5e02\u573a\u4f18\u8d28\u7269\u4e1a\u79df\u91d1\u56de\u62a5\u57283%\u20135%\uff0c\u53d1\u5c55\u4e2d\u5e02\u573a\u53ef\u80fd\u8fbe\u52308%\u4ee5\u4e0a\u3002\u5982\u679c\u5c06\u623f\u4ea7\u6743\u76ca\u788e\u7247\u5316\u4e0a\u94fe\uff0c\u6295\u8d44\u8005\u83b7\u53d6\u7684\u57fa\u7840\u6536\u76ca\u5373\u4e3a\u79df\u91d1\u51cf\u53bb\u7269\u4e1a\u7ba1\u7406\u3001\u7a0e\u8d39\u540e\u7684\u51c0\u6536\u76ca\u3002\u8fd9\u90e8\u5206\u6536\u76ca\u76f8\u5bf9\u7a33\u5065\uff0c\u4f46\u8fdc\u4f4e\u4e8e\u4fe1\u8d37\u8d44\u4ea7\u3002\u4e0d\u8fc7\u8003\u8651\u623f\u4ea7\u53ef\u80fd\u5347\u503c\uff0c\u957f\u671f\u603b\u56de\u62a5\u4f1a\u66f4\u9ad8\u3002<strong>\u94fe\u4e0a\u53d1\u884c\u623f\u4ea7\u6743\u76ca\u7684\u4e3b\u8981\u6210\u672c\u5728\u4e8e\u6cd5\u5f8b\u7ed3\u6784\u642d\u5efa\u548c\u6301\u7eed\u7ba1\u7406<\/strong>\u3002\u9700\u8981\u652f\u4ed8<strong>\u8bc4\u4f30\u5e08\u3001\u6258\u7ba1\u94f6\u884c\u3001\u516c\u8bc1\u6cd5\u5f8b\u6587\u4ef6<\/strong>\u7b49\u8d39\u7528\u3002\u5728\u9999\u6e2f\u3001\u65b0\u52a0\u5761\u7b49\u5730\uff0c\u653f\u5e9c\u6b63\u63a2\u7d22\u964d\u4f4e\u8fd9\u4e9b\u6210\u672c\uff1a\u5982\u9999\u6e2f\u91d1\u7ba1\u5c40\u652f\u6301\u7684\u6570\u5b57\u7eff\u8272\u503a\u5238\u9879\u76ee\u4e2d\uff0c\u4f7f\u7528\u533a\u5757\u94fe\u7b80\u5316\u4e86\u7ed3\u7b97\u6d41\u7a0b\uff0c\u8282\u7701\u4e86\u4e00\u90e8\u5206\u4e2d\u4ecb\u8d39\u7528\u3002\u7c7b\u4f3c\u5730\uff0c\u827a\u672f\u54c1\u3001\u6536\u85cf\u54c1\u7b49RWA\u7684\u6536\u76ca\u66f4\u591a\u6765\u81ea\u8d44\u4ea7\u672c\u8eab\u5347\u503c\uff0c\u800c\u975e\u6301\u7eed\u6536\u76ca\u3002\u8fd9\u7c7b\u8d44\u4ea7\u7684\u4ef7\u683c\u53d1\u73b0\u56f0\u96be\uff0c\u4f30\u503c\u4e0d\u900f\u660e\u5bfc\u81f4\u4e70\u5356\u4ef7\u5dee\u5f88\u5927\u3002\u53d1\u884c\u65b9\u901a\u5e38\u4f1a\u6536\u53d6<strong>\u4fdd\u7ba1\u3001\u4fdd\u9669\u4ee5\u53ca\u4ea4\u6613\u4f63\u91d1<\/strong>\u3002\u4f8b\u5982\u6709\u827a\u672f\u54c1\u5e73\u53f0\u6bcf\u5e74\u5411\u4ee3\u5e01\u6301\u6709\u4eba\u6536\u53d62%\u7684\u4fdd\u7ba1\u8d39\u3002\u76f8\u6bd4\u4e4b\u4e0b\uff0c\u9ec4\u91d1\u7b49\u5546\u54c1\u4ee3\u5e01\u867d\u7136\u65e0\u5229\u606f\uff0c\u4f46\u5176\u6d41\u52a8\u6027\u548c\u4ea4\u6613\u6d3b\u8dc3\u5ea6\u53cd\u800c\u9ad8\u4e8e\u5176\u4ed6RWA\u7c7b\u522b\uff0c\u56e0\u4e3a\u9ec4\u91d1\u5e02\u573a\u5168\u7403\u901a\u7545\u3001\u4ef7\u683c\u900f\u660e\u5ea6\u9ad8\u3002\u636e\u7edf\u8ba1\uff0cPAXG\u548cXAUT\u7b49\u9ec4\u91d1\u4ee3\u5e01\u6bcf\u6708\u94fe\u4e0a\u4ea4\u6613\u989d\u8fdc\u9ad8\u4e8e\u591a\u6570\u4fe1\u8d37\u6216\u80a1\u6743\u4ee3\u5e01\u3002<strong>\u56e0\u6b64\uff0c\u4e0d\u540cRWA\u8d44\u4ea7\u5728\u6536\u76ca-\u6d41\u52a8\u6027\u4e24\u7aef\u5448\u73b0\u6b64\u6d88\u5f7c\u957f\uff1a\u9ad8\u6536\u76ca\u8d44\u4ea7\u5f80\u5f80\u6d41\u52a8\u6027\u5dee\uff0c\u800c\u6d41\u52a8\u6027\u597d\u7684\u8d44\u4ea7\uff08\u5982\u9ec4\u91d1\uff09\u6536\u76ca\u4f4e\u751a\u81f3\u4e3a\u96f6\uff0c\u9700\u8981\u901a\u8fc7DeFi\u590d\u5408\u7b56\u7565\u63d0\u9ad8\u56de\u62a5\u3002<\/strong><\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/11\/tokenized-RWA-1024x682.png\" alt=\"tokenized RWA\" class=\"wp-image-3155\" style=\"width:600px\" srcset=\"https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/11\/tokenized-RWA-1024x682.png 1024w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/11\/tokenized-RWA-300x200.png 300w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/11\/tokenized-RWA-768x512.png 768w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/11\/tokenized-RWA.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<ul class=\"wp-block-list\">\n<li>\u5730\u57df\u5dee\u5f02\u4e0e\u6210\u672c\u6bd4\u8f83\uff1a\u4ece\u56fd\u5bb6\u7ef4\u5ea6\u770b\uff0c\u76d1\u7ba1\u73af\u5883\u76f4\u63a5\u5f71\u54cdRWA\u53d1\u884c\u6210\u672c\u4e0e\u6536\u76ca\u5b9a\u4ef7\u3002\u5728\u7f8e\u56fd\uff0c\u9ad8\u5ea6\u5408\u89c4\u8981\u6c42\u63a8\u9ad8\u4e86\u6cd5\u5f8b\u53ca\u8fd0\u8425\u6210\u672c\uff0c\u5f88\u591a\u9879\u76ee\u53ea\u80fd\u9762\u5411\u9ad8\u51c0\u503c\u5ba2\u6237\u53d1\u884c\uff0c\u5bfc\u81f4\u6d41\u52a8\u6027\u53d7\u9650\u3001\u878d\u8d44\u6210\u672c\u76f8\u5bf9\u63d0\u9ad8\uff08\u501f\u6b3e\u4eba\u9700\u652f\u4ed8\u66f4\u9ad8\u5229\u7387\u5438\u5f15\u6709\u9650\u8d44\u91d1\uff09\u3002\u53cd\u4e4b\uff0c\u5728\u65b0\u52a0\u5761\u3001\u745e\u58eb\u7b49RWA\u53cb\u597d\u53f8\u6cd5\u533a\uff0c\u5408\u89c4\u6210\u672c\u8f83\u4f4e\uff0c\u53d1\u884c\u4eba\u53ef\u4ee5\u4ee5\u66f4\u4f4e\u8d39\u7528\u89e6\u8fbe\u5168\u7403\u6295\u8d44\u8005\uff0c\u4ece\u800c\u6709\u4f59\u5730\u4ee5\u8f83\u4f4e\u5229\u7387\u878d\u8d44\u6216\u5c06\u66f4\u591a\u6536\u76ca\u8ba9\u6e21\u7ed9\u6295\u8d44\u8005\u3002\u8fd9\u4e5f\u662f\u4e3a\u4f55\u4e00\u4e9bRWA\u4ea7\u54c1\u5728\u7f8e\u56fd\u672c\u571f\u65e0\u6cd5\u9762\u5411\u6563\u6237\uff0c\u4f46\u901a\u8fc7\u5728\u6d77\u5916\u53d1\u884c\u518d\u4f9b\u7f8e\u56fd\u673a\u6784\u8d2d\u4e70\u7684\u65b9\u5f0f\u66f2\u7ebf\u843d\u5730\u3002<\/li>\n<\/ul>\n\n\n\n<p>\u603b\u7684\u6765\u8bf4\uff0cRWA\u7684\u94fe\u4e0a\u53d1\u884c\u6210\u672c\u5305\u62ec<strong>\u6280\u672f\u6210\u672c+\u5408\u89c4\u6210\u672c<\/strong>\u4e24\u5927\u5757\uff1a\u6280\u672f\u5c42\u9762\u533a\u5757\u94fe\u6b63\u5728\u53d1\u6325\u89c4\u6a21\u6548\u5e94\u538b\u964d\u4eba\u529b\u548c\u65f6\u95f4\u6210\u672c\uff0c\u800c\u5408\u89c4\u6210\u672c\u5219\u53d6\u51b3\u4e8e\u7ba1\u8f96\u533a\u7684\u76d1\u7ba1\u53cb\u597d\u5ea6\u3002<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span><i