<p>加密货币早期的相关性来自于表情币、杠杆和价格操控，这些现象奖励了炒作而非实质——这是一把双刃剑，既为市场带来了资金和头条新闻，也模糊了行业的真正目的。</p>
<p>几年后，焦点正在改变。人们不再问代币能交易多高，而是开始询问区块链是否能具有真正的经济价值。这一变化可以从大资金流向的方向看出。</p>
<p>根据 InvestaX 的报告，到 2025 年，代币化的现实世界资产在链上的总值约为 300 亿美元。这是三年来的四倍增长，这并不是零售投机在追逐动量，而是机构正在测试区块链是否可以作为金融基础设施的迹象。</p>
<h2>代币化标志着加密货币的成熟</h2>
<p>浏览众多在线加密货币出版物上的头条新闻，可以验证上述论点的真实性。</p>
<p>对叙事兴趣不大的公司，以及在技术失败中有很多损失的公司，发出了这一转变的最强信号。这些公司包括黑石，其代币化国库产品 BUIDL 不再是试点，而是一个价值数十亿美元的庞然大物，以及富兰克林·坦普顿最近在公共账本上放置的代币化货币市场基金。</p>
<p>在《经济学人》的最近一篇专栏中，拉里·芬克表示，代币化是构建市场基础设施的下一步。他指出，早期的加密热潮使得这一理念难以清晰呈现，但在所有的噪音之下，存在一个可以更快移动资产、减少中介并且记录自动匹配的系统。这不仅仅是对一个理念的兴奋；它在操作上是合理的。</p>
<p>市场结构讲述了同样的故事。根据 InvestaX 的数据，私人信贷现在的价值超过所有代币化资产的一半，其次是美国国债。这些收益工具之所以被选择，是因为它们可靠且合规，而不是因为它们的文化价值。它们存在于区块链上，因为结算速度、抵押品流动性和 24/7 转账在规模上通常是重要的。</p>
<h2>将炒作视为战略</h2>
<p>投机只会产生对错失机会的好奇心，而这又推动了关注度。但这并不利于留存。当没有实用性时，流动性帮助定位价格，但很快就会消退。因此，建立在这种基础上的行业将无法提供稳定性、信任或任何形式的明确规则。这种依赖长期以来在加密货币领域削弱了可信度。</p>
<p>根据最近的 a16z 加密报告，稳定币和现实世界资产在投机交易量上存在显著差异。换句话说，加密货币中的真实经济工作已经与炒作周期脱离。</p>
<p>现在很明显，机构、监管者和长期用户不再被好奇心驱动。现在的游戏规则基于可靠性，这在新兴平台的可持续结构中得到了证明。</p>
<p>因此，任何自我呈现为低于当前标准的平台都面临在市场上失去机会的风险。此外，它还会成为审查和监管的受害者。</p>
<p>同样重要的是，基础设施不再是加密货币增长的障碍。现在有成熟的链正在快速适应。此外，经过验证的保管和机构级工具正在有效运作并待命，像黑石和富达这样的巨头正在大规模部署区块链产品。</p>
<p>对于新投资者来说，代币化可能很容易被视为区块链系统的附加功能，直到你的资产受到传统经济波动的影响。一旦所有权在链上转移，回到旧的方式就不再是一个选项。这正是加密货币将变得不可抗拒并轻松获得采用的方式——不是通过投机，而是作为一种不可或缺的实用工具。</p>
<p>过渡到这个阶段变得至关重要。否则，行业将保持周期性，过于脆弱，无法维持采用或任何用户活动。因此，这将导致监管变得严格，监督而非协调。最重要的是，该行业面临悄然失去对主流玩家的竞争优势的风险。</p>
<p>一个仅以投机生存的加密货币未来无法代表创新。它实际上是停滞不前的，这具有破坏性。加密货币在早期的出现证明了其获得关注的能力。现在，它必须被允许证明自己值得信任。这需要选择采用而非兴奋，选择可用性而非猜测，选择稳定性而非长期的不确定周期。</p>
<h2>加密货币的未来更窄、更强</h2>
<p>这些都不意味着每个资产明年都会在链上存在。即使是黑石的领导层也将代币化描述为从两侧建造的桥梁，而不是突然的替代。监管仍然不均衡，保管标准持续演变，跨链结算仍然复杂。</p>
<p>然而，这种谨慎加强了论点。通过受监管的、狭窄的用例而来的采用往往是持久的。每一次成功的部署都使下一次技术的正常化。随着时间的推移，加密货币不再争论相关性，而是开始假定它。</p>
<p>这就是去中心化金融必须诚实面对自己的地方。如果区块链无法支持受监管的所有权、可预测的收益和机构合规性，它们将仍然处于边缘。如果可以，投机就变成了可选而非生存问题。</p>
<p>行业通常将这一转变描述为加密货币融入传统金融。更好的描述是相互适应。银行正在学习区块链可以减少摩擦，而加密货币开发者则在学习资本市场更看重可靠性而非口头表达。</p>
<p>这种融合解释了为什么代币化比下一次反弹更重要。它将加密货币的未来与全球储蓄、信贷和结算绑定在一起，而不是社交媒体的情绪。它为监管机构提供了具体的监督对象，也为投资者提供了实实在在的持有资产。</p>
<p>投机建立了加密货币的受众。采用将决定其持久力。已经在区块链上流动的资金表明，裁决的形成速度比许多人预期的要快。</p>
<p>如果加密货币希望在十年后仍然重要，那将不是因为价格曾经飙升。这个转变将发生，因为区块链已成为市场不愿放弃的基础设施。</p>
<p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

富达国民信息服务

贝莱德

<p>加密行业正从以投机驱动的增长转向现实世界的应用，代币化在其中发挥着关键作用。机构越来越多地使用区块链作为金融基础设施，逐渐远离炒作周期。代币化资产的估值达到 300 亿美元，显示出机构的兴趣。现在的重点是可靠性和实用性，像贝莱德和富达这样的主要公司正在推出区块链产品。这一转变对加密货币的可持续增长和主流采用至关重要，强调了可用性和稳定性而非投机</p>

<p>Crypto’s early relevance came from meme coins, leverage, and price tricks that rewarded hype over substance — a double-edged sword that brought money and headlines into the market but also blurred the industry’s true purpose.</p>
<div class="lb-trans"><p>加密货币早期的相关性来自于表情币、杠杆和价格操控，这些现象奖励了炒作而非实质——这是一把双刃剑，既为市场带来了资金和头条新闻，也模糊了行业的真正目的。</p>
</div><p>Years later, the focus is changing. Instead of asking how high tokens can trade, people are now asking if blockchains can have real economic weight. And the change can be seen in where big money is going.</p>
