{"id":6074,"date":"2025-12-27T21:17:24","date_gmt":"2025-12-27T21:17:24","guid":{"rendered":"https:\/\/blog.gammaassets.com\/?p=6074"},"modified":"2026-03-08T20:00:54","modified_gmt":"2026-03-08T20:00:54","slug":"%d9%84%d9%85%d8%a7%d8%b0%d8%a7-%d9%8a%d8%aa%d8%ac%d9%87-%d8%a7%d9%84%d8%b9%d8%a7%d9%84%d9%85-%d8%a5%d9%84%d9%89-%d8%a7%d9%84%d8%a3%d8%b5%d9%88%d9%84-%d8%a7%d9%84%d8%ad%d9%82%d9%8a%d9%82%d9%8a%d8%a9","status":"publish","type":"post","link":"https:\/\/blog.gammaassets.com\/ar\/%d9%84%d9%85%d8%a7%d8%b0%d8%a7-%d9%8a%d8%aa%d8%ac%d9%87-%d8%a7%d9%84%d8%b9%d8%a7%d9%84%d9%85-%d8%a5%d9%84%d9%89-%d8%a7%d9%84%d8%a3%d8%b5%d9%88%d9%84-%d8%a7%d9%84%d8%ad%d9%82%d9%8a%d9%82%d9%8a%d8%a9\/","title":{"rendered":"\u0644\u0645\u0627\u0630\u0627 \u064a\u062a\u062c\u0647 \u0627\u0644\u0639\u0627\u0644\u0645 \u0625\u0644\u0649 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 (RWA)\u061f \u0641\u0647\u0645 \u0627\u0644\u062a\u062d\u0648\u0644 \u0627\u0644\u0639\u0627\u0644\u0645\u064a \u0644\u0644\u0640 Real World Assets"},"content":{"rendered":"

\u064a\u0634\u0647\u062f \u0627\u0644\u0639\u0627\u0644\u0645 \u062a\u062d\u0648\u0644\u0627\u064b \u062c\u0630\u0631\u064a\u0627\u064b \u0646\u062d\u0648 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 (RWA)\u060c \u062d\u064a\u062b \u062a\u064f\u0645\u062b\u0644 \u0647\u0630\u0647 \u0627\u0644\u062a\u0642\u0646\u064a\u0629 \u062c\u0633\u0631\u064b\u0627 \u0628\u064a\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0648\u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629\u060c \u0645\u062f\u0641\u0648\u0639\u0629 \u0628\u0648\u0639\u0648\u062f \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0648\u0627\u0644\u0634\u0641\u0627\u0641\u064a\u0629. \u0648\u064a\u062a\u062c\u0647 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u0639\u0627\u0644\u0645\u064a \u0625\u0644\u0649 \u0647\u0630\u0627 \u0627\u0644\u0627\u062a\u062c\u0627\u0647 \u0644\u0623\u0646\u0647\u0627 \u062a\u062d\u0648\u0644 \u0627\u0644\u0623\u0635\u0648\u0644 \u063a\u064a\u0631 \u0627\u0644\u0633\u0627\u0626\u0644\u0629 \u0645\u062b\u0644 \u0627\u0644\u0639\u0642\u0627\u0631\u0627\u062a \u0648\u0627\u0644\u0633\u0644\u0639 \u0625\u0644\u0649 \u0631\u0645\u0648\u0632 \u0631\u0642\u0645\u064a\u0629 \u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0641\u0648\u0631\u064a\u060c \u0645\u0645\u0627 \u064a\u0641\u062a\u062d \u0623\u0628\u0648\u0627\u0628 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0644\u0645\u0644\u0627\u064a\u064a\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0635\u063a\u0627\u0631. \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0645\u0642\u0627\u0644\u060c \u0646\u0633\u062a\u0639\u0631\u0636 \u062a\u0639\u0631\u064a\u0641 RWA\u060c \u062a\u0623\u062b\u064a\u0631\u0647\u0627 \u0639\u0644\u0649 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u060c \u0627\u0644\u062a\u0642\u0646\u064a\u0627\u062a \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629\u060c \u062f\u0648\u0631\u0647\u0627 \u0641\u064a \u0627\u0644\u0634\u0641\u0627\u0641\u064a\u0629 \u0648\u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0648\u0627\u0644\u062a\u062d\u062f\u064a\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629.<\/span><\/p>\n

