为什么私人信贷成为 TradFi 到 DeFi 的第一个真正桥梁?

marsbitPublished on 2026-04-28Last updated on 2026-04-28

撰文:Yaroslav Writtle

编译:Block unicorn

私人信贷比大多数 RWA 更早适应链上是有原因的

它本身就具备链上市场能够定价的要素:收益。

这使得它的发展路径比私募股权、风险投资或房地产更为清晰。

那些类别主要涉及获取渠道、包装或长期投资。

私人信贷则提供了更直接的途径。

现金流可以在加密市场内进行分配、融资,并最终再次利用。

来源:DefiLlama

重要的不是私人信贷被代币化了

而是私人信贷开始在链上发挥作用。

许多代币化资产仍停留在发行阶段。

  • 它们被包装。
  • 它们被分发。
  • 它们被存放在钱包中。

私人信贷则更进一步。

它开始作为抵押品出现在借贷市场中,并出现在允许用户以该资产为抵押进行借贷而无需完全退出的策略中。

这比简单的代币化意义重大得多。

市场已经在将获取渠道与实用性区分开来

报告中一个强有力的信号是,大部分活跃的私人信贷市值都集中在无需许可的产品中。

来源:rwa.xyz

这说明了一些重要信息。

用户不仅仅想要获得私人信贷的敞口。

他们想要表现得更像加密资产的私人信贷:

  • 可转让
  • 可在去中心化金融(DeFi)中使用
  • 更容易融资
  • 更容易在不同场所之间转移

这与基本保持不变的代币化基金利息截然不同。

增长最快的产品来自为加密基础设施(Crypto Rails)构建的产品

另一个突出的点是资本实际所在的地方。

来源:DLResearch

链上私人信贷的最大份额并非在代币化基金包装器中。

而是来自链上借贷池。

这一点至关重要,因为它表明市场正在奖励专为链上使用而设计的结构,而不仅仅是重新包装以适应新渠道的传统产品。

产品在加密市场中的功能越强大,似乎就越能吸引需求。

为什么私人信贷率先发展

私人信贷同时解决了两个问题。

对于传统资产管理者而言,代币化改善了分配。

对于链上市场而言,它引入了一种新型的生产性抵押品。

这种组合在 RWA 中仍然罕见。

房地产可以被代币化,但流动性和估值仍然难以实现。

私募股权和风险投资可以代币化,但大多仍是被动持有。

碳信用额受益于更好的追踪,但在去中心化金融(DeFi)中的实用性不高。

私人信贷是首批代币化同时改善获取渠道和金融用途的类别之一。

所有这些都无法消除原有的风险

它仍然是私人信贷。

承销仍然重要。

借款人人资质仍然重要。

回收价值仍然重要。

流动性仍然重要。

将资产放在链上并不能解决其中任何问题。

它只是让产品更容易分发,在某些情况下也更容易融资。

这很有用。

但这与降低潜在风险不是一回事。

RWA 的真正启示

私人信贷之所以重要,是因为它展现了市场奖励的是什么。

不仅仅是代币化资产。

而是那些一旦上链就变得更有用的资产。

这或许是思考 RWA 下一阶段更清晰的方式。

行业领导者不会是那些最容易封装的资产。

它们将是那些从成为链上金融系统的一部分中获得真正实用性的资产。

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