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blog > Indlela Yokwakha Isiseko Sotshintshiselwano se-RWA Esihambelanayo Ngo-2027

Indlela Yokwakha Isiseko Sotshintshiselwano se-RWA Esihambelanayo Ngo-2027

Ikhaya > blog > Indlela Yokwakha Isiseko Sotshintshiselwano se-RWA Esihambelanayo Ngo-2027
i-harshita

Harshita Narula

Sr. uMthengisi woMxholo kunye noGqirha

✨ Isishwankathelo se-AI

Iziseko zotshintshiselwano lwe-RWA lulwahlu lokurhweba oluguqula iithokheni ezikhutshiweyo zibe ziimarike. Yongeza iinjini ezihambelanayo, ukufikelela okuqaphelayo ukuthobela imithetho, amaxabiso, ukuhlaliswa kunye nokuhlawula imali kwi-tokenization stack ekhoyo ye-RWA. I-SEC's Innovation Exemption (ngoSeptemba 17, 2026) ngoku ivumela i-Tokenized Securities Venues ukuba irhwebe ngezitokhwe zase-US ezinethokheni ngokusebenzisa amachibi e-AMM avumelekileyo ngaphandle kokubhalisa njengee-exchanges. I-Theorem, i-Antier, kunye ne-LayerZero's ATLAS zibonelela ngeemodeli ezahlukeneyo zophuhliso lwe-RWA exchange.

Iimpahla zehlabathi lokwenyani ezifakwe uphawu ezibanjwe malunga ne-$39B kwixabiso elisasazwe kwi-chain ngasekupheleni kukaSeptemba 2026, ngokutsho kwe rwa.xyz. Yet industry estimates cited around Theorem’s launch suggested that primary subscriptions account for 93-100% of the capital entering RWA protocols, while secondary acquisition is stalled at 0-6%. 

Oku kuthetha ngokucacileyo ukuba ukukhutshwa kweeasethi ezitokeni kuye kwanda kodwa urhwebo aluzange lwenyuke.

Sithethe ngale msantsa kwinqaku lika-Antier lakutshanje elikwi- Kutheni iQonga ngalinye leeMpahla eziTyikityisiweyo liza kufuna iziseko zoShishino. This guide picks up where that argument ends. Now that the SEC has announced its exemption for tokenized asset venues, this guide explains exactly how to build compliant RWA exchange infrastructure. 

Yintoni i-RWA Exchange Infrastructure, kwaye kutheni iSecondary Liquidity ingekho?

RWA exchange infrastructure is the underlying market mechanism that allows a tokenized asset to trade in secondary markets after issuance. The tokenized securities venue built for trading enforces the same regulatory and compliance rules under which tokens were created.

Most current RWA tokenization platforms were strictly issuance engines built to excel at minting tokens, whitelisting investors, distributing yield, and handling primary redemptions. However, they lack secondary trading venues that allow Holder A to sell directly to Holder B at a market-driven price without manual issuer intervention.

Iziseko zotshintshiselwano lwe-RWA zivala esi sikhewu ngokulawula iileya ezintlanu ezibalulekileyo zokusebenza :

  • Ukufaneleka kunye neMvume: Ukuchonga ukuba ngubani ogunyazisiweyo ukurhweba.
  • Ukwakhiwa kwexabiso: Ukwenza urhwebo ngeencwadi zee-odolo (CLOB), abenzi beemarike abazenzekelayo (ii-AMM), okanye amaxabiso abhekisele kwireferensi (i-RFQ).
  • Ulawulo lweMarike: Ukulawula iiyure zorhwebo, iziphazamisi zesekethe, kunye nokumisa.
  • Ukuzinza: Ukuvumela ukuhanjiswa kwe-athomu ngokuchasene nentlawulo (i-DvP) ngokuchasene nemali okanye ii-stablecoins.
  • Ingxelo yoLawulo: Ukugcina umkhondo worhwebo ngexesha langempela kunye neendlela zokuhlola.

Ukukhupha ithokheni akufani nokwenza imakethi

Ithokheni engenandawo yokurhweba ezinikeleyo iziphatha njengesabelo semarike yabucala. Abatyali-mali bangena xa kubhaliselwe baze baphume xa kuhlawulwa, kwaye "ixabiso" eliphakathi lixabiso le-asethi egciniweyo yomniki-mali (i-NAV) kunokuba ibe ngamaxabiso aphilayo. Oku kuchaza ukungalingani okukhulu phakathi kokukhutshwa kwexabiso eliphambili kunye norhwebo lwemarike yesibini. 

Iziseko zophuhliso ze-RWA Exchange zongeza izinto ezintathu ezingenakukwazi ukukhutshwa: 

  • ukufunyanwa kwamaxabiso aqhubekayo
  • ukufikelela komnye umntu ngaphaya komniki
  • umaleko wemali abenzi bemarike abanokubeka ixabiso kuwo
Yakha iziseko zakho zotshintshiselwano lwe-RWA nge-Antier

Kutheni iCrypto-Native DEX Mechanics iphula i-RWAs

Umenzi wemarike oqhelekileyo ozenzekelayo (i-AMM) ucinga ukuba ulwelo oluvulekileyo, olungaziwa, olusebenza iiyure ezingama-24 ngosuku, iintsuku ezisixhenxe ngeveki. 

