# Сопутствующие статьи по теме Tokenization

Новостной центр HTX предлагает последние статьи и углубленный анализ по "Tokenization", охватывающие рыночные тренды, новости проектов, развитие технологий и политику регулирования в криптоиндустрии.

From the Wild Path to the Table: Why Compliance is the Inevitable Route

The article "From the Fringes to the Main Table: Why Compliance is the Inevitable Path" discusses the critical shift toward regulatory compliance in the cryptocurrency and blockchain industry, using key players like Binance, Coinbase, and Hyperliquid as case studies. It highlights how Binance leveraged regulatory arbitrage to become a global leader by 2017 but faced increasing pressure from regulators, leading to its compliance efforts in jurisdictions like Abu Dhabi (ADGM) by 2025. Meanwhile, Coinbase capitalized on U.S. regulatory frameworks under evolving policies, though its growth in derivatives markets remained limited. Hyperliquid emerged as a significant player by exploiting gaps left by larger exchanges, capturing about 15% of Binance's market share through derivatives and ventures into non-traditional areas like precious metals and prediction markets—yet its long-term sustainability hinges on eventual compliance. The piece argues that compliance is no longer optional but essential for scalability and legitimacy, especially as Real-World Assets (RWA)—such as tokenized stocks, bonds, and stablecoins—gain traction. Regulatory clarity, particularly from the U.S. and China, is reshaping the landscape, forcing once-"underground" economies to formalize or risk exclusion from major markets. The conclusion underscores that while regulatory arbitrage offers short-term advantages, the future of crypto and DeFi depends on integrating into established financial systems under clear rules.

比推02/09 04:15

From the Wild Path to the Table: Why Compliance is the Inevitable Route

比推02/09 04:15

After Mainland's Document No. 42 Sets the Tone, What is the Best RWA Token Standard?

The People's Bank of China, along with eight other departments, issued Document No. 42 (2026), which formally recognizes Real World Asset tokenization (RWA) as a legitimate business model and outlines a compliance pathway. The document defines RWA as using encryption and distributed ledger technology to convert ownership or profit rights of assets into tokens or token-like equity or debt instruments. The article analyzes existing global RWA token standards and applications, arguing that the ideal standard should prioritize practical application and user experience over designing a perfect, all-encompassing specification upfront. It reviews several models: - **HK's ABT (2022):** An early framework highlighting benefits like fragmentation, liquidity, and transparency. - **ERC-3525 & ERC-3475:** Standards for bonds and contracts criticized for being overly complex and lacking adoption due to poor compatibility. - **Aave's aToken:** A highly successful model using a "Scaled Balance" mechanism where interest accrues and is realized during transactions, minimizing project overhead. - **Lido's stETH:** A "Rebase" model that automatically adjusts token balances daily to reflect staking rewards, offering a seamless user experience. - **Ondo & xStock (Stocks):** These platforms use a "Rebase" mechanism on Solana (via token2022 standard) where a "multiplier" adjusts to handle corporate actions like stock splits or dividends. The conclusion is that China's regulatory clarity is a positive step, but success hinges on building solutions that leverage blockchain's strengths—24/7 global liquidity, transparency, and automation—to solve real user needs, much like the successful native models (aToken, stETH) did. The true value of RWA lies in filling market gaps and enabling new forms of value discovery, not just in tokenization itself.

marsbit02/09 03:29

After Mainland's Document No. 42 Sets the Tone, What is the Best RWA Token Standard?

marsbit02/09 03:29

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