class=\"fas fa-arrow-right\"><\/i><\/span><strong>\u4e03\u3001\u5f53\u524dRWA\u5e02\u573a\u9762\u4e34\u7684\u6838\u5fc3\u95ee\u9898<\/strong> <\/h2>\n\n\n\n<p>\u5c3d\u7ba1RWA\u88ab\u5bc4\u4e88\u539a\u671b\uff0c\u4f46\u5728\u5b9e\u8df5\u4e2d\u4ecd\u9762\u4e34\u4e00\u7cfb\u5217\u6311\u6218\uff0c\u9700\u8981\u884c\u4e1a\u548c\u76d1\u7ba1\u5171\u540c\u52aa\u529b\u89e3\u51b3\uff1a<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>\u6cd5\u5f8b\u5408\u89c4\u96be\u9898\uff1a\u73b0\u5b9e\u8d44\u4ea7\u4e0a\u94fe\u6d89\u53ca\u590d\u6742\u7684\u6cd5\u5f8b\u5173\u7cfb\u3002\u5f53\u524d\u6cd5\u5f8b\u6846\u67b6\u6ede\u540e\u4e8e\u6280\u672f\u53d1\u5c55\uff0c\u8bb8\u591a\u5173\u952e\u95ee\u9898\u7f3a\u4e4f\u5224\u4f8b\u652f\u6491\u3002\u4f8b\u5982\uff0c\u94fe\u4e0a\u4ee3\u5e01\u5982\u4f55\u4e0e\u94fe\u4e0b\u8d44\u4ea7\u6240\u6709\u6743\u4e00\u4e00\u5bf9\u5e94\uff1f\u4ee3\u5e01\u6301\u6709\u4eba\u6743\u5229\u5982\u4f55\u5728\u6cd5\u9662\u4e2d\u5f97\u5230\u627f\u8ba4\uff1f\u6b63\u5982\u524d\u6587\u63d0\u5230\u7684\uff0cSPV\u7ed3\u6784\u4e0b\u4ee3\u5e01\u88ab\u89c6\u4e3aSPV\u80a1\u6743\u51ed\u8bc1\uff0c\u4f46\u94fe\u4e0a\u8f6c\u8ba9\u4e0d\u7b49\u4e8e\u7ebf\u4e0b\u8fc7\u6237\u8fd9\u4e00\u6cd5\u5f8b\u65ad\u5c42\u4f9d\u7136\u5b58\u5728\u3002\u4e0d\u540c\u53f8\u6cd5\u7ba1\u8f96\u533a\u5bf9\u540c\u4e00RWA\u4ee3\u5e01\u7684\u5b9a\u6027\u53ef\u80fd\u76f8\u5de6\uff0c\u5bfc\u81f4\u8de8\u5883\u4ea4\u6613\u7f3a\u4e4f\u6cd5\u5f8b\u4fdd\u62a4\u3002\u8fd9\u79cd\u6cd5\u5f8b\u4e0d\u786e\u5b9a\u6027\u4f7fRWA\u9879\u76ee\u59cb\u7ec8\u5b58\u5728\u5408\u89c4\u9690\u60a3\uff0c\u5982\u6709\u5f8b\u5e08\u6307\u51fa\u76ee\u524d\u8bb8\u591aRWA\u4ee3\u5e01\u66f4\u50cf\u201c\u81ea\u6211\u8bc1\u660e\u5408\u6cd5\u7684\u6570\u5b57\u6b20\u6761\u201d\u3002<\/li>\n<\/ul>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/11\/legal-rwa-1024x682.png\" alt=\"legal rwa\" class=\"wp-image-3152\" style=\"width:600px\" srcset=\"https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/11\/legal-rwa-1024x682.png 1024w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/11\/legal-rwa-300x200.png 300w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/11\/legal-rwa-768x512.png 768w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/11\/legal-rwa.