<\/h2>\n

\u0645\u0627 \u0647\u064a <\/b>RWA<\/b> \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 (<\/b>Real World Assets – RWA<\/b>)<\/b><\/h2>\n

\u062a\u062e\u064a\u0644 \u0639\u0627\u0644\u0645\u0627\u064b \u064a\u062a\u062d\u0648\u0644 \u0641\u064a\u0647 \u062d\u0627\u0626\u0637 \u0645\u0646 \u0627\u0644\u0630\u0647\u0628 \u0623\u0648 \u0645\u0628\u0646\u0649 \u0634\u0627\u0647\u0642 \u0641\u064a \u0645\u062f\u064a\u0646\u0629 \u0645\u0632\u062f\u062d\u0645\u0629 \u0625\u0644\u0649 \u0631\u0645\u0648\u0632 \u0631\u0642\u0645\u064a\u0629 \u062a\u062a\u062f\u0641\u0642 \u0639\u0628\u0631 \u0627\u0644\u0625\u0646\u062a\u0631\u0646\u062a \u0645\u062b\u0644 \u0627\u0644\u0623\u0646\u0647\u0627\u0631\u060c \u0645\u062a\u0627\u062d\u0629 \u0644\u0623\u064a \u0634\u062e\u0635 \u064a\u062d\u0645\u0644 \u0647\u0627\u062a\u0641\u0647 \u0627\u0644\u0630\u0643\u064a. \u0647\u0630\u0627 \u0647\u0648 \u062c\u0648\u0647\u0631 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 (Real World Assets – RWA)\u060c \u062d\u064a\u062b \u062a\u064f\u062d\u0648\u0651\u0644 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0627\u062f\u064a\u0629 \u0623\u0648 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u2013 \u0645\u062b\u0644 \u0627\u0644\u0639\u0642\u0627\u0631\u0627\u062a\u060c \u0627\u0644\u0630\u0647\u0628\u060c \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062d\u0643\u0648\u0645\u064a\u0629\u060c \u0623\u0648 \u062d\u062a\u0649 \u062d\u0642\u0648\u0642 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0627\u0644\u0641\u0643\u0631\u064a\u0629 \u0648\u0628\u0631\u0627\u0621\u0627\u062a \u0627\u0644\u0627\u062e\u062a\u0631\u0627\u0639 \u0648\u0627\u0644\u0641\u0646\u0648\u0646 \u2013 \u0625\u0644\u0649 \u062a\u0645\u062b\u064a\u0644\u0627\u062a \u0631\u0642\u0645\u064a\u0629 \u062f\u0642\u064a\u0642\u0629 \u0639\u0644\u0649 \u0634\u0628\u0643\u0627\u062a \u0627\u0644\u0628\u0644\u0648\u0643\u0634\u064a\u0646. \u0641\u064a \u0647\u0630\u0647 \u0627\u0644\u0639\u0645\u0644\u064a\u0629\u060c \u064a\u064f\u0646\u0634\u0623 \u0631\u0645\u0632 (token) \u064a\u0639\u0643\u0633 \u0645\u0644\u0643\u064a\u0629 \u062c\u0632\u0626\u064a\u0629 \u0623\u0648 \u0643\u0627\u0645\u0644\u0629 \u0644\u0647\u0630\u0627 \u0627\u0644\u0623\u0635\u0644\u060c \u0645\u062f\u0639\u0648\u0645\u0627\u064b \u0628\u0636\u0645\u0627\u0646\u0627\u062a \u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0648\u062a\u0642\u0646\u064a\u0629 \u062a\u062c\u0639\u0644 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u063a\u064a\u0631 \u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u0646\u0627\u0632\u0639\u060c \u0643\u0645\u0627 \u0644\u0648 \u0643\u0646\u062a \u062a\u0645\u062a\u0644\u0643 \u0634\u0631\u064a\u062d\u0629 \u0630\u0647\u0628\u064a\u0629 \u0635\u063a\u064a\u0631\u0629 \u0645\u0646 \u0643\u0646\u0632 \u0639\u0627\u0644\u0645\u064a \u062f\u0648\u0646 \u0627\u0644\u062d\u0627\u062c\u0629 \u0625\u0644\u0649 \u062a\u062e\u0632\u064a\u0646\u0647\u0627 \u0628\u0646\u0641\u0633\u0643.<\/span><\/p>\n

