# 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.

Why Does $1 Earn More in Banks? Analyzing the Structural Dilemma of DeFi Lending

Silvio's analysis explores why $1 in a bank deposit generates 10x more profit than the same amount of USDC on Aave, arguing this reflects structural differences rather than inherent limitations in DeFi lending. Currently, most borrowing on Aave is driven by crypto-native strategies like staking ETH to borrow WETH for basis trades (45% of loans), yield farming with volatile collateral, or leveraging stablecoins for arbitrage. These uses are tightly coupled with crypto market cycles and yield opportunities, making DeFi lending highly correlated with "crypto GDP." In contrast, banks benefit from lower funding costs (tied to Fed rates), complex risk transformation (e.g., unsecured corporate loans), and oligopolistic advantages. For DeFi lending to mature, it must decouple from crypto volatility by incorporating new collateral types like tokenized real-world assets (RWA), off-chain credit, and crypto-native underwriting. This shift could align DeFi closer to traditional credit markets, potentially unlocking higher margins and more stable valuations by 2026.

marsbit12/17 23:03

Why Does $1 Earn More in Banks? Analyzing the Structural Dilemma of DeFi Lending

marsbit12/17 23:03

Former SEC counsel explains what it takes to make RWAs compliant

Former SEC counsel Ashley Ebersole explains that regulatory engagement, not technology, has been the main constraint for real-world asset (RWA) tokenization. While the SEC initially took an enforcement-heavy approach after its 2017 DAO Report, the agency is now more open to dialogue. Compliant RWA models, such as tokenized equities that confer actual shareholder rights through regulated intermediaries, are feasible. However, challenges remain due to jurisdictional fragmentation—securities laws vary globally, and structures valid in the U.S. may not comply in the E.U. or Asia. Yield-bearing tokens also face scrutiny, as passive returns often trigger securities regulations. Despite these hurdles, growing institutional interest and regulatory shifts are enabling more compliant RWA products to advance.

cointelegraph12/17 13:46

Former SEC counsel explains what it takes to make RWAs compliant

cointelegraph12/17 13:46

RWA Weekly Report｜On-Chain Total Value Rises Again; U.S. SEC Issues Crypto Asset Custody Guidance (12.10-12.17)

RWA Weekly Report: On-Chain Value Rebounds; SEC Issues Crypto Custody Guidance (Dec 10–17) The total distributed asset value (DAV) of real-world assets (RWA) on-chain rose to $18.74 billion, up 1.63% from the previous week, ending a period of stagnation. The represented asset value (RAV) increased 4.92% to $410.38 billion, marking the largest weekly gain in two months. The number of asset holders grew by over 14,000 to 575,752. Stablecoin market cap slightly declined to $300.18 billion, but user numbers increased by 1.42% to 210.72 million. U.S. Treasuries remained the largest asset class but decreased marginally to $8.7 billion. Commodity assets grew to $3.2 billion, while private credit saw a modest rise to $2.4 billion. Public equities and non-U.S. government debt also increased, whereas private equity slightly declined. Key developments include the U.S. Congress urging the SEC to allow cryptocurrencies in 401(k) plans, the SEC releasing crypto custody guidance emphasizing wallet risks, and approving DTCC to custody tokenized stocks and RWAs on blockchain. Nasdaq proposed extending trading hours to 23 hours daily to align with crypto markets. Visa began USDC settlement via Solana for U.S. banks. Ondo Finance announced plans to launch tokenized stocks and ETFs on Solana in early 2026 after the SEC closed its investigation without charges. MSX (STONKS) reported a record $2 billion in daily trading volume and is preparing for potential official tokenized stock adoption following Nasdaq’s SEC application.

Odaily星球日报12/17 11:15

RWA Weekly Report｜On-Chain Total Value Rises Again; U.S. SEC Issues Crypto Asset Custody Guidance (12.10-12.17)

Odaily星球日报12/17 11:15

The Underestimated Matrixdock: A Sovereign-Level Watershed in Gold Tokenization

Beyond the prevailing focus on "asset tokenization" and "scale" in the RWA (Real World Asset) sector, a more critical question is whether tokenized assets can be integrated into real-world economic operations for actual use, settlement, and interoperability. Matrixdock, the RWA platform under Matrixport, has been appointed by the Gelephu Mindfulness City Administration (GMCA) of Bhutan as the core tokenization technology provider for its gold-backed digital token, TER. This sovereign-level partnership signifies a formal endorsement of Matrixdock’s underlying technical architecture—not just a specific product—by a national government. Unlike many RWA projects focused on short-term financialization, Matrixdock emphasizes verifiability, regulatory and technical interoperability, and long-term operational stability. Its collaboration with GMC aims to transform gold from a mere investment asset into a transactional medium within a sovereign digital financial ecosystem. This shift from “holding” to “settlement” represents a watershed moment for RWA adoption, moving beyond narrative-driven growth toward tangible, state-level infrastructure implementation. The market has underestimated not Matrixdock’s progress, but the strategic significance of its sovereign-grade technical capabilities. When RWA ceases to be a narrative and becomes embedded in real-world systems, Web3 truly enters the economy. Matrixdock’s role in Bhutan’s digital city project poses a foundational question: after the hype, which RWA infrastructures will endure?

