# 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.

The Hidden Costs and Structural Dilemmas of Tokenized Assets

Tokenized assets face a critical structural challenge: a severe lack of deep, reliable on-chain liquidity. While tokenization promises to unlock trillions in traditional assets for DeFi, the reality is that markets for tokens like gold (PAXG, XAUT) and stocks (e.g., TSLAx, NVDAx) are extremely shallow compared to their traditional counterparts (e.g., CME). This results in exponentially higher slippage—often exceeding 100 basis points for trades over $4M—and makes large transactions costly or impossible. Fragile liquidity also leads to market instability, such as flash crashes on exchanges that trigger cascading liquidations across connected DeFi protocols. The root cause is a misalignment with market makers' incentives: high minting/redemption fees, slow settlement times, and capital lock-ups make providing liquidity for tokenized assets inefficient and risky. Without a new market structure that bridges on-chain access with off-chain liquidity depth, tokenization will remain stuck in a low-liquidity equilibrium, limiting its scalability and utility in DeFi.

marsbit01/16 06:51

The Hidden Costs and Structural Dilemmas of Tokenized Assets

marsbit01/16 06:51

When Big Money Gets Serious, RWA Liquidity Issues Come to the Fore

When large capital enters the RWA (Real World Asset) tokenization space, the underlying liquidity constraints become critically exposed. Tokenized assets like gold (e.g., PAXG, XAUT) and equities (e.g., TSLAx, NVDAx) suffer from severe liquidity shortages, leading to high slippage, fragile market structures, and amplified systemic risks. For instance, a $4 million trade in tokenized gold can incur ~150 bps slippage, while traditional CME gold futures show negligible impact even at $20 million. DEXs perform worse, with Uniswap recording average slippage of 25–35 bps and occasional extremes beyond 50 bps. This liquidity crisis is structural: minting/redemption fees (10–50 bps), slow redemption cycles (T+1 to T+5), and fragmented order books deter market makers. Capital remains underallocated due to high opportunity costs and inventory risks. Shallow liquidity triggers volatility spillovers—e.g., Binance’s PAXG anomalies caused cascading liquidations on Hyperliquid. For RWA scalability, the market structure must evolve: deeper integration with traditional liquidity, faster redemptions, and reduced frictions are essential. Tokenization’s promise hinges not on on-chain assets alone, but on building robust liquidity infrastructures.

marsbit01/16 04:28

When Big Money Gets Serious, RWA Liquidity Issues Come to the Fore

marsbit01/16 04:28

When Big Money Gets Serious, RWA Liquidity Issues Come to the Fore

Liquidity is the foundation of asset confidence, but the reality for tokenized real-world assets (RWA) like gold and stocks reveals a critical structural flaw. While tokenization promises enhanced capital fluidity and DeFi integration, most tokenized assets suffer from dangerously thin liquidity, making them impractical for meaningful capital deployment. Analysis shows extreme slippage in major tokenized gold assets (PAXG, XAUT). A $4 million trade incurs nearly 150 basis points (bps) of slippage on perpetual exchanges, compared to just 3 bps for a $20 million trade in traditional CME gold futures. Spot markets for these assets offer less than $3 million in effective depth. In AMM DEXs like Uniswap, average slippage consistently ranges between 25–50 bps, with individual trades experiencing premiums as high as 68%. The problem extends to tokenized equities. A $1 million trade in tokenized Tesla (TSLAx) sees ~5% slippage, while NVIDIA (NVDAx) reaches an unworkable 80%. Traditional markets handle the same trades with ~15 bps impact. This liquidity scarcity isn't just about high transaction costs; it destabilizes the entire market structure. Thin order books are prone to manipulation and price anomalies. A 10% price swing on a centralized exchange (CEX) can trigger cascading liquidations across interconnected DeFi protocols, demonstrating how localized illiquidity amplifies systemic risk. The core issue is structural. Market makers face high friction: slow, costly minting/redemption processes (10-50 bps fees, T+1 to T+5 settlement), inability to hedge efficiently, and significant opportunity cost compared to deeper crypto markets. Current solutions (AMMs, order books) disperse rather than concentrate liquidity. For RWA to scale, a new market structure is needed—one that leverages off-chain liquidity for price discovery, eliminates redemption delays, and doesn't force market makers to hold illiquid inventory. Tokenization hasn't failed; the supporting market infrastructure has yet to be built.

Odaily星球日报01/16 04:25

When Big Money Gets Serious, RWA Liquidity Issues Come to the Fore

Odaily星球日报01/16 04:25

Robinhood vs Coinbase: Who Is the Next 10x Stock?