\u064a\u0628\u062f\u0623 \u0627\u0644\u062a\u0631\u0645\u064a\u0632 (tokenization) \u0628\u062a\u0642\u0633\u064a\u0645 \u0627\u0644\u0623\u0635\u0644 \u0625\u0644\u0649 \u0648\u062d\u062f\u0627\u062a \u0635\u063a\u064a\u0631\u0629 \u062a\u064f\u062f\u0639\u0649 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0627\u0644\u062c\u0632\u0626\u064a\u0629 (fractional ownership)\u060c \u0645\u0645\u0627 \u064a\u062d\u0648\u0644 \u0623\u0635\u0644\u0627\u064b \u063a\u064a\u0631 \u0633\u0627\u0626\u0644 \u0645\u062b\u0644 \u0639\u0642\u0627\u0631 \u0628\u0642\u064a\u0645\u0629 \u0645\u0644\u0627\u064a\u064a\u0646 \u0627\u0644\u062f\u0648\u0644\u0627\u0631\u0627\u062a \u0625\u0644\u0649 \u0622\u0644\u0627\u0641 \u0627\u0644\u0631\u0645\u0648\u0632 \u0628\u0642\u064a\u0645\u0629 \u0645\u0626\u0627\u062a \u0627\u0644\u062f\u0648\u0644\u0627\u0631\u0627\u062a \u0641\u0642\u0637 \u0644\u0643\u0644 \u0645\u0646\u0647\u0627. \u0647\u0630\u0627 \u0627\u0644\u062a\u0642\u0633\u064a\u0645 \u0644\u0627 \u064a\u0632\u064a\u062f \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0641\u062d\u0633\u0628 \u2013 \u062d\u064a\u062b \u064a\u0645\u0643\u0646 \u062a\u062f\u0627\u0648\u0644 \u0647\u0630\u0647 \u0627\u0644\u0631\u0645\u0648\u0632 24 \u0633\u0627\u0639\u0629 \u064a\u0648\u0645\u064a\u0627\u064b\u060c \u0633\u0628\u0639\u0629 \u0623\u064a\u0627\u0645 \u0623\u0633\u0628\u0648\u0639\u064a\u0627\u064b\u060c \u0639\u0627\u0644\u0645\u064a\u0627\u064b \u062f\u0648\u0646 \u0627\u0644\u062d\u0627\u062c\u0629 \u0625\u0644\u0649 \u0648\u0633\u0637\u0627\u0621 \u062a\u0642\u0644\u064a\u062f\u064a\u064a\u0646 \u0645\u062b\u0644 \u0627\u0644\u0628\u0646\u0648\u0643 \u0623\u0648 \u0627\u0644\u0633\u0645\u0627\u0633\u0631\u0629 \u2013 \u0628\u0644 \u064a\u0642\u0644\u0644 \u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641 \u0628\u0634\u0643\u0644 \u062c\u0630\u0631\u064a \u0623\u064a\u0636\u0627\u064b\u061b \u0641\u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0631\u0633\u0648\u0645 \u062a\u0635\u0644 \u0625\u0644\u0649 5-10% \u0641\u064a \u0635\u0641\u0642\u0627\u062a \u0627\u0644\u0639\u0642\u0627\u0631\u0627\u062a \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629\u060c \u062a\u0646\u062e\u0641\u0636 \u0625\u0644\u0649 \u0623\u0642\u0644 \u0645\u0646 1% \u0628\u0641\u0636\u0644 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0630\u0643\u064a\u0629 \u0627\u0644\u0622\u0644\u064a\u0629. \u0639\u0644\u0649 \u0633\u0628\u064a\u0644 \u0627\u0644\u0645\u062b\u0627\u0644\u060c \u0641\u064a \u0645\u0634\u0631\u0648\u0639 \u0645\u062b\u0644 St. Regis Aspen Resort\u060c \u062a\u0645 \u062a\u0631\u0645\u064a\u0632 \u0627\u0644\u0639\u0642\u0627\u0631 \u0625\u0644\u0649 \u0631\u0645\u0648\u0632 \u0628\u0642\u064a\u0645\u0629 1000 \u062f\u0648\u0644\u0627\u0631 \u0644\u0644\u0648\u062d\u062f\u0629\u060c \u0645\u0645\u0627 \u0633\u0645\u062d \u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0635\u063a\u0627\u0631 \u0628\u0634\u0631\u0627\u0621 \u062d\u0635\u0635 \u0641\u064a \u0641\u0646\u062f\u0642 \u0641\u0627\u062e\u0631 \u0643\u0627\u0646 \u0645\u062d\u0635\u0648\u0631\u0627\u064b \u0633\u0627\u0628\u0642\u0627\u064b \u0639\u0644\u0649 \u0627\u0644\u0623\u062b\u0631\u064a\u0627\u0621.<\/span><\/p>\n

