「實體資產（RWA）代幣化」正從實驗階段走向主流金融體系。最新數據顯示，若不計入穩定幣，代幣化 RWA 市場規模已突破 250 億美元，相較於一年前約 64 億美元，足足增長近 4 倍。
繼 2025 年底 RWA 代幣化市場規模站上 200 億美元大關後，這波爆發性成長標誌著市場已從早期的「實驗性質」，正式邁入「機構級資金」全面部署的新紀元。
過去一年間，多家傳統金融巨頭紛紛進場布局，包括貝萊德（BlackRock）、富達（Fidelity）與智慧樹（WisdomTree）等資產管理機構，皆相繼推出代幣化基金產品。與此同時，根據 Nexus Data Labs 統計，代幣化美債產品數量也在一年內從約 35 檔增加至 50 檔以上。
6 大類資產鏈上規模突破 10 億美元
隨著市場快速擴張，目前已有 6 大類代幣化資產的鏈上規模突破 10 億美元門檻，分別為：美國國債、大宗商品、私募信貸、機構型另類投資基金、企業債和非美政府債券。
儘管整體規模快速成長，但目前鏈上活動仍以「資產發行」為主，交易活躍度仍有限。從鏈上轉帳數據可以觀察到，許多大型 RWA 交易的單筆金額大多集中在 1,000 萬美元左右。這種現象，更像是機構在進行資產配置時的「批次轉移」，而非連續性、高頻率的市場交易行為。
代幣化平台 Brickken 今年 2 月發布的一份調查報告，也印證了這個論點。高達 53.8% 的代幣化資產發行商表示，他們投入代幣化的主要動機，是為了提升「資本形成能力與募資效率」；相對而言，僅有 15.4% 的發行方是著眼於提升「資產流動性」。
換言之，目前市場的主要焦點仍在於「資產如何上鏈」，而非「資產如何在鏈上交易」，即便實體資產成功「上鏈」，絕大多數仍未真正融入 DeFi 生態。
**多數資產仍未進入 DeFi 生態
**
根據 Nexus Data Labs 估算，目前由 RWA 支撐的穩定幣供應量約為 84.9 億美元，但其中僅有約 10 億美元（占比約 11.8%）真正被投入到 DeFi 協議中運作。
剩餘約 88% 資產仍遊走在鏈上借貸與交易系統之外。究其原因，主要是這些底層資產存在合規要求，包含 KYC（實名認證）審查、轉帳限制以及嚴格的白名單機制。
隨著代幣化市場快速擴張，產業正面臨一個關鍵問題：這些資產最終會走向何種金融形態？目前市場預測顯示，若成長速度持續， RWA 代幣化市場規模到今年底可能突破 4,000 億美元。
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