A tokenized Treasury fund, equity, or private credit note assumes the opposite:

  • Ukufaneleka: Kuphela zii-wallets eziqinisekisiweyo ze-KYC, ezivunyiweyo okanye ezivunyiweyo ezinokugcina okanye zirhwebe ngayo.
  • Imida yokudlulisela: Ii-Lock-ups, ii-holder caps kunye nemithetho echazwe ngumniki-zinkonzo kufuneka zihlale zikho kulo lonke urhwebo.
  • Amaxesha emarike: I-asethi esisiseko inokurhweba kuphela xa imakethi yesiqhelo ivuliwe, okanye itshintshe ixabiso kube kanye ngemini.
  • Amaxabiso abhekisele kuyo: I-curve yemveliso engaguqukiyo inokukhukuliseka kude ne-NAV okanye ixabiso lesitokhwe elingaphantsi ngaphandle kokuba kubekho nto iyibuyisela umva.

Ukubeka le mithetho kwi-DEX eqhelekileyo kulapho uninzi lweemvavanyo zophuhliso lweqonga lokurhweba le-RWA zimi khona. Ukuze ufumane uluhlu lokujonga olukwinqanaba lemodyuli lwezinto eziqulethwe yi-tokenized RWA exchange, jonga isikhokelo sethu kwizinto ezibalulekileyo ze-digital asset exchange ye-tokenized RWAs.

Eli nqaku liza kugxila kwinto etshintshileyo ngo-2026 kunye nendlela uyilo olumele luphendule ngayo.

Yintoni etshintsha i-SEC Innovation Exemption kwi-RWA Exchange Infrastructure okanye kwiindawo ze-Tokenized Securities?

On Septemba 17, 2026, i-SEC ikhuphe uMthetho woTshintshiselwano Hayi. 34-106402, the “Innovation Exemption.” It creates the first federal pathway for secondary trading of tokenized US-listed stocks on public blockchains. The relief runs until September 17, 2031.

How Does an RWA Exchange Infrastructure Count as a Tokenized Securities Venue (TSV)

I-TSV idibanisa abathengi kunye nabathengisi be-"Tokenized NMS Stock" ngokubonelela ngedama elinye okanye ngaphezulu le-AMM liquidity kubathathi-nxaxheba abavumelekileyo nangokubeka imigangatho yokufikelela kuloo dama. 

Ubusazi?

I -Tokenized NMS Stock yimbonakalo yedijithali (ithokheni) yesitokhwe se-US National Market System, oko kukuthi, isabelo senkampani yase-US ethengiswa esidlangalaleni njenge-Apple, iTesla, okanye iMicrosoft. Ezi zikhutshwa okanye zixhaswa yi-distribution distribution ledger okanye i-blockchain.

I-TSV efanelekileyo ayifakwanga kwinkcazo yegama elithi “exchange ,” ngoko ayibhalisi njenge-national securities exchange, ayisebenzi njenge-ATS kwaye ayiloziko lokurhweba phantsi koMgaqo we-NMS.

Imida ephambili yoyilo lwe-TSVs ibandakanya :

  • Izibini ezivumelekileyo: Isitokhwe se-NMS esinethokheni sinokurhweba kuphela ngokuchasene nesinye isitokhwe se-NMS esinethokheni, i-asethi ye-crypto engeyiyo yokhuseleko efana ne-stablecoin yokuhlawula evela kumniki ovumelekileyo, okanye i-tokhenised money market fund.
  • Imakethi evumelekileyo, uthotho loluntu: Ziingxowa zemali eziqinisekisiweyo okanye ezineziqinisekiso kuphela ezinokurhweba, kodwa izicelo ze-TSV kufuneka zihlolwe kwaye zisetyenziswe kwi-blockchain kawonke-wonke, engenamvume.
  • Eyesibini kuphela: Ukukhutshwa kweencwadi zokuqala kunye neminikelo yokuqala akwenzeki, kwaye i-TSV ngokwayo kufuneka ibe ngumntu wase-US.