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 <\/p>\n

\u062a\u0639\u0631\u0641 \u0639\u0644\u0649 \u0627\u0644\u0645\u0632\u064a\u062f:<\/p>\n

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\u0627\u0644\u062a\u0642\u0646\u064a\u0627\u062a \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0644\u0639\u0645\u0644\u064a\u0629 \u062a\u0631\u0645\u064a\u0632 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 (<\/b>tokenization<\/b>) \u0641\u064a \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629<\/b><\/h2>\n

\u0622\u0644\u0627\u062a \u062a\u0639\u0645\u0644 \u062e\u0644\u0641 \u0633\u062a\u0627\u0631 \u0631\u0642\u0645\u064a\u060c \u062a\u062d\u0648\u0644 \u0643\u0646\u0632\u0627\u064b \u0645\u0627\u062f\u064a\u0627\u064b \u0625\u0644\u0649 \u0631\u0645\u0648\u0632 \u062a\u062a\u062f\u0641\u0642 \u0643\u0627\u0644\u0623\u0646\u0647\u0627\u0631 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0639\u0628\u0631 \u0634\u0628\u0643\u0627\u062a \u0639\u0627\u0644\u0645\u064a\u0629\u060c \u063a\u064a\u0631 \u0645\u0631\u0626\u064a\u0629 \u0644\u0644\u0639\u064a\u0646 \u0644\u0643\u0646\u0647\u0627 \u0642\u0648\u064a\u0629 \u0628\u0645\u0627 \u064a\u0643\u0641\u064a \u0644\u0625\u0639\u0627\u062f\u0629 \u062a\u0634\u0643\u064a\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f. \u0647\u0643\u0630\u0627 \u062a\u0639\u0645\u0644 \u0627\u0644\u062a\u0642\u0646\u064a\u0627\u062a \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0629 \u0644\u062a\u0631\u0645\u064a\u0632 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 (RWA)\u060c \u0627\u0644\u062a\u064a \u062a\u0628\u062f\u0623 \u0628\u0634\u0628\u0643\u0627\u062a \u0628\u0644\u0648\u0643\u0634\u064a\u0646 \u0645\u062a\u0648\u0627\u0641\u0642\u0629 \u0645\u0639 Ethereum Virtual Machine \u0645\u062b\u0644 Polygon \u0623\u0648 Avalanche\u060c \u062d\u064a\u062b \u062a\u064f\u0628\u0646\u0649 \u0627\u0644\u0623\u0633\u0627\u0633\u064a\u0627\u062a \u0644\u0636\u0645\u0627\u0646 \u0627\u0644\u0633\u0631\u0639\u0629 \u0648\u0627\u0644\u0623\u0645\u0627\u0646 \u0648\u0627\u0644\u062a\u0648\u0627\u0641\u0642 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u060c \u0645\u0645\u0627 \u064a\u062a\u064a\u062d \u0645\u0639\u0627\u0644\u062c\u0629 \u0645\u0644\u0627\u064a\u064a\u0646 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a \u064a\u0648\u0645\u064a\u0627\u064b \u062f\u0648\u0646 \u062a\u0648\u0642\u0641.<\/span><\/p>\n