Robinhood and Coinbase, two leading crypto and stock trading platforms, are on a collision course as they aggressively expand into each other's core markets. In 2025, Robinhood's stock surged over 200%, driven by its explosive growth in prediction markets and the launch of nearly 2,000 tokenized stocks on-chain, allowing 24/7 trading. It was also added to the S&P 500. Meanwhile, Coinbase experienced a volatile year but ended flat. It responded in late 2025 by announcing an "Everything Exchange" strategy, entering stock trading and prediction markets, and acquiring a prediction market firm to compete directly. Robinhood's strength lies in its superior mobile-first user experience for retail investors, with crypto now comprising over half of its transaction revenue. Coinbase dominates as a B2B infrastructure provider, securing its position through institutional custody (e.g., for Bitcoin ETFs), the USDC stablecoin, and its Base blockchain. For Robinhood to become a 10-bagger (reach a ~$1 trillion valuation), it must successfully dominate prediction markets, mainstream tokenized stocks, and capture new user growth from potential government policies. For Coinbase to achieve a 10x increase (reaching a ~$660 billion market cap), it requires a massive crypto bull market, significant growth in USDC adoption, and success in its new retail offerings. The analysis concludes that while both are well-positioned for the fusion of crypto and traditional finance, Coinbase has a slightly higher probability (15-20%) of 10x growth in 3-5 years compared to Robinhood (10-15%), though Robinhood's current valuation appears stretched.

marsbit01/16 00:38

Robinhood vs Coinbase: Who Is the Next 10x Stock?

marsbit01/16 00:38

Crypto Goes Davos: Ripple And Hedera Step Into WEF Week

Ripple CEO Brad Garlinghouse will participate in a World Economic Forum (WEF) panel titled "Is Tokenization the Future?" during Davos 2026, alongside leaders from Coinbase, Standard Chartered, and the ECB. The discussion will focus on tokenization's transition from pilots to mainstream financial infrastructure. Ripple is also a sponsor of the privately organized USA House venue. Hedera is an official sponsor of USA House and will contribute to high-level discussions on digital assets, AI, and central banking. It is also sponsoring the Global Blockchain Business Council’s "Blockchain Central Davos." Additionally, Hedera's carbon-market initiative, EcoGuard Global, will launch at Davos, offering end-to-end digital infrastructure for high-integrity carbon markets, built on the Hedera network.

bitcoinist01/15 20:01

Crypto Goes Davos: Ripple And Hedera Step Into WEF Week

bitcoinist01/15 20:01

Matrixdock Releases Latest Semi-Annual Physical Gold Audit Report, Strengthening Transparency Practices for Physical Gold

Matrixdock, the RWA platform under Matrixport, has released its H2 2025 semi-annual physical gold audit report for its XAUm token. The audit, conducted by an independent third party, verified 482 LBMA-approved 1kg gold bars held across Brink’s Hong Kong, Brink’s Singapore, and Malca-Amit Singapore vaults. The total reserve amounts to approximately 482 kg (15,595.336 oz), valued at around $71.75 million based on the audit date gold price. No discrepancies were found between the physical gold and recorded assets. Compared to the H1 2025 audit, an additional 61 gold bars were added to the reserve. Matrixdock employs a dual-verification mechanism, combining physical audits with on-chain validation tools, allowing XAUm holders to verify the gold backing their tokens via a Web3 wallet. Each 1kg gold bar corresponds to approximately 32.148 XAUm tokens. The platform emphasizes transparency and institutional-grade operations to build trust in digital gold assets.

marsbit01/15 10:02

Matrixdock Releases Latest Semi-Annual Physical Gold Audit Report, Strengthening Transparency Practices for Physical Gold

marsbit01/15 10:02

Popular Attorney Reveals Why Ripple Was Unable To Push XRP All These Years

A prominent legal expert, Bill Morgan, reveals that Ripple was unable to promote XRP or the XRP Ledger for years due to fear of SEC litigation over unregistered securities, despite which the SEC still sued them. This lack of promotion hindered XRP ecosystem publicity, while other cryptocurrencies like Bitcoin and Ethereum were promoted without such constraints. Even today, Ripple's promotion remains subdued, often conducted indirectly through acquisitions and its stablecoin, RLUSD. Despite this, Ripple's CEO, Brad Garlinghouse, has reaffirmed that XRP remains central to the company's long-term vision of enabling the "Internet of Value," focusing on infrastructure rather than short-term cycles.

bitcoinist01/14 23:01

Popular Attorney Reveals Why Ripple Was Unable To Push XRP All These Years

bitcoinist01/14 23:01

RWA Weekly Report｜Private Credit Surges Nearly 40%; Bipartisan Senate Inclined to Adjust GENIUS Stablecoin Yield Rules (1.7-1.13)