<div class="lb-trans"><p>几年后，焦点正在改变。人们不再问代币能交易多高，而是开始询问区块链是否能具有真正的经济价值。这一变化可以从大资金流向的方向看出。</p>
</div><p>Tokenized real-world assets now sit at about $30 billion on-chain in 2025, as InvestaX report shows. This is a fourfold increase over three years, and it isn’t retail speculation hunting momentum; it’s a sign that institutions are testing blockchains to see if they can be used as financial infrastructure.</p>
<div class="lb-trans"><p>根据 InvestaX 的报告，到 2025 年，代币化的现实世界资产在链上的总值约为 300 亿美元。这是三年来的四倍增长，这并不是零售投机在追逐动量，而是机构正在测试区块链是否可以作为金融基础设施的迹象。</p>
</div><h2>Tokenization Marks Crypto's Adulthood</h2>
<div class="lb-trans"><h2>代币化标志着加密货币的成熟</h2>
</div><p>A cursory glance at the headlines emblazoned on numerous online crypto publications will verify the truth of the argument above.</p>
<div class="lb-trans"><p>浏览众多在线加密货币出版物上的头条新闻，可以验证上述论点的真实性。</p>
</div><p>Firms with little interest in narratives and plenty to lose from technical failure have been sending the strongest signal of this shift. These include BlackRock, whose tokenized treasury product, BUIDL, is no longer a pilot but a multi-billion-dollar behemoth, as well as Franklin Templeton's recent placement of tokenized money market funds on public ledgers.</p>
<div class="lb-trans"><p>对叙事兴趣不大的公司，以及在技术失败中有很多损失的公司，发出了这一转变的最强信号。这些公司包括黑石，其代币化国库产品 BUIDL 不再是试点，而是一个价值数十亿美元的庞然大物，以及富兰克林·坦普顿最近在公共账本上放置的代币化货币市场基金。</p>
</div><p>In a recent column for The Economist, Larry Fink said that tokenization is the next step in building market infrastructure. He pointed out that the early crypto boom made it hard to see the idea clearly, but underneath all that noise was a system that could move assets faster, with fewer middlemen, and with records that automatically match up. That’s not just excitement about an idea; it makes sense for operations.</p>
<div class="lb-trans"><p>在《经济学人》的最近一篇专栏中，拉里·芬克表示，代币化是构建市场基础设施的下一步。他指出，早期的加密热潮使得这一理念难以清晰呈现，但在所有的噪音之下，存在一个可以更快移动资产、减少中介并且记录自动匹配的系统。这不仅仅是对一个理念的兴奋；它在操作上是合理的。</p>
</div><p>The structure of the market tells the same story. Private credit is now worth more than half of all tokenized assets, followed by U.S. Treasuries, according to InvestaX. These yield-bearing tools were chosen because they are reliable and compliant, not for their cultural cachet. They exist on blockchains because settlement speed, collateral mobility, and 24/7 transfers usually matter at scale.</p>
<div class="lb-trans"><p>市场结构讲述了同样的故事。根据 InvestaX 的数据，私人信贷现在的价值超过所有代币化资产的一半，其次是美国国债。这些收益工具之所以被选择，是因为它们可靠且合规，而不是因为它们的文化价值。它们存在于区块链上，因为结算速度、抵押品流动性和 24/7 转账在规模上通常是重要的。</p>
</div><h2>Treating Hype as Strategy</h2>
<div class="lb-trans"><h2>将炒作视为战略</h2>
</div><p>Speculation only generates curiosity with fear of missing out, and that fuels traction. But it doesn't work for retention. Liquidity helps to position for prices and fades quickly when there is no utility. So, an industry built on this basis will fail to deliver on stability, trust, or any form of clear rules. This reliance has long played a major role in crippling credibility in the cryptocurrency space.</p>
