[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"article-institutional-crypto-tops-30b-tokenization-zh":3,"article-related-institutional-crypto-tops-30b-tokenization-zh":32,"series-industry-d9997b41-a0f6-49f5-8d2f-0fbf9733374e":76},{"id":4,"slug":5,"title":6,"content":7,"summary":8,"source":9,"source_url":10,"author":11,"image_url":12,"cover_image":12,"category":13,"language":14,"translated_content":11,"related_article_id":15,"keywords":16,"key_takeaways":25,"views":29,"created_at":30,"published_at":31,"topic_cluster_id":11},"d9997b41-a0f6-49f5-8d2f-0fbf9733374e","institutional-crypto-tops-30b-tokenization-zh","機構加密資產突破 300 億美元","\u003Cp data-speakable=\"summary\">機構加密資產的代幣化規模已經超過 300 億美元，\u003Ca href=\"\u002Ftag\u002F穩定幣\">穩定幣\u003C\u002Fa>也成了機構\u003Ca href=\"\u002Fnews\u002Fpepeto-defi-push-distraction-ethereum-upside-zh\">進場\u003C\u002Fa>的核心基礎設施。\u003C\u002Fp>\u003Cp>Bitwise 最新資料把這件事講得很直白。代幣化市場來到 309.5 億美元，30 天內成長 4.84%。全球穩定幣持有者也超過 2.48 億人，這種量體已經不是小圈子在玩。\u003C\u002Fp>\u003Cp>對\u003Ca href=\"\u002Ftag\u002F台灣開發者\">台灣開發者\u003C\u002Fa>來說，這代表機會點在基礎設施。\u003Ca href=\"\u002Ftag\u002Fapi\">API\u003C\u002Fa>、託管、清算、合規，這些詞會比炒幣更常出現。接下來的競爭，會落在誰能把鏈上資產做得像傳統金融一樣穩。\u003C\u002Fp>\u003Ctable>\u003Cthead>\u003Ctr>\u003Cth>指標\u003C\u002Fth>\u003Cth>最新數字\u003C\u002Fth>\u003Cth>變化\u003C\u002Fth>\u003C\u002Ftr>\u003C\u002Fthead>\u003Ctbody>\u003Ctr>\u003Ctd>代幣化市場價值\u003C\u002Ftd>\u003Ctd>309.5 億美元\u003C\u002Ftd>\u003Ctd>30 天 +4.84%\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>穩定幣持有者\u003C\u002Ftd>\u003Ctd>2.48 億人以上\u003C\u002Ftd>\u003Ctd>全球總量\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>穩定幣總價值\u003C\u002Ftd>\u003Ctd>3,010 億美元以上\u003C\u002Ftd>\u003Ctd>支付與結算基礎\u003C\u002Ftd>\u003C\u002Ftr>\u003Ctr>\u003Ctd>鏈上資產代表價值\u003C\u002Ftd>\u003Ctd>3,961.2 億美元\u003C\u002Ftd>\u003Ctd>更廣的資產暴露\u003C\u002Ftd>\u003C\u002Ftr>\u003C\u002Ftbody>\u003C\u002Ftable>\u003Ch2>機構已經進場，不再觀望\u003C\u002Fh2>\u003Cp>這份資料最有意思的地方，是參與者名單。\u003Ca href=\"https:\u002F\u002Fwww.blackrock.com\" target=\"_blank\" rel=\"noopener\">BlackRock\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fwww.bnymellon.com\" target=\"_blank\" rel=\"noopener\">BNY Mellon\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fwww.goldmansachs.com\" target=\"_blank\" rel=\"noopener\">Goldman Sachs\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fwww.jpmorganchase.com\" target=\"_blank\" rel=\"noopener\">JPMorgan Chase\u003C\u002Fa> 都已經出現在託管、交易、私募基金和加密相關服務裡。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1786233783789-584a.png\" alt=\"機構加密資產突破 300 億美元\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>這代表代幣化不再只是實驗專案。它開始被放進銀行原本就熟悉的流程裡，像是結算、資產分發和託管。金融機構最怕的通常不是新技術，而是新技術無法接上舊系統。\u003C\u002Fp>\u003Cp>代幣化剛好踩中痛點。它可以把資產切成更小單位，也能把交易時間拉到 24 小時。對資產管理人來說，這種效率比口號更有吸引力。\u003C\u002Fp>\u003Cul>\u003Cli>機構想要新的手續費來源。\u003C\u002Fli>\u003Cli>它們也想縮短結算時間。\u003C\u002Fli>\u003Cli>穩定幣提供了可用的支付軌道。\u003C\u002Fli>\u003Cli>代幣化能把真實資產包成鏈上商品。