RWA Weekly Report: Private Credit Surges Nearly 40%; Bipartisan Senate Support to Adjust GENIUS Act Stablecoin Yield Rules (Jan 7–13) The on-chain value of Real World Assets (RWA) grew to $20.81 billion, a 6.23% weekly increase, though broader RWA valuations dropped sharply due to statistical adjustments. Private credit saw a 39% surge, reaching $3.2 billion, while U.S. Treasuries and commodities remained core holdings. Stablecoin user addresses increased, though total market cap slightly declined. Key developments include a new U.S. crypto market draft that prohibits interest payments for merely holding stablecoins, though rewards for trading and staking remain allowed. The bipartisan Senate is considering amendments to the GENIUS Act, potentially limiting which institutions can offer yields. South Korea lifted a nine-year ban on corporate crypto investments, allowing firms to allocate up to 5% of net assets to cryptocurrencies. Notable funding rounds included Rain’s $250 million raise and VelaFi’s $20 million Series B. Cathie Wood suggested the U.S. might directly purchase Bitcoin for national reserves. Meanwhile, Coinbase may withdraw support for the CLARITY Act if it restricts stablecoin rewards. Projects like Ondo Finance and MSX (MyStonks) are advancing tokenized assets, with MSX reducing RWA trading fees to enhance user adoption.

marsbit01/13 15:11

RWA Weekly Report｜Private Credit Surges Nearly 40%; Bipartisan Senate Inclined to Adjust GENIUS Stablecoin Yield Rules (1.7-1.13)

marsbit01/13 15:11

RWA Weekly Report｜Private Credit Surges Nearly 40%; Bipartisan Senate Inclined to Adjust GENIUS Stablecoin Yield Rules (1.7-1.13)

RWAS Weekly Report (Jan 7-13): Private Credit Surges Nearly 40%; Bipartisan Senate Support Grows for Adjusting GENIUS Act Stablecoin Yield Rules RWA on-chain value rose to $20.81 billion, a 6.23% weekly increase, though the broader RWA market saw a significant 29.6% drop due to a statistical adjustment. Private credit was the standout performer, surging 39% to $3.2 billion. U.S. Treasuries and commodities remained core holdings. Key developments include a new U.S. Senate draft market structure bill that proposes banning interest payments for merely holding stablecoins, while allowing rewards for activities like staking. The bipartisan GENIUS Act is also being adjusted to potentially restrict which entities can offer yields. South Korea lifted a nine-year ban on corporate crypto investments, and Hong Kong officials emphasized cautious integration of virtual assets. Stablecoin transaction volume hit a record $33 trillion in 2025. Major funding rounds included Rain's $250 million raise and VelaFi's $20 million Series B. Projects like Ondo Finance and MSX (STONKS) are advancing, with the latter reducing its RWA trading fees. Cathie Wood speculated the U.S. government might begin directly purchasing Bitcoin for its national reserve.

Odaily星球日报01/13 15:08

RWA Weekly Report｜Private Credit Surges Nearly 40%; Bipartisan Senate Inclined to Adjust GENIUS Stablecoin Yield Rules (1.7-1.13)

Odaily星球日报01/13 15:08

BlackRock and Visa's Big Bet on Stablecoins: What Do the Smart Money See?

The stablecoin market reached a historic high of $317 billion in January 2026, but the real story lies in the strategic moves by major financial institutions. BlackRock launched BUIDL, a tokenized money market fund on a public blockchain, surpassing $2 billion by late 2025, highlighting the drive for efficiency, lower costs, and broader accessibility. USDC, growing 73% in 2025, outpaced USDT’s 36% growth, driven by regulatory clarity from the U.S. GENIUS Act and EU’s MiCA compliance, making it the preferred choice for regulated entities like Visa, which integrated USDC for settlements. Visa’s adoption reflects a defensive strategy against stablecoins disrupting cross-border payments, with stablecoin transaction volumes reaching $46 trillion in 2025. Other payment giants, including Stripe and PayPal, are also aggressively entering the space. Meanwhile, banks like JPMorgan are leveraging blockchain for internal efficiency, processing over $3 billion daily via its JPM Coin system. Key trends include the rapid growth of real-world asset (RWA) tokenization, a clear regulatory path favoring compliant stablecoins, the restructuring of payment infrastructure, and market bifurcation into payment-focused (e.g., USDC) and yield-bearing stablecoins (e.g., Ondo’s USDY). This shift marks stablecoins' evolution from a crypto niche to a foundational component of the global financial system.

marsbit01/13 14:00

BlackRock and Visa's Big Bet on Stablecoins: What Do the Smart Money See?

marsbit01/13 14:00

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