債券、基金與房地產如何上鏈？RWA資產類型完全指南
Bifu Editorial · 2026-08-04 · 閱讀 2 分鐘
目錄
現實世界資產（RWA）代幣化正在迅速橋接傳統金融與加密生態系統。
現實世界資產（RWA） 代幣化正在迅速橋接傳統金融與加密生態系統。本質上，RWA 指的是將現實世界資產及其經濟權利數位化為區塊鏈代幣的過程，實現鏈上交易與結算。截至2026年7月，鏈上RWA總價值已超過335億美元。本文將解析債券、基金與房地產這三大資產類別如何被代幣化，並探討更廣泛的RWA版圖。
債券如何代幣化
債券代幣化的核心方法是全週期數位發行——將債券的記錄、分銷與結算完全放在區塊鏈上。2025年8月，Shenzhen Futian Investment Holdings在以太坊主網上發行了5億元人民幣的RWA數位債券，成為全球首個同時實現交易所上市與RWA代幣化的公開募集。
技術上，該債券註冊於以太坊，所有交易紀錄同步在鏈上雜湊，確保透明度與不可竄改性。清算與贖回透過智能合約自動化，大幅縮短結算時間並降低中介費用。結果是：債券獲得24/7交易能力、更快的結算與更低的成本。
基金如何代幣化
基金代幣化將基金份額轉換為數位代幣，讓投資者能在鏈上無縫購買、交易與贖回。2025年8月，CMB International將其美元貨幣市場基金代幣化，成為香港與新加坡之間首個互相承認的鏈上基金。
該基金的代幣部署於多條公鏈——包括Solana、以太坊和Arbitrum——支援法幣與穩定幣的申購與贖回。所有發行與轉讓紀錄均儲存於鏈上，提供完全的透明度與防竄改的審計軌跡。代幣化消除了地理障礙，讓全球合格投資者都能輕鬆參與。
房地產如何代幣化
房地產代幣化通常涉及將房產所有權或收益權分割為數位代幣，降低投資門檻並提升流動性。2025年10月，DL Holdings宣布將價值4000萬美元的美國豪華房地產項目ONE Carmel的股權代幣化。
典型流程包括資產評估與法律產權驗證、設立SPV持有底層資產，並部署智能合約來鑄造代幣。代幣持有者可獲得租金收益分配，並能在二級市場交易其份額。然而，房地產代幣化面臨房地產管理、當地法規合規與司法管轄區法律複雜性等挑戰。
RWA資產類型的完整光譜
除了這些例子，RWA代幣化涵蓋了廣泛的資產類別：
金融資產：政府債券、公司債券、股票、基金、私募信貸等。
有形資產：房地產、商品（黃金等）、藝術品、收藏品。
無形資產：碳權、數據權、智慧財產權。
目前，金融資產主導RWA領域，佔總價值的90%以上。然而，房地產等有形資產正蓄勢待發，未來具有巨大的成長潛力。
重點結論
RWA代幣化正在讓傳統資產更具流動性、可及性與效率。隨著技術成熟與監管框架演進，鏈上債券、基金與房地產將從新奇事物轉變為常態。 Bifu ——您的一站式交易平台——現在支援RWA資產交易，助您乘上數位金融的下一波浪潮。
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現實世界資產（RWA）代幣化正在迅速橋接傳統金融與加密生態系統。
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