\u0641\u064a \u0642\u0644\u0628 \u0627\u0644\u0639\u0645\u0644\u064a\u0629\u060c \u062a\u0642\u0641 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0630\u0643\u064a\u0629 (smart contracts) \u0643\u0645\u0647\u0646\u062f\u0633\u064a\u0646 \u0622\u0644\u064a\u064a\u0646\u060c \u062a\u064f\u0646\u0634\u0626 \u0627\u0644\u0631\u0645\u0648\u0632 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u062a\u0644\u0642\u0627\u0626\u064a\u0627\u064b \u0639\u0646\u062f \u062a\u062d\u0642\u0642 \u0634\u0631\u0648\u0637 \u0645\u062d\u062f\u062f\u0629\u060c \u0645\u062b\u0644 \u062a\u062d\u0648\u064a\u0644 \u0645\u0644\u0643\u064a\u0629 \u0639\u0642\u0627\u0631 \u0625\u0644\u0649 \u0622\u0644\u0627\u0641 \u0627\u0644\u0631\u0645\u0648\u0632 \u0641\u064a \u062b\u0648\u0627\u0646\u064d\u060c \u0628\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0644\u063a\u0627\u062a \u0645\u062b\u0644 Solidity. \u0623\u0645\u0627 \u0627\u0644\u0623\u0648\u0631\u0627\u0643\u0644\u0632 (oracles) \u0645\u062b\u0644 Chainlink\u060c \u0641\u062a\u0631\u0628\u0637 \u0627\u0644\u0639\u0627\u0644\u0645 \u0627\u0644\u062e\u0627\u0631\u062c\u064a \u0628\u0627\u0644\u0628\u0644\u0648\u0643\u0634\u064a\u0646\u060c \u062a\u062c\u0644\u0628 \u0628\u064a\u0627\u0646\u0627\u062a \u062d\u064a\u0629 \u0645\u062b\u0644 \u0623\u0633\u0639\u0627\u0631 \u0627\u0644\u0630\u0647\u0628 \u0623\u0648 \u0642\u064a\u0645 \u0627\u0644\u0639\u0642\u0627\u0631\u0627\u062a \u0641\u064a \u0627\u0644\u0648\u0642\u062a \u0627\u0644\u0641\u0639\u0644\u064a\u060c \u0645\u0645\u0627 \u064a\u0636\u0645\u0646 \u062f\u0642\u0629 \u0627\u0644\u0631\u0645\u0648\u0632 \u0628\u0646\u0633\u0628\u0629 99.9% \u0648\u064a\u0645\u0646\u0639 \u0627\u0644\u062a\u0644\u0627\u0639\u0628\u060c \u0643\u0645\u0627 \u0641\u064a \u062d\u0627\u0644\u0627\u062a \u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 \u0627\u0644\u062a\u064a \u062a\u064f\u062d\u062f\u0651\u062b \u0642\u064a\u0645\u062a\u0647\u0627 \u062a\u0644\u0642\u0627\u0626\u064a\u0627\u064b \u0645\u0639 \u062a\u0642\u0644\u0628\u0627\u062a \u0627\u0644\u0633\u0648\u0642.<\/span><\/p>\n