Iimeko Zokusebenza Indawo Yezokhuseleko EzineTokeni Ekufuneka ZiyiNjineli

  • Isaziso sikawonke-wonke seentsuku ezingama-30: Isaziso esineenkcukacha ezipheleleyo esigubungela ulawulo, ukufaneleka, iindlela ze-AMM, iifizi, intlawulo, ukugada kunye neenkqubo zokumisa kufuneka zipapashwe ngaphambi kokusebenza, kwaye i-SEC yaziswe kungekapheli usuku olunye lweshishini. 
  • Ifestile Yokuchasa Umniki: Ukuba umntu wesithathu ongabandakanyekanga utyikitya isitokhwe senkampani, loo nkampani (umxhasi oyintloko) ifumana isaziso seentsuku ezingama-30 kwaye inegunya lokuthintela isitokhwe sayo esityikityiweyo ekurhwebeni kwindawo leyo. 
  • Iicaps: Ezi mpawu zilandelayo ziyasebenza kwii-TSV:
    • Inqanaba 1 lilinganiselwe kwiimpawu ezingama-75 kunye ne-0.25% yomthamo wesabelo semihla ngemihla senyanga edlulileyo.
    • Iimpawu zeTier 2 ukuya kwi-250 kunye ne-2.5%
    • Ukwaphula umda womthamo kwakhona kubangela ukuba kumiswe iinyanga ezintathu kuloo mpahla. Ukwaphula umphezulu wophawu kuyayilahla loo mvume.
  • Ukucaca kunye nokumisa: Idatha yorhwebo lwedola yaseMelika kufuneka ipapashwe kwimizuzu eli-10, kwaye urhwebo kufuneka luyeke nanini na xa isitokhwe esingaphantsi simiswa.

Ukukhululwa kweNkampani eGutyungelweyo kubaNiki boLwabiwo-mali

Ababoneleli ngeenkonzo zokuthengisa impahla ababonelela ngesitokhwe se-NMS esineethokheni kwi-proprietary capital, kwaye abanokuthi bacaphule amaxabiso okanye banike imali, banokuxhomekeka kwi-exemption eyahlukileyo kwinkcazo "yomthengisi". Kufuneka bathengisele iakhawunti yabo kuphela, bangaze bagcine iiasethi zabathengi, bagcine iirekhodi zamalungiselelo okuthengisa impahla kunye neenkuthazo, kwaye batyhile ukuba abangobathengisi-bathengisi ababhalisiweyo. Oku kubalulekile kuyilo lwendawo: izivumelwano zokwenza imakethi kunye neenkqubo zenkuthazo ngoku zizinto ezibhaliweyo nezilawulwayo.

Oko ingakugubungeliyo

Ukukhululwa AKUKHO

  • ukuyeka imithetho yokulwa nobuqhetseba kunye nokulwa nokuqhatha,
  • yandisa kwimisebenzi engaphandle kwe-TSV
  • ayiniki ncedo phantsi koMthetho weNkampani yoTyalo-mali

nto leyo eshiya urhwebo lwe-ETF olunethokheni lungasonjululwanga ukusukela ngoSeptemba 2027. Iimveliso zokuvezwa kwezinto ezinje ngezibambiso ezidityanisiweyo ezinethokheni azifakwanga ngokupheleleyo.

Indlela i-ATLAS yeTheorem kunye neLayerZero ezichaza ngayo ngokutsha uyilo lwe-RWA Exchange

I-oda le-SEC lifike kwiiveki emva kokuba kuqaliswe iziseko zophuhliso ezimbini ze-RWA exchange ezijolise kwicala elifanayo:

Yahlula injini yokurhweba kwindawo, kwaye vumela indawo nganye isebenzise imithetho yayo.

Ithiyori: Ukufaka Imvume Kwiziseko Zophuhliso ze-AMM

I-Theorem yaqaliswa ngoSeptemba 1, 2026 njengesiseko sotshintshiselwano lwe-RWA esimhlophe esiqhutywa yi-Algebra Integral, apho ingxelo yayo yokuqaliswa ithi isasazwa kwii-DEX ezingaphezu kwe-100 kwiinethiwekhi ezingaphezu kwama-50 ezihambelana ne-EVM.

Theorem’s turnkey AMM infrastructure brings the following to the RWA exchange stack

  • I-KYC kunye nokuhlolwa kokufaneleka
  • izithintelo zobunini
  • iiyure zemarike
  • amaxabiso abhekisele kuwo
  • ababoneleli bezazisi bangaphandle

Amaqabane asebenzisa iindawo phantsi kophawu lwawo, agcina amalungelo olawulo kwaye aphephe iivoti zolawulo lomntu wesithathu.

I-ATLAS: Injini Engenantloko Yokufanisa, Ukucoca, Ukulungisa kunye Nomngcipheko

I-LayerZero yabhengeza i-ATLAS (i-Aggregated Trading, Liquidity and Settlement) nge -25 ka-Agasti 2026 njengotshintshiselwano "olungenantloko" olungenalo icala langaphambili.

The RWA exchange infrastructure features one engine that runs matching, clearing, settlement and risk, functions that institutional markets split across four systems. It supports Open ATLAS for crypto-native venues and Institutional ATLAS, where venues choose who trades, and it reports i-sub-millisecond p50 kunye ne-2.641ms p99 latency kwiimvavanyo zoxinzelelo. 

I-ATLAS eyakhelwe kwizoqoqosho iyalela ukuba iindawo eziza kufumana isaphulelo semali esingama-20-65% esixhomekeke kwizabelo okanye umthamo we-ZRO, kunye ne-25% eseleyo eyabelwe umdali wemarike. I-ATLAS isebenza kwi-Zero kwaye icwangciselwe ukuqaliswa kwe-mainnet kamva kulo nyaka.