<div class="lb-trans"><p>投机只会产生对错失机会的好奇心，而这又推动了关注度。但这并不利于留存。当没有实用性时，流动性帮助定位价格，但很快就会消退。因此，建立在这种基础上的行业将无法提供稳定性、信任或任何形式的明确规则。这种依赖长期以来在加密货币领域削弱了可信度。</p>
</div><p>According to a recent a16z crypto report, stablecoins and RWAs both move with significant differences in speculative trading volume. In other words, the real economic work in crypto is already detached from hype cycles.</p>
<div class="lb-trans"><p>根据最近的 a16z 加密报告，稳定币和现实世界资产在投机交易量上存在显著差异。换句话说，加密货币中的真实经济工作已经与炒作周期脱离。</p>
</div><p>It's now clear that institutions, regulators, and long-term users are no longer moved by curiosity. The play card is now based on reliability, which is proven by a sustainable structure in emerging platforms.</p>
<div class="lb-trans"><p>现在很明显，机构、监管者和长期用户不再被好奇心驱动。现在的游戏规则基于可靠性，这在新兴平台的可持续结构中得到了证明。</p>
</div><p>As a result, any platform that presents itself as anything less than the current standard risks losing out in the market. Moreover, it becomes a victim of scrutiny and regulations.</p>
<div class="lb-trans"><p>因此，任何自我呈现为低于当前标准的平台都面临在市场上失去机会的风险。此外，它还会成为审查和监管的受害者。</p>
</div><p>It's also important to note that infrastructure is no longer a barrier to how crypto grows. There are now mature chains that are adapting very fast. Also, proven custody and institutional-grade tools are working effectively and on standby, with big players like BlackRock and Fidelity deploying blockchain products at scale.</p>
<div class="lb-trans"><p>同样重要的是，基础设施不再是加密货币增长的障碍。现在有成熟的链正在快速适应。此外，经过验证的保管和机构级工具正在有效运作并待命，像黑石和富达这样的巨头正在大规模部署区块链产品。</p>
</div><p>For new investors in the space, tokenization can easily feel like an add-on feature to a blockchain system until your assets become subject to the traditional economic waves. Once ownership is transferred on-chain, going back to the old way doesn't feel like an option. This is exactly how crypto will become irresistible and easily gain adoption — not with speculation, but as an indispensable utility.</p>
<div class="lb-trans"><p>对于新投资者来说，代币化可能很容易被视为区块链系统的附加功能，直到你的资产受到传统经济波动的影响。一旦所有权在链上转移，回到旧的方式就不再是一个选项。这正是加密货币将变得不可抗拒并轻松获得采用的方式——不是通过投机，而是作为一种不可或缺的实用工具。</p>
</div><p>Transition into this phase becomes crucial. Otherwise, the industry will remain cyclical and too fragile to sustain adoption or any user activity. As a result, this will cause regulation to become harsh with oversight instead of coordination. Most of all, the sector risks losing ground quietly to mainstream players.</p>
<div class="lb-trans"><p>过渡到这个阶段变得至关重要。否则，行业将保持周期性，过于脆弱，无法维持采用或任何用户活动。因此，这将导致监管变得严格，监督而非协调。最重要的是，该行业面临悄然失去对主流玩家的竞争优势的风险。</p>
</div><p>A future where crypto only survives as speculation can no longer represent innovation. It is rather stagnant, which is destructive. Crypto’s emergence in the early days has proven its capability to gain traction. Now it must be allowed to prove it deserves trust. This requires choosing adoption over excitement, usability over guesswork, and stability over the long-lived, uncertain cycles.</p>