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<ul 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of 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class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"682\" src=\"https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/11\/liquidty-issues-RWA-1024x682.png\" alt=\"liquidity issues RWA\" class=\"wp-image-3153\" style=\"width:600px\" srcset=\"https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/11\/liquidty-issues-RWA-1024x682.png 1024w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/11\/liquidty-issues-RWA-300x200.png 300w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/11\/liquidty-issues-RWA-768x512.png 768w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/11\/liquidty-issues-RWA.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/figure>\n<\/div>\n\n\n<ul class=\"wp-block-list\">\n<li><strong>\u4f30\u503c\u5b9a\u4ef7\u53ca\u9884\u8a00\u673a\u95ee\u9898<\/strong>\uff1a\u4f20\u7edf\u91d1\u878d\u8d44\u4ea7\u5f88\u591a\u5e76\u65e0\u5b9e\u65f6\u4ef7\u683c\uff0c\u4f8b\u5982\u975e\u4e0a\u5e02\u80a1\u6743\u3001\u623f\u5730\u4ea7\u4f30\u503c\u5f80\u5f80\u6ede\u540e\u4e14\u7f3a\u4e4f\u7edf\u4e00\u6807\u51c6\u3002\u5f53\u8fd9\u4e9b\u8d44\u4ea7\u4e0a\u94fe\u540e\uff0c\u5982\u4f55\u7ed9\u4ee3\u5e01\u5b9a\u4ef7\u6210\u4e3a\u96be\u70b9\u3002\u5f53\u524d\u4e3b\u8981\u505a\u6cd5\u662f\u5b9a\u671f\u7531\u53d1\u884c\u4eba\u516c\u5e03\u51c0\u503c\uff08NAV\uff09\u6216\u53c2\u8003\u8bc4\u4f30\u4ef7\uff0c\u7136\u540e\u7531\u9884\u8a00\u673a\u5582\u4ef7\u5230\u94fe\u4e0a\u3002\u4f46\u9884\u8a00\u673a\u6570\u636e\u6e90\u548c\u9891\u7387\u5b58\u5728\u4e0d\u786e\u5b9a\u6027\uff0c\u6295\u8d44\u8005\u5f88\u96be\u6838\u5b9e\u4ef7\u683c\u7684\u51c6\u786e\u6027\u3002\u4e00\u4e9b\u8d44\u4ea7\u7531\u4e8e\u72ec\u7279\u6027\u5f3a\uff0c\u4f30\u503c\u6a21\u578b\u4e3b\u89c2\uff0c\u5bfc\u81f4\u4e70\u5356\u53cc\u65b9\u4ef7\u683c\u9884\u671f\u5dee\u5f02\u5927\uff0c\u4ea4\u6613\u96be\u4ee5\u8fbe\u6210\u3002\u5373\u4fbf\u50cf\u7f8e\u503a\u8fd9\u6837\u5e02\u573a\u900f\u660e\u7684\u8d44\u4ea7\uff0c\u4e5f\u5b58\u5728\u9884\u8a00\u673a\u5ef6\u8fdf\u6216\u6545\u969c\u7684\u6280\u672f\u98ce\u9669\u3002\u4e00\u65e6\u9884\u8a00\u673a\u62a5\u4ef7\u5931\u51c6\uff08\u4f8b\u5982\u53d7\u5230\u653b\u51fb\u6216\u6570\u636e\u6e90\u65ad\u94fe\uff09\uff0c\u53ef\u80fd\u5f15\u53d1\u5e02\u573a\u6df7\u4e71\u751a\u81f3\u6e05\u7b97\u98ce\u9669\u3002\u6b64\u5916\uff0c\u884d\u751f\u54c1\u548c\u7ec4\u5408\u6027\u73a9\u6cd5\u7684\u5174\u8d77\uff08\u5982\u5c06RWA\u4ee3\u5e01\u62b5\u62bc\u501f