IBroadridge DLR: Indlela yaBasesikhundleni

Iziseko zentengiso zemveli aziboni ukwanda kwenani lezorhwebo ze-RWA zisuka ecaleni. I-Distributed Ledger Repo yaseBroadridge icubungule umyinge we- $365 yeebhiliyoni ngosuku ngoJulayi 2026, nto leyo ebonisa ukuba isivumelwano esilungisiweyo sele sisebenza kwinqanaba lesikhungo ngaphakathi kweendlela ezivunyiweyo.

Ipateni kuzo zontathu

  • Injini yokukhupha iithokheni kunye nendawo yokurhweba zahlukile. Nabani na ongumnikazi wosasazo akufuneki abe ngumnini wenjini efanayo.
  • Imithetho ihambelana nempahla nganye, hayi ngokwemigaqo. I-Treasury fund kunye ne-tokenized equity zifuna iiyure ezahlukeneyo, amaxabiso asekelwe kuzo kunye nokufaneleka.
  • Ubunini beziseko zophuhliso sisigqibo soyilo. Amaziko awayi kubeka ishishini lawo eliphambili kwiindlela ezilawulwa ngumncintisani.

Uyilo oluPhambili lwe-RWA Exchange ehambelanayo

Ukuguqulela ezo patheni zibe yi-RWA exchange stack eyakhayo kuvelisa iileya ezintlanu. Nganye ihambelana neemfuno ezithile zolawulo okanye zemarike.

1. Ukufaneleka kunye nomgangatho wobuwena

I-ERC-3643 (T-REX) ihlala iyindlela esebenzisekayo yokusetyenziswa kwezixhobo ezivunyelweyo. Lonke udluliselo lweeasethi olunethokheni ludlula kwirejista yobunikazi kunye nemodyuli yokuthobela imithetho ngaphambi kokuba ifikelele esiphelweni. At the tokenized asset trading venue level, this adds wallet allowlists, jurisdiction gating, and credential expiry checks. 

Phantsi komyalelo we-TSV, indawo ihlala inoxanduva lokuvumela nokuba umboneleli wesithathu uyenza loo nto, ngoko ke iirekhodi zokuhlola zonke izigqibo zokufaneleka azinyanzelekanga. Isikhokelo sethu sophuhliso seDeFi esivunyelweyo sigubungela iindlela zokulinganisa ithokheni.

2. Injini yokulawula kwii-hook ze-AMM okanye ii-plugins

Uyilo lwe-AMM lwanamhlanje olufana nee-Uniswap v4 hooks kunye noyilo lwee-plugin ze-Algebra luvumela i-custom logic ukuba isebenze kwiindawo ezikwi-lifecycle ye-pool, kuquka ngaphambi nasemva kokutshintshana. 

Kwi-RWAs, loo ngqiqo kufuneka inyanzelise:

  • Iifestile zokurhweba inxulumene nemarike esisiseko, okanye imigaqo-nkqubo ecacileyo yamaxabiso eempelaveki.
  • Ukuyeka ukusasazwa: ukumisa iidama ngokuzenzekelayo xa isitokhwe esingaphantsi simisiwe, imfuneko enzima ye-TSV.
  • Iibhendi zamaxabiso malunga nexabiso elibhekiselele kwireferensi: ukwala okanye ukuphinda-phinda utshintsho oluya ngaphaya kokunyamezelana okumiselweyo kwi-NAV okanye ixabiso lemarike ephambili.
  • Iikepusi zokubamba kunye nee-lock-ups ijongwa kwakhona ngexesha lokutshintshana, kungekuphela nje ngexesha le-mint.

Umsebenzi we-MAS's Project Guardian ubonisa isizathu sokuba oku kubalulekile. Iimali zemarike yemali zihlala zifikelela kwi-NAV kanye ngemini, ngoko ke imakethi yesibini yeeyure ezingama-24/7 kufuneka ilungelelanise urhwebo oluqhubekayo kunye novavanyo lwemihla ngemihla.

3. Ukuphunyezwa kwe-hybrid: i-AMM evunyelweyo kunye ne-CLOB okanye i-RFQ

Ii-AMM pools zibonelela ngolwelo oluqhubekayo noluzenzekelayo kwiintengiso ezinkulu (kwaye zenza imodeli ephambili phantsi kwesakhelo se-TSV se-SEC). Nangona kunjalo, ii-block trades zezikhungo kunye neendawo ezingezizo zase-US zifuna iincwadi ze-central limit order books (CLOB) okanye iindlela zokusebenza zesicelo se-quote (RFQ).

