# RWA — X 热门讨论 (2026-09-28 13:38 UTC)
## @zord4n (marko) · 09-28 13:00 · ♥95 ↻14 💬25 Last week, we announced that @jumperapp is spinning out of LI.FI.
The spinout is an important step for Jumper as we move toward becoming a token-first company.
There is no Jumper equity. JUMP token is the only vessel for value accrual. And once $JUMP sits at the center of Jumper, we want Jumper to have its own decision-making, economics, and roadmap - without being structurally dependent on another company.
That’s ultimately what the spinout gives us - independence to operate without any path dependencies.
Other than that, Jumper continues to be backed and supported by LI.FI. The strategic and business alignment between the two companies remains extremely strong in every possible way.
We’ll continue working closely with the LI.FI team, using LI.FI’s infrastructure and business network, and benefiting from years of technology, relationships and distribution that we’ve built together.
LI.FI wins when Jumper grows. Jumper wins as LI.FI’s tech gets stronger and its distribution network expands.
We always had this freedom from a tech/product perspective. We've always leaned towards doing what's best for building the best product for our users, even if that means integrating and building products beyond what LI.FI has to offer - and we will continue to do so in the future.
Jumper has always been run as a lean team with a low burn. And we want to build a sustainable business that can generate revenues by providing actual value to the users.
As most of our users have noticed, we’ve recently added a fee on Jumper. The fee is minimal enough that the user still gets the best rates compared to other venues but meaningful enough that we start generating decent revenue. Plus, we’re diversifying our product stack and revenue streams by shipping new products like Earn, RWA, and Perps.
We want to build a company in which great products and $JUMP reinforce each other.
I'm incredibly excited to build the next chapter of Jumper. https://x.com/zord4n/status/2104556744923914424
## @TownSquarexyz (townsquare ❏ (mainnet arc)) · 09-28 12:47 · ♥104 ↻6 💬2 Commodity-backed RWAs are coming to townsquare soon
townGOLD: gold-vault backed asset token, redeemable for underlying gold share and vault shares
townMINE: mine-backed asset token, access to underlying mining-generated yield
townsquare, providing access to RWA yield for everyone https://x.com/TownSquarexyz/status/2104553460171678087
## @2xnmore (2xnmore) · 09-28 12:02 · ♥65 ↻10 💬6 BlackRock Did Not Put a Fund Onchain. Here Is What You Actually Hold https://x.com/2xnmore/status/2104542209999602071
## @Tanaka_L2 (Tanaka) · 09-28 12:59 · ♥57 ↻4 💬17 The tokenization platforms onboarding TradFi asset managers.
There are now 641 tokenized funds with a combined market cap of $35.6B, up from just $5.2B 2 years ago.
That is nearly 7x growth.
Asset managers focus on portfolio construction and risk-adjusted returns.
Tokenization platforms handle issuance, compliance and onchain infra.
These are becoming two separate businesses.
Three platforms stand out to me:
[1] @Securitize
Securitize has grown its tokenized fund assets from $65.1M in March 2024 to $4.3B today.
BlackRock’s BUIDL represents 64% of that total, followed by:
– Blockchain Capital’s BCAP: 22.2%
– Securitize’s STAC: 8.2%
It also works with Apollo, VanEck, Hamilton Lane and Revitalization Unlimited.
BlackRock manages $15.3T, yet chose a specialist to bring BUIDL onchain instead of building the full infra internally.
I think that decision says a lot about where this market is heading.
[2] @SuperstateInc
Superstate has grown from $108.2M in July 2024 to $982M.
Its current products include:
– Invesco USTB: $801.7M – Bitwise USCC: $156.2M – Coinbase CUSHY: $24M
Superstate previously managed USTB and USCC itself.
It has now transferred investment management to Invesco and Bitwise while focusing on FundOS, its tokenization infra.
To me, this is a clear strategic shift from managing assets to providing the operating system for asset managers.
[3] @centrifuge
Centrifuge has grown its tokenized funds from $28.5M in September 2024 to $1.5B.
The structure is more layered:
– Anemoy owns and manages the funds – Janus Henderson serves as sub-advisor – Centrifuge provides the tokenization infrastructure
JTRSY accounts for $765.7M, while JAAA holds $721.1M.