\u003C\u002Fli>\u003C\u002Ful>\u003Ch2>數字已經不是小樣本\u003C\u002Fh2>\u003Cp>這份資料不是靠情緒堆出來的。309.5 億美元的代幣化市場，放在全球資本市場裡仍然不大，但已經足夠讓銀行、券商和託管商認真看待。\u003C\u002Fp>\u003Cp>更大的訊號來自鏈上資產的廣度。3,961.2 億美元的代表價值，說的是更大的資產池正在被追蹤或映射到鏈上。這不等於全部都已經上鏈，但它顯示市場正在往那個方向移動。\u003C\u002Fp>\u003Cp>Bitwise 執行長 \u003Ca href=\"https:\u002F\u002Fwww.bitwiseinvestments.com\" target=\"_blank\" rel=\"noopener\">Hunter Horsley\u003C\u002Fa> 曾在公開評論裡提到，市場正在形成一個新的金融堆疊。這句話聽起來很大，但放到今天的數字，其實很合理。\u003C\u002Fp>\u003Cblockquote>“We are seeing the emergence of a new financial stack,” said Hunter Horsley in Bitwise’s public commentary on institutional crypto adoption.\u003C\u002Fblockquote>\u003Cp>如果你是工程師，這句話可以翻成更實際的版本：誰掌握託管、結算、發行和支付，誰就掌握下一輪產品入口。\u003C\u002Fp>\u003Cp>傳統金融機構也沒閒著。\u003Ca href=\"https:\u002F\u002Fwww.hsbc.com\" target=\"_blank\" rel=\"noopener\">HSBC\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fwww.db.com\" target=\"_blank\" rel=\"noopener\">Deutsche Bank\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fwww.societegenerale.com\" target=\"_blank\" rel=\"noopener\">Société Générale\u003C\u002Fa> 都在相關布局裡露面。這表示競爭已經從幣圈內戰，轉成金融基礎設施之爭。\u003C\u002Fp>\u003Cul>\u003Cli>309.5 億美元代幣化市場價值\u003C\u002Fli>\u003Cli>30 天成長 4.84%\u003C\u002Fli>\u003Cli>2.48 億以上穩定幣持有者\u003C\u002Fli>\u003Cli>3,010 億美元以上穩定幣總價值\u003C\u002Fli>\u003C\u002Ful>\u003Ch2>穩定幣是機構最實用的那條線\u003C\u002Fh2>\u003Cp>穩定幣現在的角色，已經不只是交易用工具。2.48 億持有者和 3,010 億美元以上的總價值，讓它更像一條跨境支付與結算軌道。\u003C\u002Fp>\n\u003Cfigure class=\"my-6\">\u003Cimg src=\"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1786233769734-vjlz.png\" alt=\"機構加密資產突破 300 億美元\" class=\"rounded-xl w-full\" loading=\"lazy\" \u002F>\u003C\u002Ffigure>\n\u003Cp>這對機構很重要。你要發行代幣化基金，或是移轉鏈上資產，就需要一個夠穩、夠快、夠普及的結算資產。穩定幣目前就是最接近這個條件的選項。\u003C\u002Fp>\u003Cp>也因為這樣，託管、交易、代幣化三者會綁得很緊。沒有支付軌道，資產難移動。沒有託管，機構不敢持有。沒有交易場所，流動性就起不來。\u003C\u002Fp>\u003Cp>對軟體團隊來說，下一波需求會更偏向合規、錢包整合、風控和 API 串接。炒作會退後，工程細節會站到前面。\u003C\u002Fp>\u003Ch2>競品和市場結構已經很清楚\u003C\u002Fh2>\u003Cp>如果把這波市場拆開看，玩家其實分成幾層。第一層是傳統金融機構，像 \u003Ca href=\"https:\u002F\u002Fwww.blackrock.com\" target=\"_blank\" rel=\"noopener\">BlackRock\u003C\u002Fa> 和 \u003Ca href=\"https:\u002F\u002Fwww.jpmorganchase.com\" target=\"_blank\" rel=\"noopener\">JPMorgan Chase\u003C\u002Fa>，它們有客戶、有資本，也有發牌照的經驗。\u003C\u002Fp>\u003Cp>第二層是基礎設施公司，像 \u003Ca href=\"https:\u002F\u002Fwww.circle.com\" target=\"_blank\" rel=\"noopener\">Circle\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fwww.fireblocks.com\" target=\"_blank\" rel=\"noopener\">Fireblocks\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fwww.chainalysis.com\" target=\"_blank\" rel=\"noopener\">Chainalysis\u003C\u002Fa>，它們賣的是錢包、風控、合規與結算能力。這些公司不一定最會講故事，但常常最先\u003Ca href=\"\u002Fnews\u002Fnvidia-ssi-deal-turns-compute-into-toll-booth-zh\">收費\u003C\u002Fa>。\u003C\u002Fp>\u003Cp>第三層是鏈上原生協議，像 \u003Ca href=\"https:\u002F\u002Fwww.ethereum.org\" target=\"_blank\" rel=\"noopener\">Ethereum\u003C\u002Fa> 生態裡的各種 RWA 協議。它們的優勢是開放性和可組合性，但也更吃治理、流動性和法遵配合。\u003C\u002Fp>\u003Cul>\u003Cli>傳統金融強在客戶與牌照。