Ukuhamba koyilo olufunekayo kuphuhliso lotshintshiselwano lwe-RWA:

  • I-Smart Order Router (SOR): Ihlala ngaphezulu kweengqimba zokwenziwa ukuze ihlalutye ii-odolo ezingenayo, ivavanye igesi/ukutyibilika, kwaye yahlule okanye ihambise indlela yokusebenza kuyo yonke i-AMM pools, abenzi beemarike ze-RFQ, okanye iincwadi zee-odolo ze-CLOB.
  • Umaleko woLwabiwo oluManyeneyo: Abavelisi bemarike basebenzisa imali kwi-vault ekwabelwana ngayo, nto leyo ebavumela ukuba bacaphule amaxabiso okusasaza kwiinjini ze-RFQ/CLOB ngaphandle kokuvala isitokhwe esahlukileyo kwiidama ze-AMM.
  • Isango Lokuthobela Umthetho Ngokudibeneyo: Irejista yobunikazi kunye nenjini yomthetho ziqinisekisa iimvume zomthengi/umthengisi kwinqanaba le-router ngaphambi kokuba i-odolo inikezelwe kuyo nayiphi na imodyuli yokuphumeza.

4. Intlawulo, imithwalo yemali kunye nokugcinwa

  • Izivumelwano ze-Atomic DvP Smart: Yenza isivumelwano ngaxeshanye phakathi kweeasethi eziphawulweyo kunye nemilenze yemali (ii-stablecoins zokuhlawula okanye ii-tokenized money market funds) ukuze kupheliswe umngcipheko wesivumelwano.
  • Injini yoVumelwano lweSizwe: Umaleko woxolelwaniso oluzenzekelayo oludibanisa iilog zeziganeko ezikwi-chain kwiirejista zangaphandle zeearhente zokudlulisa kunye nabagcini beziko, nto leyo eseka ukuvumelana ngexesha langempela ngobunini obusemthethweni xa iirekhodi ezingaphandle kwe-chain kunye nezikwi-chain zahlukile.

5. Iziseko zokunika ingxelo kunye nokubeka esweni ngexesha langempela

  • Umbhobho weDatha oFundekayo ngoMatshini: Ii-node ze-on-chain indexing kunye nee-API zokusasaza ezibonelela nge-sub-10-minute zorhwebo feeds kunye nezibhengezo zoluntu eziguqulelweyo ngqo kwiindawo zokugqibela zengxelo ezilawulwayo.
  • Imodyuli yoGcino kunye noBulungisa beMarike: Iinjini zohlalutyo ezingaphandle kwe-chain ezidityaniswe nee-routers zokuphumeza ukujonga imida yomthamo, ukulandelela imida yoxinzelelo, kunye nokubona iipatheni zolawulo lwemarike (umz., ukuhlamba urhwebo okanye ulawulo lwexabiso) ngexesha langempela.
Yeka Iingxaki, Funda Ngoyilo Lwezakhiwo Kumakhi

I-Headless Exchange vs White Label RWA Exchange vs Custom: Ukukhetha i-RWA Exchange Development Model yakho

Akukho modeli inye ifanelekileyo. Ukhetho lujika ekubeni ngubani ophethe usasazo, ngubani ophethe imithetho kwaye ngubani ophethe ingeniso.

IngxakiI-backend engenantloko (isitayile se-ATLAS)Utshintshiselwano lwe-RWA oluneelebheli ezimhlopheUkwakhiwa ngokwezifiso
Ubunini beziseko zophuhlisoInjini ekwabelwana ngayo; indawo ine-frontend kunye nabasebenzisiIndawo inelungelo lokusasazwa kwayo kunye namalungelo olawulo.Indawo ine-codebase epheleleyo
Ulawulo lwemithethoNgaphakathi kwiinketho zenjini ezinokucwangciswaInokulungiselelwa ngokwempahla nganyeUnlimited
Ixesha lokuthengisaEyona ikhawulezayo xa sele ibukhomaIinyangaMde kakhulu
EconomicsIsabelo sembuyekezo yentlawulo; amazinga adityaniswe nethokheniIndawo igcina imirhumo yokurhwebaIndawo igcina imirhumo yokurhweba
Ukuguquguquka kwekhonkcoIbotshelelwe kwikhonkco lenjiniKuxhomekeke kwi-stack yomthengisiNaluphi na uthotho okanye i-hybrid
Ukuxhomekeka kumthengisiphezuluphakathilow
Okona kulungileyoIingcali ze-fintech kunye nabathengisi abakhokelwa kukusasazwaAmaqonga okwazisa kunye nabakhupheliUtshintshiselwano kunye namaziko alawulwayo

Xa i-Backend engenantloko ifanelekile kwi-RWA Exchange Development

Ukuba inzuzo yakho kubasebenzisi kunye nokusasazwa, njengomthengisi, i-neobank okanye i-wallet, injini engenantloko ikuvumela ukuba uqalise iimarike ngaphandle kokuqhuba ukufanisa kunye nokuzilungisa ngokwakho. Urhwebo lulawulo oluhlanganyelweyo, uqoqosho oluhambelana nethokheni kunye nokuxhomekeka kwinjini, kwimeko ye-ATLAS, engakasebenzi.