The distribution is especially important.
Sky committed $1B to JAAA at launch, while Ethena allocated $200M to it as a reserve asset.
Janus Henderson did not need to build its own onchain platform to access crypto-native capital.
That is the real value these platforms provide.
From a macro and finance perspective, I don’t think tokenization wins simply because an asset exists onchain.
Tokenization platforms remove the technical and operational work required to deliver new utilities to products onchain.
The open question is whether specialist platforms like Securitize, Superstate and Centrifuge outperform vertically integrated models such as J.P. Morgan’s Kinexys.
I am currently more interested in the specialist model.
If asset managers can access onchain investors without building their own infra, more firms can enter the market, launch faster & focus on investment performance.
That could be the next major phase of RWA growth. > 引用 @Tanaka_L2: Tokenization is one of the few crypto sectors where I see a clear path from narrative to institutional adoption.
The ultimate reason is that it connects crypto rails with existing capital markets.
The numbers already show the shift.
– Distributed tokenized RWA value: $31.4B. – Up from ~$21.5B at the start of 2026. – Around 5x higher than the start of 2025. – Tokenized U.S. Treasuries represent roughly half of the market. – Tokenized commodities are around $5.1B, mostly gold-backed. – Tokenized public equities reached around $1.5B, from below $300M in early 2025.
I think tokenization is moving from crypto-native experiments to institutional market structure.
The first $10B took years. → The most recent $20B came within roughly one year.
That acceleration matters because it shows distribution is improving.
Asset managers, exchanges, custodians, transfer agents, tokenization platforms, and regulated issuers are now part of the growth curve.
In tokenization, growth depends on institutional adoption, regulatory clarity, custody, settlement, and liquidity.
Binance Research’s base case points to around $1.6T in tokenized assets by 2030.
That still implies sub-1% penetration across major addressable asset classes.
This is why I think the opportunity is not based on aggressive assumptions.
The global addressable market is above $300T, so current tokenized penetration is around 0.01%.
The protocols racing hardest right now:
[1] @OndoFinance | $ONDO
USDY sits at $2.14B and OUSG at $627M.
They are building the on-ramp with multi-chain access.
Tokenized equities via Ondo Global Markets, already over $1B TVL in stocks/ETFs
Institutions and retail are flowing in because Ondo actually works inside existing wallets and protocols.
[2] @BlackRock | BUIDL
Remains the single largest product at roughly $2.54B. It is the institutional benchmark with high minimums, BNY Mellon custody, multi-chain, but pure TradFi-grade execution
[3] @centrifuge | $CFG
Winning in the private credit and hybrid Treasury space.
Their Janus Henderson Anemoy Treasury Fund alone is near $1B. It bridges regulated credit with onchain liquidity better than most. [4] On the commodities side, @Paxos (PAXG) and @tethergold (XAUT) still dominate tokenized gold at roughly $2.3-2.5B each, making up the bulk of the $5B+ commodity slice.
The next 12 to 18 months matter because several catalysts are moving at the same time.
– Stablecoin regulation is becoming clearer.
– Tokenized securities are moving closer to existing market infra.
– DTCC plans limited production tokenized securities activity in July 2026, with broader launch targeted for October 2026.
– Institutional distribution is expanding through asset managers, brokers, custodians, and exchanges.
– Usage is shifting from passive yield to collateral, margin, settlement, and reserves.
The DTCC point is especially important.
If tokenization enters default capital-market infra, it becomes an optional layer inside the existing financial system.
That is how adoption can scale without requiring every investor to become crypto-native. https://x.com/Tanaka_L2/status/2104556620877545887
## @vsntoken (Vision) · 09-28 13:24 · ♥50 ↻13 💬3 We’re excited to host an exclusive private brunch alongside @ArrakisFinance during @token2049 Singapore! 🇸🇬
We’re bringing together 50+ hand-selected RWA issuers, family offices, asset managers, and Web3 builders.