\u062a\u0634\u0643\u0644 \u0627\u0644\u0645\u0639\u0627\u064a\u064a\u0631 \u0627\u0644\u0631\u0626\u064a\u0633\u064a\u0629 ERC-20 \u0627\u0644\u0639\u0645\u0648\u062f \u0627\u0644\u0641\u0642\u0631\u064a \u0644\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u0628\u0627\u062f\u0644 \u0645\u062b\u0644 \u0631\u0645\u0648\u0632 \u0627\u0644\u0630\u0647\u0628 \u0623\u0648 \u0627\u0644\u0633\u0646\u062f\u0627\u062a\u060c \u062d\u064a\u062b \u064a\u0645\u0643\u0646 \u062a\u0628\u0627\u062f\u0644 \u0645\u0644\u064a\u0648\u0646 \u0631\u0645\u0632 \u0628\u0633\u0644\u0627\u0633\u0629 \u0643\u0627\u0644\u062f\u0648\u0644\u0627\u0631 \u0627\u0644\u0631\u0642\u0645\u064a\u061b ERC-721 \u0644\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0641\u0631\u064a\u062f\u0629 (NFTs) \u0645\u062b\u0644 \u0644\u0648\u062d\u0627\u062a \u0641\u0646\u064a\u0629 \u0623\u0648 \u0639\u0642\u0627\u0631\u0627\u062a \u0641\u0631\u062f\u064a\u0629\u060c \u062a\u0636\u0645\u0646 \u0627\u0644\u062a\u0645\u064a\u0632 \u0648\u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0627\u0644\u0648\u062d\u064a\u062f\u0629\u061b \u0648\u0645\u0639\u0627\u064a\u064a\u0631 \u0645\u062a\u0642\u062f\u0645\u0629 \u0643\u0640ERC-3643 \u0644\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u062a\u0648\u0627\u0641\u0642\u0629 \u0645\u0639 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u0627\u062a \u0645\u062b\u0644 MiCA \u0641\u064a \u0623\u0648\u0631\u0648\u0628\u0627\u060c \u0648ERC-4626 \u0644\u0644\u062e\u0632\u0627\u0626\u0646 \u0630\u0627\u062a \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u062a\u0644\u0642\u0627\u0626\u064a\u060c \u0627\u0644\u062a\u064a \u062a\u064f\u0648\u0632\u0639 \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0628\u0646\u0627\u0621\u064b \u0639\u0644\u0649 \u0623\u062f\u0627\u0621 \u0627\u0644\u0623\u0635\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u060c \u0645\u0645\u0627 \u062c\u0630\u0628 \u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0628\u0645\u0644\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u062f\u0648\u0644\u0627\u0631\u0627\u062a \u0641\u064a 2025.<\/span><\/p>\n