Xa iWhite Label okanye iCustom ifanelekile kwi-RWA Exchange Development

Ukuba ungumniki-mveliso, iqonga le-tokenization okanye indawo elawulwayo, imithetho yimveliso yakho. Kuya kufuneka utshintshe i-halt logic, amabhendi exabiso okanye ukufaneleka ngomhla umlawuli okanye umniki-mveliso acela ngawo, ngaphandle kokulinda imephu yomnye umntu. Oko kukhomba kwisiseko sotshintshiselwano se-RWA esimhlophe osilawulayo okanye ulwakhiwo olwenziwe ngokwezifiso, olukugcina uzimele kuyo nayiphi na ikhonkco okanye ithokheni enye.

Yintoni Omele Uyijonge Kwiqabane Lophuhliso Lwe-RWA Exchange

Nokuba yeyiphi na imodeli oyikhethayo, umbuzo weqabane le-RWA exchange uxhomekeke kubungqina kunokuba ube luluhlu lwezinto ezifunekayo:

  • Iindawo ezilawulwayo ezithunyelweyo: Cela ii-RWA exchanges ezisebenza phantsi kolawulo oluchaziweyo, hayi iidemo.
  • Ubuchule obuqhelekileyo bethokheni: Ukuhlanganiswa kwe-ERC-3643 kunye ne-ERC-1400, kunye namava okuqinisekisa ukuthotyelwa kwemithetho ngaphakathi kwee-AMM hooks.
  • Izixhobo ezilungele i-TSV: Ukwenziwa kwezaziso zikawonke-wonke, ingxelo yorhwebo yemizuzu eli-10, ukubeka esweni umlinganiselo kunye nokusasazwa kweenkqubo eziyekiweyo.
  • Ukuhlanganiswa kokugcinwa kunye neearhente zokudlulisela sele ikwimveliso.
  • Ubunini bekhowudi: Ukucaca kokuba ungumnikazi wento eyakhiweyo, ngaphandle kwethokheni enyanzelekileyo okanye isabelo sengeniso.

U-Antier uvelise le stack kwimveliso. Kutshanje ngo-2026, u-Antier wakhe inethiwekhi yeshishini elawulwayo yeeasethi zehlabathi lokwenyani, ukusuka kwiprotokholi yesiseko ukuya kwisakhelo sokukhutshwa kwe-RWA ukuya kwi-regulated spot exchange. Kwi- Gems Trade , u-Antier wenze i-multi-asset exchange edibanisa izitokhwe ezithokeni ezivela kwi-Ondo Global Markets, izabelo zase-US nge-Alpaca kunye ne-Fireblocks MPC custody, eyakhelwe ngokwemigangatho ye-MiCA kunye ne-DORA.

Iziseko zoShishino lwe-RWA ngokweSithili: i-US, i-UAE, i-EU, i-UK kunye ne-Singapore