Request your invitation! 👇 https://t.co/nNOTnsSH4B https://t.co/624awLE5AM https://x.com/vsntoken/status/2104562818033054063
## @0xBeyondLee (解构师 Beyond) · 09-28 11:50 · ♥43 ↻0 💬31 GMGM 一觉醒来又拉麻了
虽然我没吃到太多 Uni Near 这些基本面向好的老币，也没吃到 BP 这样完全控筹的新币，但这轮 ENA 的涨幅是完完全全吃到了
从我第一次发帖解读老黑和 ENA 的勾兑至今，ENA 已有 4x 涨幅，因为浮赢加仓，我差不多 2x 收益
不过才一个多月，很满意了
最近 Ethena 又带来了好消息 ⬇️
Ethena 完成 SOC 2 Type II 审计，获独立审计师「无保留意见、零例外」
给没了解过财会知识的小伙伴解释下，审计一般分四个档位，无法表示意见、否定意见、保留意见、无保留意见
这次 Ethena 获得来自权威机构 SOC 2 的就是无保留意见，可以理解为「我们查完你，发现完全没问题」
Type II 则代表在一段观察期内，检验这些控制有没有被持续、有效地执行，比只看设计和不合理的 Type I 更进一步
看看其他走到这一步的项目是什么 Circle、Chainlink、Aave 分别是各自赛道的最头部项目，Type II 的含金量可见一斑
这份审计透露出来的是 Ethena 重视资产安全和透明度的决心
正好最近快成 Hack Szn 了，安全对于所有项目而言一定是最重要的没有之一
此外 Ethena 和币安、币安钱包的合作也有所进展 ⬇️
Ethena × Binance
- USDe 基差从加密扩到股票：买 bStocks，空同一所股票永续，做 Delta 中性
- Binance 是首个场所，中性账户 ADL 优先级更低
- 官方：抵押品从约 2.5 万亿加密扩到 150 万亿+ RWA
Ethena × Binance Wallet
- Hold to Earn 首批仅 U / USDe / USDS USDe 约 4.75% APR，三档最高
- 持有即可计息，不用质押、不用锁仓
总之捷报频传，牛初就打这么多牌的项目说明自然留有更多后手，我会继续拿住
ethereum:0x57e114b691db790c35207b2e685d4a43181e6061 > 引用 @ethena: Proud to announce that Ethena has completed a SOC 2 Type II audit based on the Security Trust Services Criteria, receiving a clean opinion from an independent auditor with zero exceptions noted.
SOC 2 is a widely recognized standard for enterprise-grade, operational security assurance: an independent audit of how Ethena actually run access control, change management, monitoring, and incident response.
Unlike a Type I report, which checks that controls are designed correctly at a single point in time, a Type II examination tests that those controls actually operated effectively over time.
The audit covers infrastructure and processes supporting our products. It is distinct from, and complementary to, the smart contract audits and security reviews covering the Ethena protocol.
We believe rigorous operational security should be table stakes for any onchain infrastructure handling billions of dollars, and we intend to maintain continuous SOC 2 coverage into the future.
Ethena joins a very short list of onchain businesses that have completed SOC 2 Type II, including Circle, Chainlink and Aave.
The full report is available to partners on request under NDA. https://x.com/0xBeyondLee/status/2104539267351576986
## @RWAFoundation_ (RWA Foundation) · 09-28 11:55 · ♥41 ↻10 💬3 $2.8 trillion bank @Citi is partnering with @coinbase to enable stablecoin payments for its institutional clients. https://t.co/QF6m0H2VUG https://x.com/RWAFoundation_/status/2104540422437769232
## @RWAFoundation_ (RWA Foundation) · 09-28 11:17 · ♥42 ↻5 💬2 Imagine being bullish on the internet in 1995.
Now imagine being able to see the infrastructure being built in real time.
That’s roughly how you should feel watching tokenization develop. https://x.com/RWAFoundation_/status/2104531000336261311
## @Yolo_Delis (Yolo) · 09-28 10:13 · ♥40 ↻3 💬3 I sold my @TheIndexFi and bought @NetNetCap am i doing it right?
Lets just compare the two. Index who depends only on volume and is realizing this after seeing @NetNetCap build the biggest usdg reserve backing net + The biggest NVDA & SpaceX treasury Build rwa arcade first > 引用 @basedfloyd888: sell your $NET ponzi bag , rotate to $INDEX https://x.com/Yolo_Delis/status/2104514811400757661