\u062a\u0628\u062f\u0623 \u0627\u0644\u0631\u062d\u0644\u0629 \u0628\u062a\u0642\u064a\u064a\u0645 \u0627\u0644\u0623\u0635\u0644 \u0628\u062f\u0642\u0629 \u0645\u0646 \u0642\u0628\u0644 \u062e\u0628\u0631\u0627\u0621 \u0645\u0633\u062a\u0642\u0644\u064a\u0646 \u0644\u062a\u062d\u062f\u064a\u062f \u0642\u064a\u0645\u062a\u0647 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629\u060c \u062a\u0644\u064a\u0647\u0627 \u0647\u064a\u0643\u0644\u0629 \u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u0635\u0627\u0631\u0645\u0629 \u062a\u0634\u0645\u0644 KYC\/AML \u0644\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \u0647\u0648\u064a\u0629 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0648\u0636\u0645\u0627\u0646 \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644 \u0644\u0642\u0648\u0627\u0646\u064a\u0646 \u0645\u062b\u0644 SEC \u0623\u0648 FATF\u060c \u062b\u0645 \u0625\u0646\u0634\u0627\u0621 \u0627\u0644\u0631\u0645\u0648\u0632 \u0639\u0628\u0631 \u0627\u0644\u0639\u0642\u0648\u062f \u0627\u0644\u0630\u0643\u064a\u0629\u060c \u0648\u0623\u062e\u064a\u0631\u0627\u064b \u0627\u0644\u062a\u0648\u0632\u064a\u0639 \u0648\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0639\u0644\u0649 \u0645\u0646\u0635\u0627\u062a DEXs \u0645\u062b\u0644 Uniswap \u0623\u0648 Curve\u060c \u062d\u064a\u062b \u064a\u0635\u0644 \u062d\u062c\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u064a\u0648\u0645\u064a \u0644\u0640RWA \u0625\u0644\u0649 \u0645\u0644\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u062f\u0648\u0644\u0627\u0631\u0627\u062a \u062f\u0648\u0646 \u0648\u0633\u0637\u0627\u0621\u060c \u0645\u062d\u0648\u0644\u0627\u064b \u0639\u0645\u0644\u064a\u0629 \u062a\u0633\u062a\u063a\u0631\u0642 \u0623\u0633\u0627\u0628\u064a\u0639 \u0625\u0644\u0649 \u062f\u0642\u0627\u0626\u0642. \u0647\u0643\u0630\u0627\u060c \u0644\u0627 \u062a\u064f\u0628\u0646\u064a \u0647\u0630\u0647 \u0627\u0644\u062a\u0642\u0646\u064a\u0627\u062a \u062c\u0633\u0631\u064b\u0627 \u0641\u062d\u0633\u0628\u060c \u0628\u0644 \u062a\u064f\u0637\u0644\u0642 \u0637\u0648\u0641\u0627\u0646\u0627\u064b \u0645\u0646 \u0627\u0644\u0627\u0628\u062a\u0643\u0627\u0631 \u064a\u063a\u0645\u0631 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629.<\/span><\/p>\n

 <\/p>\n

\"\u0623\u0647\u0645\u064a\u0629
\u0623\u0647\u0645\u064a\u0629 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 (RWA) \u0641\u064a \u062a\u0639\u0632\u064a\u0632 \u0627\u0644\u0634\u0641\u0627\u0641\u064a\u0629 \u0648\u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629\u00a0<\/span><\/figcaption><\/figure>\n

\u0623\u0647\u0645\u064a\u0629 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 (<\/b>RWA<\/b>) \u0641\u064a \u062a\u0639\u0632\u064a\u0632 \u0627\u0644\u0634\u0641\u0627\u0641\u064a\u0629 \u0648\u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629<\/b><\/h2>\n

\u062a\u062e\u064a\u0644 \u0633\u062c\u0644\u0627\u064b \u0645\u0627\u0644\u064a\u0627\u064b \u064a\u0634\u0628\u0647 \u0643\u062a\u0627\u0628 \u0627\u0644\u062a\u0627\u0631\u064a\u062e \u0627\u0644\u0623\u0628\u062f\u064a\u060c \u0645\u062d\u0641\u0648\u0631\u0627\u064b \u0641\u064a \u0635\u062e\u0631 \u0631\u0642\u0645\u064a \u0644\u0627 \u064a\u0645\u0643\u0646 \u0645\u062d\u0648\u0647 \u0623\u0648 \u062a\u0632\u0648\u064a\u0631\u0647\u060c \u062d\u064a\u062b \u062a\u064f\u0643\u0634\u0641 \u0643\u0644 \u0645\u0639\u0627\u0645\u0644\u0629 \u0648\u0645\u0644\u0643\u064a\u0629 \u062a\u062d\u062a \u0636\u0648\u0621 \u0627\u0644\u0634\u0645\u0633 \u0644\u0644\u062c\u0645\u064a\u0639. \u0647\u0630\u0627 \u0647\u0648 \u062c\u0648\u0647\u0631 \u062a\u0639\u0632\u064a\u0632 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 (RWA) \u0644\u0644\u0634\u0641\u0627\u0641\u064a\u0629\u060c \u0625\u0630 \u064a\u0639\u062a\u0645\u062f \u0639\u0644\u0649 \u0633\u062c\u0644 \u0627\u0644\u0628\u0644\u0648\u0643\u0634\u064a\u0646 \u063a\u064a\u0631 \u0627\u0644\u0642\u0627\u0628\u0644 \u0644\u0644\u062a\u063a\u064a\u064a\u0631 \u0627\u0644\u0630\u064a \u064a\u062a\u064a\u062d \u062a\u062a\u0628\u0639\u0627\u064b \u0643\u0627\u0645\u0644\u0627\u064b \u0648\u0641\u0648\u0631\u064a\u0627\u064b \u0644\u0633\u0644\u0633\u0644\u0629 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0648\u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a\u060c \u0645\u0645\u0627 \u064a\u0642\u0644\u0644 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0627\u062d\u062a\u064a\u0627\u0644 \u0628\u0646\u0633\u0628\u0629 \u062a\u0635\u0644 \u0625\u0644\u0649 90% \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u0627\u0644\u0623\u0646\u0638\u0645\u0629 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0648\u064a\u0628\u0646\u064a \u062b\u0642\u0629 \u0644\u0627 \u062a\u064f\u0642\u0647\u0631 \u0628\u064a\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0648\u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a.<\/span><\/p>\n