UmmandlaIndlela i-RWAs ezithengiswa ngayo namhlanje (ukusukela ngo-Okthobha 2026)
eunited StatesIi-equities zase-US ezineethokheni zinokurhweba nge-chain ngokusebenzisa i-SEC entsha Indawo yeZibambiso eziTyikityisiweyo (i-TSV) indlela phantsi kwe Ukukhululwa kwiZinto ezintsha (Septemba 2026). Ezinye izibambiso ezithokenisiweyo (ityala labucala, izilangazelelo zengxowa-mali, izindlu nomhlaba, njl.njl.) zisathengiswa nge- i-ATS ebhalisiweyo okanye kwenye indawo yezemali zesiqhelo. Indlela ye-TSV yimvume yeminyaka emihlanu, exhomekeke kwimiqathango phantsi kweCandelo 36(a)(1) loMthetho woTshintshiselwano; ayilotshintsho lomthetho oluhlala luhleli. Imiqathango ibandakanya ukufikelela okuvunyelweyo, ukuphicothwa, ukulungelelaniswa kokumisa urhwebo kunye nemarike ephambili, kunye neemfuno zokungafihlisi. sec+6
UAEIithokheni ezithwala amalungelo okhuseleko zilawulwa njengezibambiso, kungekhona phantsi kwe-VARA Incwadi yemithetho yokukhutshwa kweeAsethi ezingabonakaliyo. Elunxwemeni, ziwela phantsi UGunyaziwe weMarike yeNkunzi (CMA) (eyathatha indawo ye-SCA ngomhla woku-1 kuJanuwari 2026). I-ADGM kwaye DIFC, zilawulwa yi-FSRA kunye ne-DFSA ngokwahlukeneyo. Incwadi yemithetho yokukhutshwa kwe-VARA isebenza kwiiasethi ezininzi ezingabonakaliyo, kodwa iithokheni zokhuseleko ziyaqokelelwa kwaye ziphathwa phantsi komthetho karhulumente. Inkqubo ye-CMA (kunye neendlela zokulawula indawo ekhululekileyo kwi-ADGM/DIFC). Kwi-ADGM, urhwebo lwesibini lufuna I-MTF enelayisenisi ye-FSRA okanye ukutshintshiselana okwaziwayo; imithetho efanayo ye-DFSA iyasebenza kwi-DIFC. Izibambiso ze-Ondo ezithokeniweyo zaqala ukurhweba ngomhla I-MTF elawulwa yi-FSRA kaBinance ngoMatshi 2026, ebonelela ngesibonelo esiphilayo se-ADGM sorhwebo lwesibini lwezibambiso ezithokeni.
udibano lwaseyurophuMiCA ilawula ii-crypto assets, ngelixa izixhobo zemali ezithokeni zirhweba phantsi DLT Pilot Regime (isebenza ukusukela nge-23 Matshi 2023). IKhomishini Isindululo se-4 kaDisemba 2025 (inxalenye yePakethe yoHlanganiso lweMarike kunye nokuLawula) iza kususa imida yezinga lezixhobo, inyuse umda opheleleyo uye kwi-€100 yeebhiliyoni, kwaye ivumele ii-CASP ukuba zisebenzise iindawo zorhwebo ze-DLT. Esi sisiphakamiso esihamba kwiingxelo ezintathu ezilindelweyo ukususela kwi-H2‑2026 ukuya kwi-2027, kunye nesivumelwano sokugqibela sezopolitiko esijoliswe ekupheleni kwe-2027. Iindawo ezikhoyo ze-DLT Pilot Regime zisebenza phantsi kwemithetho ye-2023; ukwandiswa kobubanzi bexesha elizayo kuxhomekeke ekwamkelweni kwephakheji yohlengahlengiso.
iunited KingdomThe I-Digital Securities Sandbox (DSS) iyaqhubeka kude kube nguDisemba 2028, ivumela ukuvavanywa okubukhoma kweendawo zokugcina izibambiso zedijithali kunye nokuhlawulwa kusetyenziswa ubuchwepheshe obutsha. I-DSS iqhutywa yi FCA kwaye Ibhanki yaseNgilaniNgomhla wama-30 kuJuni 2026, abalawuli bongeze ii-stablecoins ezifanelekileyo njengee-asethi ezifanelekileyo zokuhlawula ngaphakathi kwebhokisi yesanti. HSBC waba ngumntu wokuqala ukungena ovunyelweyo kwiinkonzo zokugcina izibambiso zedijithali, wadlula kwiSango lesi-2 ngomhla we-13 kuJulayi 2026 waza wafumana iSaziso sokuVunywa kweSandbox sokusebenza njengeDigital Securities Depository.
Singapho Umgcini weProjekthi ivelise iindlela zokuhlola kunye nezifundo zeemeko zemali-mboleko ezibekwe uphawu kunye neemali-mboleko zabucala kwiiplatifomu ze-asethi zedijithali ezilawulwayo, kunye ne-stablecoin settlement kunye neendlela zemarike yesibini ezixhaswe yi-NAV. I-Guardian liphulo leshishini elisebenzisanayo elikhokelwa yi-MAS, hayi inkqubo yelayisenisi. NgoNovemba 2025 “Ukusebenzisa iiTokenised Funds” Ingxelo ibonelela ngoyilo oluvavanyiweyo lweemarike zesibini ezisekelwe kwi-NAV kunye nokuhamba kwentlawulo. Iindlela ezininzi zokusebenza zeGuardian zibonisa ubhaliso lwemali/ukukhululwa kunye neendlela zorhwebo zesibini kumaqonga alawulwayo, abhalwe kwiimpapasho ze-MAS.

isiphelo

Isahluko sokuqala sokwenziwa kweetokeni sibonakalise ukuba iiasethi zehlabathi lokwenyani zingaphila kwi-chain. Esesibini simalunga nokuba zingarhweba na apho. Njengoko i-SEC's Innovation Exemption ivula indlela karhulumente yesitokhwe esineetokeni, kwaye iTheorem kunye ne-ATLAS zibonisa ukuba iinjini zotshintshiselwano kunye neendawo ze-tokeni zinokuhlulwa, iziseko zotshintshiselwano ze-RWA aziseyona module ilungileyo. Lulahlu olugqiba ukuba iasethi eneetokeni inemarike na.

Iindawo eziphumeleleyo ziya kuphatha imithetho, abaxhasi bamaxabiso kunye neengxelo njengoyilo oluphambili, zikhethe ngabom i-RWA exchange yazo engenantloko, eneleyibhile emhlophe okanye imodeli eyenzelwe wena, kwaye zilawule ingqiqo abalawulayo kunye nabakhupheli bazo abaza kubabamba kuyo.

Ukucwangcisa indawo yesitokhwe okanye ukongeza urhwebo lwesibini kwiqonga lakho letokheni? 

Njengomlingani ophambili kwiziseko zophuhliso lwezixhobo zedijithali, i-Antier ibonelela ngezakhiwo zesoftware ye-RWA exchange eyenzelwe wena kunye neyelebhile emhlophe kumaziko alawulwayo afuna ukusebenzisa olu tshintsho lolawulo. 