stablecoin\uff0c\u518d\u53c2\u4e0e\u5176\u4ed6DeFi\uff09\u5bf9\u4ef7\u683c\u7cbe\u51c6\u5ea6\u63d0\u51fa\u66f4\u9ad8\u8981\u6c42\u3002\u82e5\u4f30\u503c\u504f\u5dee\u7d2f\u79ef\uff0c\u53ef\u80fd\u9020\u6210\u7cfb\u7edf\u6027\u98ce\u9669\u3002<\/li>\n<\/ul>\n\n\n\n<ul 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class=\"wp-block-heading\"><span><i class=\"fas fa-arrow-right\"><\/i><\/span><strong>\u516b\u3001\u672c\u5206\u94fe\u7684\u4e00\u952e\u53d1\u884cRWA\u80fd\u529b\u7b80\u4ecb<\/strong> <\/h2>\n\n\n\n<p>\u4f5c\u4e3a\u5e94\u5bf9\u4e0a\u8ff0\u6311\u6218\u7684\u4e00\u79cd\u63a2\u7d22\u65b9\u6848\uff0c\u672c\u5206\u94fe\uff08BenFen Chain\uff09\u8fd1\u671f\u63a8\u51fa\u4e86\u201c<strong>\u4e00\u952eRWA\u53d1\u884c<\/strong>\u201d\u529f\u80fd\uff0c\u4ee5\u671f\u7b80\u5316\u73b0\u5b9e\u8d44\u4ea7\u4e0a\u94fe\u7684\u6d41\u7a0b\u3002BenFen\u94fe\u539f\u672c\u5b9a\u4f4d\u4e3a<strong>\u7a33\u5b9a\u5e01\u652f\u4ed8\u516c\u94fe<\/strong>\uff0c\u5f3a\u8c03<strong>\u9ad8\u6027\u80fd<\/strong>\u548c<strong>\u4f4e\u6210\u672c\u4ea4\u6613<\/strong>\u3002\u57282025\u5e748\u6708\u7684\u91cd\u5927\u7248\u672c\u5347\u7ea7\u4e2d\uff0c\u5b98\u65b9\u5ba3\u5e03\u6b63\u5f0f\u652f\u6301RWA\uff08\u73b0\u5b9e\u4e16\u754c\u8d44\u4ea7\uff09\u7684\u4e00\u952e\u53d1\u884c\u548c\u4e0a\u94fe\uff0c\u5c06\u5176\u5b9a\u4f4d\u5347\u7ea7\u4e3a\u201c<strong>\u7a33\u5b9a\u5e01+RWA\u57fa\u7840\u8bbe\u65bd\u516c\u94fe<\/strong>\u201d\u3002\u8fd9\u4e00\u529f\u80fd\u4e0e\u539f\u6709\u7684\u4e00\u952e\u7a33\u5b9a\u5e01\u53d1\u884c\u6846\u67b6\u4fdd\u6301\u7edf\u4e00\uff0c\u4f7f\u53d1\u884c\u4eba\u80fd\u591f\u901a\u8fc7\u6807\u51c6\u5316\u6d41\u7a0b\u4fbf\u6377\u5730\u53d1\u884c\u5408\u89c4\u7684RWA\u4ee3\u5e01\u3002<\/p>\n\n\n\n<p>\u6280\u672f\u8def\u5f84\u65b9\u9762\uff0c\u672c\u5206\u94fe\u4f18\u5316\u4e86<strong>\u5e95\u5c42Move\u865a\u62df\u673a<\/strong>\u548c<strong>\u8de8\u94fe\u5f15\u64ce<\/strong>\uff0c\u5728\u4fdd\u6301\u4e07\u7ea7TPS\u541e\u5410\u548c\u4e9a\u79d2\u7ea7\u786e\u8ba4\u901f\u5ea6\u7684\u540c\u65f6\uff0c\u4e3a\u8d44\u4ea7\u4e0a\u94fe\u548c\u5408\u89c4\u6258\u7ba1\u63d0\u4f9b\u5e95\u5c42\u652f\u6301\u3002\u94fe\u4e0a\u5185\u7f6e\u4e86\u667a\u80fd\u5408\u7ea6\u6a21\u677f\u548c\u6807\u51c6\u4e1a\u52a1\u6d41\u7a0b\uff1a\u53d1\u884c\u65b9\u53ea\u9700\u6309\u7167\u6307\u5f15\u63d0\u4ea4\u8d44\u4ea7\u4fe1\u606f\u548c\u5408\u89c4\u6750\u6599\uff0c\u5373\u53ef\u4e00\u952e\u5c06\u73b0\u5b9e\u8d44\u4ea7\uff08\u4f8b\u5982\u623f\u5