<div class="lb-trans"><p>一个仅以投机生存的加密货币未来无法代表创新。它实际上是停滞不前的，这具有破坏性。加密货币在早期的出现证明了其获得关注的能力。现在，它必须被允许证明自己值得信任。这需要选择采用而非兴奋，选择可用性而非猜测，选择稳定性而非长期的不确定周期。</p>
</div><h2>Narrower, Stronger Future for Crypto</h2>
<div class="lb-trans"><h2>加密货币的未来更窄、更强</h2>
</div><p>None of this suggests that every asset will live on-chain next year. Even BlackRock's leadership describes tokenization as a bridge built from both sides, not a sudden replacement. Regulation remains uneven, custody standards continue to evolve, and cross-chain settlement still carries complexity.</p>
<div class="lb-trans"><p>这些都不意味着每个资产明年都会在链上存在。即使是黑石的领导层也将代币化描述为从两侧建造的桥梁，而不是突然的替代。监管仍然不均衡，保管标准持续演变，跨链结算仍然复杂。</p>
</div><p>Yet that caution strengthens the argument. Adoption that arrives through regulated, narrow use cases tends to last. Each successful deployment normalizes the technology for the next one. Over time, crypto stops arguing for relevance and starts assuming it.</p>
<div class="lb-trans"><p>然而，这种谨慎加强了论点。通过受监管的、狭窄的用例而来的采用往往是持久的。每一次成功的部署都使下一次技术的正常化。随着时间的推移，加密货币不再争论相关性，而是开始假定它。</p>
</div><p>This is where decentralized finance must be honest with itself. If blockchains cannot support regulated ownership, predictable yield, and institutional compliance, they will remain peripheral. If they can, speculation becomes optional rather than existential.</p>
<div class="lb-trans"><p>这就是去中心化金融必须诚实面对自己的地方。如果区块链无法支持受监管的所有权、可预测的收益和机构合规性，它们将仍然处于边缘。如果可以，投机就变成了可选而非生存问题。</p>
</div><p>The industry often frames this shift as crypto assimilating into traditional finance. A better description is mutual adaptation. Banks are learning that blockchains reduce friction, and crypto builders are learning that capital markets value reliability over rhetoric.</p>
<div class="lb-trans"><p>行业通常将这一转变描述为加密货币融入传统金融。更好的描述是相互适应。银行正在学习区块链可以减少摩擦，而加密货币开发者则在学习资本市场更看重可靠性而非口头表达。</p>
</div><p>That convergence explains why tokenization matters more than the next rally. It binds crypto's future to global savings, credit, and settlement rather than social media sentiment. It gives regulators something concrete to supervise and investors something tangible to hold.</p>
<div class="lb-trans"><p>这种融合解释了为什么代币化比下一次反弹更重要。它将加密货币的未来与全球储蓄、信贷和结算绑定在一起，而不是社交媒体的情绪。它为监管机构提供了具体的监督对象，也为投资者提供了实实在在的持有资产。</p>
</div><p>Speculation built crypto's audience. Adoption will decide its staying power. The money already moving on the blockchain suggests that the verdict is forming faster than many expected.</p>
<div class="lb-trans"><p>投机建立了加密货币的受众。采用将决定其持久力。已经在区块链上流动的资金表明，裁决的形成速度比许多人预期的要快。</p>
</div><p>If crypto wants to matter a decade from now, it will not be because prices once ran hot. This shift will occur because blockchains have become an essential infrastructure that markets are unwilling to abandon.</p>
<div class="lb-trans"><p>如果加密货币希望在十年后仍然重要，那将不是因为价格曾经飙升。这个转变将发生，因为区块链已成为市场不愿放弃的基础设施。</p>
</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付费的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
</div>

加密货币由投机构建，但只有现实世界的应用才能使其持续发展