Cwangcisa umnxeba wokufumanisa kunye neengcali zophuhliso lwesoftware yotshintshiselwano lwe-Antier ukuze udibanise i-asethi yakho, ulawulo kunye nemodeli yendawo kwisakhiwo sotshintshiselwano lwe-RWA esihambelanayo.

Imibuzo ebuzwa qho

01. Yintoni indawo yesitokhwe semali?

Indawo yesitokhwe semali esithotyiweyo (i-TSV) ludidi oludalwe yi-SEC's Septemba 17, 2026 Innovation Exemption. Idibanisa abathengi kunye nabathengisi bezitokhwe ezidweliswe kwi-US ezithotyiweyo ngokusebenzisa amachibi okuthengisa avumelekileyo e-AMM kwi-blockchain kawonkewonke kwaye imisela imithetho yokuba ngubani onokufikelela kuzo. I-TSV efanelekileyo ayiphathwa njengetshintshiselwano okanye i-ATS, kodwa kufuneka ihlangabezane neemeko zesaziso, uphawu kunye nomthamo, ukuma kunye nengxelo de kube kuphele ukukhululwa ngo-2031.

02. Ngaba ii-RWA exchanges kufuneka zibhalise kwi-SEC?

Kuxhomekeke kwimpahla kunye nolwakhiwo. Iindawo ezirhweba ngezitokhwe ze-NMS ezinethokheni ngokusebenzisa amachibi e-AMM avumelekileyo zinokuxhomekeka ekukhululweni kwe-TSV ngaphandle kokubhalisa njenge-exchange okanye i-ATS, ukuba ziyahlangabezana nemiqathango yayo. Iindawo ezirhweba ngezinye izibambiso ezinethokheni, ezifana nekhredithi yabucala okanye umdla wemali, ngokubanzi kusafuneka zisebenze njenge-ATS ebhalisiweyo okanye umthengisi-mthengisi. Imithetho yokulwa nobuqhetseba iyasebenza kuzo zonke iimeko.

03. Iimpahla ezifakwe kwiithokheni zifumana njani ulwelo lwemarike yesibini?

Ukwabiwa kwemali okwesibini kufuna indawo, amaqela afanelekileyo kunye nababoneleli beenkonzo zokwabiwa kwemali abazibopheleleyo. Oko kuthetha i-AMM evumelekileyo okanye incwadi yoku-odola, indlela yokujonga amaxabiso exhasa urhwebo kwi-NAV okanye kwimarike engaphantsi, kunye nabenzi beemarike abanezibonelelo ezibhaliweyo. Iiasethi ezizinzileyo nezilula ukuzithengisa njengeemali zemarike zemali ezitokeniweyo kunye neeTreasuries zihlala zifikelela kwiindawo ezixineneyo kuqala.

04. Yintoni umahluko phakathi kwe-headless exchange kunye ne-white-label exchange?

I-headless exchange, njenge-ATLAS kaLayerZero, yi-shared backend engine: iindawo zakha i-frontend yazo kunye nabasebenzisi kodwa zisebenza kwiziseko ezifanayo zokufanisa, ukulungisa kunye nokubeka umngcipheko, ngokuqhelekileyo nge-shared fee economics. I-white-label exchange liqonga elisebenzisekayo elisebenza kwindawo phantsi kolawulo lwayo lophawu kunye nolawulo lolawulo, igcina iifizi zorhwebo kwaye ibeka imithetho ngaphandle kokuxhomekeka kulawulo lwe-shared engine.

05. Ixabisa malini i-RWA exchange development?

Uqikelelo oluzimeleyo lowama-2026 lubeka i-MVP ye-white-label okanye i-assembled exchange kwi-$150,000–$400,000 kunye ne-custom exchange kwi-$500,000–$1.5 yezigidi nangaphezulu. Iileya ezithile ze-RWA zongeza ngaphezulu: isikhokelo somthengi esinye senza ubungakanani beqonga le-RWA elenziwe ngokwezifiso elakhiwe kwi-$420,000–$1.05 yezigidi kwaye silumkisa amaqela ukuba angayithathi kancinci ngama-30–50%. Uhlahlo-lwabiwo-mali ngokwahlukeneyo lomsebenzi wezomthetho, ulwelo lwembewu kunye malunga nama-25–35% eendleko zokwakha minyaka le zokuthobela nokugcina.

Umbhali:
i-harshita

Harshita Narula LinkedIn

Sr. uMthengisi woMxholo kunye noGqirha

I-Harshita, i-Web3 ingcali yobuchule bomxholo oneminyaka eyi-8+ yamava kunye namakhulu amaqhekeza apapashiweyo, yenza lula iingcamango ezintsonkothileyo kunye neemilo ezibalisayo malunga ne-blockchain, i-crypto, i-NFTs, kunye ne-RWA tokenization.

Inqaku liphononongwe ngu:
DK Junas
Thetha neengcali Zethu