\u003C\u002Fli>\u003Cli>基礎設施公司強在交付與整合。\u003C\u002Fli>\u003Cli>鏈上協議強在可組合性。\u003C\u002Fli>\u003Cli>真正的贏家要三者都會一點。\u003C\u002Fli>\u003C\u002Ful>\u003Ch2>這波其實是金融工程回鍋\u003C\u002Fh2>\u003Cp>代幣化聽起來很新，骨子裡卻很老。它做的事，和過去金融工程一直在做的事很像：把資產切碎、重新包裝、再賣給不同風險偏好的買家。\u003C\u002Fp>\u003Cp>差別在於，\u003Ca href=\"https:\u002F\u002Fethereum.org\" target=\"_blank\" rel=\"noopener\">Ethereum\u003C\u002Fa>、\u003Ca href=\"https:\u002F\u002Fwww.circle.com\" target=\"_blank\" rel=\"noopener\">Circle\u003C\u002Fa> 這類工具，把流程搬到鏈上了。這讓清算、轉移、驗證的成本有機會下降，也讓資料透明度變高。\u003C\u002Fp>\u003Cp>但麻煩也一起來。法遵、資產歸屬、跨境監管、託管責任，這些問題不會因為上鏈就消失。機構要的不是炫技，是可預測的風險。\u003C\u002Fp>\u003Cp>所以我覺得，接下來最值錢的不是\u003Ca href=\"\u002Fnews\u002Fnvidia-investor-page-disclosure-hub-zh\">單一\u003C\u002Fa>幣種，而是能把資產、身份、支付和合規串起來的系統。這才是企業願意掏預算的地方。\u003C\u002Fp>\u003Ch2>接下來看誰先把產品做穩\u003C\u002Fh2>\u003Cp>這份資料給出的訊號很直接。機構加密採用已經進到 300 億美元級別，穩定幣也有足夠規模當底層支付工具。市場接下來拼的，不是誰喊得大聲，而是誰能穩定交付。\u003C\u002Fp>\u003Cp>如果你在做產品，我會先看三件事：託管整合、合規流程、以及鏈上結算速度。這三個環節有一個卡住，商業化就會慢很多。\u003C\u002Fp>\u003Cp>如果你在看投資，重點也很清楚。去找那些賣基礎設施、賣合規、賣結算的人。等市場成熟，真正收過路費的通常不是最吵的那個。\u003C\u002Fp>","Bitwise 最新資料顯示，機構加密資產的代幣化規模已達 309.5 億美元，30 天成長 4.84%，全球穩定幣持有者超過 2.48 億人。","www.kucoin.com","https:\u002F\u002Fwww.kucoin.com\u002Fnews\u002Fflash\u002Finstitutional-crypto-adoption-surpasses-30b-in-tokenization-market",null,"https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1786233783789-584a.png","industry","zh","84784a2f-d4ea-46ab-a000-f797e00f77a7",[17,18,19,20,21,22,23,24],"機構加密資產","代幣化","穩定幣","RWA","區塊鏈金融","託管","結算","Bitwise",[26,27,28],"代幣化市場已達 309.5 億美元，30 天成長 4.84%。","穩定幣持有者超過 2.48 億人，已成機構結算基礎。","傳統金融、基礎設施公司與鏈上協議正在同場競爭。",1,"2026-08-09T00:02:28.579957+00:00","2026-08-09T00:02:28.563+00:00",{"tags":33,"relatedLang":35,"relatedPosts":39},[34],{"name":19,"slug":19},{"id":15,"slug":36,"title":37,"language":38},"institutional-crypto-tops-30b-tokenization-en","Institutional Crypto Tops $30B in Tokenization","en",[40,46,52,58,64,70],{"id":41,"slug":42,"title":43,"cover_image":44,"image_url":44,"created_at":45,"category":13},"3d745dd7-d34a-427f-9403-94244d93e9ef","wall-street-tokenization-slowly-not-celebrate-pilot-zh","華爾街該慢慢代幣化資產，不該急著慶祝試點","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1786237371565-bds4.png","2026-08-09T01:02:28.25862+00:00",{"id":47,"slug":48,"title":49,"cover_image":50,"image_url":50,"created_at":51,"category":13},"661c033e-8701-4b5d-ba69-1843545254a4","asset-tokenization-turns-ownership-into-software-zh","資產代幣化把權利寫成軟體","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1786235588664-yp9g.png","2026-08-09T00:32:45.231134+00:00",{"id":53,"slug":54,"title":55,"cover_image":56,"image_url":56,"created_at":57,"category":13},"f8850907-ea7f-44c5-9c4e-8c4346f70331","icons-claude-deal-shows-clinical-trials-need-ai-not-pilots-zh","Icon 與 Claude 的合作說明：臨床試驗要的是 AI 上線，不是再做試點","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1786212163962-yhue.png","2026-08-08T18:02:16.252094+00:00",{"id":59,"slug":60,"title":61,"cover_image":62,"image_url":62,"created_at":63,"category":13},"a7bceefc-e023-40ab-b057-27a3d30c0778","nvidia-investor-page-disclosure-hub-zh","NVIDIA 