marsbit12/17 10:20

The Underestimated Matrixdock: A Sovereign-Level Watershed in Gold Tokenization

marsbit12/17 10:20

From Bangers to Flops: A Critical Review of 21 Mainstream Crypto Narratives in 2025

Tokenization of real-world assets (RWA) continues to grow, reaching a market size of $200 billion, while stablecoins ($3100B) are becoming critical infrastructure for payments and digital banking. Prediction markets and perpetual contracts are also seeing record activity. In the top tier, BTCFi is gaining traction as Bitcoin becomes productive capital, and privacy solutions are increasingly important for institutional adoption. AI remains a major area of interest, and DeFi is shifting toward consumer applications with all-time high TVL. Emerging areas like chain abstraction and InfoFi are reducing user friction and refining data markets, though they are still developing. Robotics and ZK-technology remain more promising in theory than practice. Meanwhile, staking and restaking face yield compression and complexity, and DePIN struggles with real-world integration. L1/L2 development is slowing as value shifts to applications. SocialFi and GameFi still lack sustainable user retention or product-market fit. NFTs remain stuck in speculative JPEG trading, meme coins are losing dominance, and modular blockchains, while architecturally significant, lack compelling investment narratives.

marsbit12/17 08:53

From Bangers to Flops: A Critical Review of 21 Mainstream Crypto Narratives in 2025

marsbit12/17 08:53

Nasdaq Plans to Launch 23-Hour Trading, Paving the Final Stretch for On-Chain Stocks and Tokenized Assets

Nasdaq has submitted a proposal to the SEC to extend U.S. stock trading hours to 23 hours per day, effectively formalizing overnight trading. This move is seen as a step toward preparing the market infrastructure for future 24/7 on-chain stock trading and asset tokenization. Key implications include: - Improved accessibility for retail investors, enabling trading across more time zones without waiting for traditional market hours. - Enhanced performance for on-chain stock platforms (e.g., Ondo Finance, StableStock), as their broker-mediated transactions will align with extended market hours, ensuring smoother and more liquid operations. - Stronger support for DeFi protocols, as near-24-hour official pricing improves oracle reliability for lending, derivatives, and other decentralized applications. - Better risk management for brokers and market makers, who can hedge positions throughout most of the day, leading to smoother pricing and deeper on-chain liquidity. This shift signals accelerating momentum toward on-chain equities and tokenized assets.

marsbit12/17 08:11

Nasdaq Plans to Launch 23-Hour Trading, Paving the Final Stretch for On-Chain Stocks and Tokenized Assets

marsbit12/17 08:11

DeFi Trend Shifts: Stablecoin Public Chains Recede, RWA Faces Critical Regulatory Window

Crypto market sentiment is currently bearish, with many traders predicting Bitcoin could fall below $50,000. Attention and capital are shifting toward AI, away from crypto. The author’s strategy has shifted toward holding mostly BTC and ETH, along with a few cash-flow-generating alts like AAVE and LINK, avoiding speculative public chains and L2s. Key topics discussed: - Aave faces governance tension between Aave DAO and Aave Labs, reflecting broader DeFi governance challenges. - Aave V4 introduces improved liquidation mechanisms. - Stablecoin-focused Layer 1 blockchains are struggling to gain market share against established chains like Ethereum and Tron. Their real potential lies in onboarding off-chain users, not competing internally. - RWA and stock tokenization gain momentum after the SEC approved DTCC’s tokenization plan. Ethereum and L2s are seen as compliant options. This development is viewed as a net positive for the sector, including projects like Ondo Finance. - Ondo uses a clever system with its own stablecoin, USDₒ, to enable large on-chain tokenized stock trades without relying on external liquidity. - Ethena’s Season 4 airdrop requires users to deposit and trade on HyENA to qualify, aiming to boost its perps trading platform. - Tempo, developed by Stripe and Paradigm, has launched its testnet, targeting efficient stablecoin payments with major enterprise partners.