730\u4ea7\u3001\u503a\u5238\u3001\u80a1\u7968\u7b49\uff09\u6620\u5c04\u4e3a\u94fe\u4e0a\u901a\u8bc1\u3002\u7cfb\u7edf\u81ea\u52a8\u7ed3\u5408\u6258\u7ba1\u3001\u5ba1\u8ba1\u3001KYC\u7b49\u73af\u8282\uff0c\u786e\u4fdd\u94fe\u4e0b\u8d44\u4ea7\u4e0e\u94fe\u4e0a\u4ee3\u5e01\u7684\u6620\u5c04\u5b89\u5168\u53ef\u9760\u3002\u4f8b\u5982\uff0c\u7528\u6237\u82e5\u8981\u5728\u672c\u5206\u94fe\u53d1\u884c\u4e00\u7b14\u5546\u4e1a\u5730\u4ea7\u503a\u5238\u4ee3\u5e01\uff0c\u53ea\u9700\u4e0a\u4f20\u7269\u4e1a\u8bc4\u4f30\u62a5\u544a\u3001\u6258\u7ba1\u94f6\u884c\u8bc1\u660e\u7b49\u6750\u6599\uff0c\u667a\u80fd\u5408\u7ea6\u4f1a\u9501\u5b9a\u8fd9\u4e9b\u6587\u4ef6\u54c8\u5e0c\u5e76\u751f\u6210\u4ee3\u5e01\uff0c\u53ea\u6709\u901a\u8fc7KYC\u7684\u5408\u683c\u6295\u8d44\u8005\u5730\u5740\u624d\u80fd\u8ba4\u8d2d\u548c\u4ea4\u6613\u8be5\u4ee3\u5e01\uff0c\u4ece\u800c\u5728\u94fe\u4e0a\u4e25\u683c\u6267\u884c\u76d1\u7ba1\u8981\u6c42\u3002\u6574\u4e2a\u8fc7\u7a0b\u9ad8\u5ea6\u81ea\u52a8\u5316\uff0c\u4f7f\u8fc7\u53bb\u9700\u8981\u6570\u6708\u7684\u8d44\u4ea7\u8bc1\u5238\u5316\u6d41\u7a0b\u5927\u4e3a\u7b80\u5316\u2014\u2014\u5b98\u65b9\u5ba3\u79f0\u6b64\u524d\u9ad8\u95e8\u69db\u3001\u7e41\u7410\u7684RWA\u4e0a\u94fe\u5982\u4eca\u53ef\u901a\u8fc7\u7b80\u5355\u64cd\u4f5c\u5b8c\u6210\u3002\u8fd9\u610f\u5473\u7740\u53d1\u884c\u4eba\u80fd\u5927\u5e45\u964d\u4f4e\u6280\u672f\u96be\u5ea6\u548c\u65f6\u95f4\u6210\u672c\uff0c\u5feb\u901f\u83b7\u5f97\u94fe\u4e0a\u6d41\u52a8\u6027\u548c\u5168\u7403\u7ed3\u7b97\u80fd\u529b\u3002<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"aligncenter size-large is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"576\" src=\"https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/sub-second-confirmation-stable-tens-of-thousands-of-TPS-1024x576.png\" alt=\"sub-second confirmation + stable tens of thousands of TPS\" class=\"wp-image-3151\" style=\"width:600px\" srcset=\"https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/sub-second-confirmation-stable-tens-of-thousands-of-TPS-1024x576.png 1024w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/sub-second-confirmation-stable-tens-of-thousands-of-TPS-300x169.png 300w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/sub-second-confirmation-stable-tens-of-thousands-of-TPS-768x432.png 768w, https:\/\/www.benfen.org\/blog\/wp-content\/uploads\/2025\/05\/sub-second-confirmation-stable-tens-of-thousands-of-TPS.png 1280w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" 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