把披露頁做成單一入口","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1786192386417-4knk.png","2026-08-08T12:32:43.770558+00:00",{"id":65,"slug":66,"title":67,"cover_image":68,"image_url":68,"created_at":69,"category":13},"0dd9d680-3617-4c23-8452-f215c377f703","nvidia-ssi-deal-turns-compute-into-toll-booth-zh","NVIDIA 讓算力變收費站","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1786190597979-saxx.png","2026-08-08T12:02:49.140665+00:00",{"id":71,"slug":72,"title":73,"cover_image":74,"image_url":74,"created_at":75,"category":13},"83d06fd4-e51d-44af-9417-9274098f0342","anthropic-latest-scmp-coverage-5-themes-zh","Anthropic 在 SCMP 的 5 個關鍵主題","https:\u002F\u002Fxxdpdyhzhpamafnrdkyq.supabase.co\u002Fstorage\u002Fv1\u002Fobject\u002Fpublic\u002Fcovers\u002Finline-1786168966851-afd3.png","2026-08-08T06:02:25.40182+00:00",[77,82,87,92,97,102,107,112,117,122],{"id":78,"slug":79,"title":80,"created_at":81},"ee073da7-28b3-4752-a319-5a501459fb87","ai-in-2026-what-actually-matters-now-zh","2026 AI 真正重要的事","2026-03-26T07:09:12.008134+00:00",{"id":83,"slug":84,"title":85,"created_at":86},"83bd1795-8548-44c9-9a7e-de50a0923f71","trump-ai-framework-power-speech-state-preemption-zh","川普 AI 框架瞄準電力、言論與州權","2026-03-26T07:12:18.695466+00:00",{"id":88,"slug":89,"title":90,"created_at":91},"ea6be18b-c903-4e54-97b7-5f7447a612e0","nvidia-gtc-2026-big-ai-announcements-zh","NVIDIA GTC 2026 重點拆解","2026-03-26T07:14:26.62638+00:00",{"id":93,"slug":94,"title":95,"created_at":96},"4bcec76f-4c36-4daa-909f-54cd702f7c93","claude-users-spreading-out-and-getting-better-zh","Claude 用戶更分散，也更會用","2026-03-26T07:22:52.325888+00:00",{"id":98,"slug":99,"title":100,"created_at":101},"bd903b15-2473-4178-9789-b7557816e535","openclaw-raises-hard-question-for-ai-models-zh","OpenClaw 逼問 AI 模型價值","2026-03-26T07:24:54.707486+00:00",{"id":103,"slug":104,"title":105,"created_at":106},"eeac6b9e-ad9d-4831-8eec-8bba3f9bca6a","gap-google-gemini-checkout-fashion-search-zh","Gap 把結帳搬進 Gemini","2026-03-26T07:28:23.937768+00:00",{"id":108,"slug":109,"title":110,"created_at":111},"0740e53f-605d-4d57-8601-c10beb126f3c","google-pushes-gemini-transition-to-march-2026-zh","Google 把 Gemini 轉換延到 2026 年 3…","2026-03-26T07:30:12.825269+00:00",{"id":113,"slug":114,"title":115,"created_at":116},"e660d801-2421-4529-8fa9-86b82b066990","metas-llama-4-benchmark-scandal-gets-worse-zh","Meta Llama 4 分數風波又擴大","2026-03-26T07:34:21.156421+00:00",{"id":118,"slug":119,"title":120,"created_at":121},"183f9e7c-e143-40bb-a6d5-67ba84a3a8bc","accenture-mistral-ai-sovereign-enterprise-deal-zh","Accenture 攜手 Mistral AI 賣主權 AI","2026-03-26T07:38:14.818906+00:00",{"id":123,"slug":124,"title":125,"created_at":126},"191d9b1b-768a-478c-978c-dd7431a38149","mistral-ai-faces-its-hardest-year-yet-zh","Mistral AI 迎來最硬的一年","2026-03-26T07:40:23.716374+00:00"]