比推12/17 07:09

DeFi Trend Shifts: Stablecoin Public Chains Recede, RWA Faces Critical Regulatory Window

比推12/17 07:09

Grayscale's Latest Report: Top 10 Investment Themes for 2026 and the End of the 'Four-Year Cycle'

Grayscale's 2026 Digital Asset Outlook report posits a fundamental shift in the crypto market, moving away from the volatile, retail-driven "four-year cycle" narrative and into an era dominated by institutional capital. The core drivers for 2026 are identified as: 1) rising macro demand for alternative stores of value (e.g., BTC, ETH) due to fiat currency uncertainties, and 2) significantly improved regulatory clarity, including anticipated bipartisan U.S. market structure legislation. The report outlines ten key investment themes for 2026: demand for monetary alternatives; regulatory support; stablecoin expansion post-GENIUS Act; the inflection point for asset tokenization; the need for privacy solutions; blockchain-based answers to AI centralization; DeFi acceleration led by lending; next-gen infrastructure; a focus on sustainable revenue models; and staking becoming a default investment strategy. Grayscale expects a continued institutional bull market, with Bitcoin likely reaching new all-time highs in H1 2026, driven by steady inflows via Exchange-Traded Products (ETPs) rather than speculative retail surges. Two topics are dismissed as "red herrings" for the year: quantum computing's threat and Digital Asset Treasury Companies (DATs). The conclusion emphasizes that the institutional era will widen the gap between assets with clear use cases, compliant access, and sustainable models and those without.

marsbit12/17 07:09

Grayscale's Latest Report: Top 10 Investment Themes for 2026 and the End of the 'Four-Year Cycle'

marsbit12/17 07:09

DeFi Recent Updates: Stablecoin Public Chains Face Internal Competition and Cooling Off, RWA Welcomes Its 'SEC Moment'

The DeFi market is currently bearish, with sentiment leaning towards further downside for Bitcoin and a shift of attention and capital towards AI. The author's strategy involves moving away from most altcoins to focus on major assets like BTC and ETH, retaining only a few with strong cash flows like AAVE and LINK. Key developments include a governance dispute between Aave DAO and Aave Labs, highlighting industry-wide governance challenges, and an update to Aave V4's liquidation mechanism to reduce over-liquidations. The article discusses the underwhelming performance of new stablecoin-focused Layer 1 blockchains, which have failed to significantly capture market share from established players like Ethereum and Tron. Their true potential lies in onboarding new, off-chain stablecoin users, a challenging task. A major focus is on the tokenization of real-world assets (RWA) following the SEC's approval of DTCC's tokenization plan. This is seen as a significant, positive regulatory step. The approval outlines strict requirements for compliant blockchains, with Ethereum/L2s being a likely fit. This development is analyzed as a potential indirect benefit for existing projects like Ondo Finance, which recently had an SEC investigation closed with no charges. Ondo's mechanism for facilitating large on-chain stock token trades using its own stablecoin, USDon, is explained. Other updates include Ethena's new airdrop season requirements, which users must interact with its HyENA perps platform, and the testnet launch of Tempo, a new payments-focused blockchain backed by Stripe and Paradigm.

marsbit12/17 04:20

DeFi Recent Updates: Stablecoin Public Chains Face Internal Competition and Cooling Off, RWA Welcomes Its 'SEC Moment'

marsbit12/17 04:20

HashKey Holdings Officially Lists on the Main Board of The Stock Exchange of Hong Kong

HashKey Holdings Limited (Stock Code: 3887.HK), a mature integrated digital asset company in Asia, has officially listed on the Main Board of the Hong Kong Stock Exchange, becoming the first publicly listed digital asset company in Hong Kong. This marks a new development phase, strengthening its global presence and long-term strategy. At the listing ceremony, Dr. Xiao Feng, Chairman and CEO of HashKey, emphasized the company's commitment to compliance and its Hong Kong roots. He stated that HashKey will continue enhancing infrastructure capabilities, including security, custody, on-chain execution, and compliance, to build a world-leading digital asset services platform. The global offering attracted significant market attention, with nine cornerstone investors participating, including UBS AM Singapore, Fidelity, and CDH Investments. Since its establishment in 2018, HashKey has adhered to a compliance-first and technology-driven strategy, developing three core business areas: trading facilitation, on-chain services, and asset management. It aims to provide secure, reliable, and compliant digital asset market access for both retail and institutional clients. Looking ahead, under Hong Kong's policy framework promoting phased real-world asset tokenization and digital financial infrastructure development, HashKey will focus on steady growth and continuous innovation. It aims to improve the digital asset infrastructure system within regulatory frameworks, supporting Hong Kong's role as a key hub in the global digital asset landscape.

marsbit12/17 03:58

HashKey Holdings Officially Lists on the Main Board of The Stock Exchange of Hong Kong

marsbit12/17 03:58

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