\u0641\u064a \u0639\u0627\u0644\u0645 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u060c \u062a\u062e\u062a\u0628\u0626 \u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a \u062e\u0644\u0641 \u0637\u0628\u0642\u0627\u062a \u0645\u0646 \u0627\u0644\u0648\u0631\u0642 \u0648\u0627\u0644\u0648\u0633\u0637\u0627\u0621\u060c \u0645\u0645\u0627 \u064a\u0641\u062a\u062d \u0627\u0644\u0628\u0627\u0628 \u0644\u0644\u0641\u0633\u0627\u062f \u0648\u0627\u0644\u0623\u062e\u0637\u0627\u0621\u061b \u0623\u0645\u0627 RWA\u060c \u0641\u064a\u062c\u0639\u0644 \u0643\u0644 \u062e\u0637\u0648\u0629 \u0645\u0631\u0626\u064a\u0629 \u0639\u0628\u0631 explorers \u0645\u062b\u0644 Etherscan\u060c \u062d\u064a\u062b \u064a\u0645\u0643\u0646 \u0644\u0623\u064a \u0645\u0633\u062a\u062b\u0645\u0631 \u0627\u0644\u062a\u062d\u0642\u0642 \u0645\u0646 \u0645\u0644\u0643\u064a\u0629 \u0631\u0645\u0632 \u0639\u0642\u0627\u0631\u064a \u0623\u0648 \u0633\u0646\u062f \u0641\u064a \u0627\u0644\u0644\u062d\u0638\u0629\u060c \u0643\u0645\u0627 \u062d\u062f\u062b \u0641\u064a \u0625\u0635\u062f\u0627\u0631 HSBC \u0644\u0633\u0646\u062f\u0627\u062a \u0645\u0631\u0645\u0651\u0632\u0629 \u0628\u0642\u064a\u0645\u0629 75 \u0645\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a 2023\u060c \u0648\u0627\u0644\u062a\u064a \u0634\u0647\u062f\u062a \u062a\u062a\u0628\u0639\u0627\u064b \u0634\u0641\u0627\u0641\u0627\u064b \u0628\u0646\u0633\u0628\u0629 100% \u062f\u0648\u0646 \u062d\u0648\u0627\u062f\u062b \u0627\u062d\u062a\u064a\u0627\u0644. \u0647\u0630\u0627 \u0627\u0644\u0634\u0641\u0627\u0641\u064a\u0629 \u0644\u0627 \u062a\u0628\u0646\u064a \u0627\u0644\u062b\u0642\u0629 \u0641\u062d\u0633\u0628\u060c \u0628\u0644 \u062a\u064f\u0633\u0631\u0639 \u0627\u0644\u062a\u0628\u0646\u064a \u0627\u0644\u0645\u0624\u0633\u0633\u064a\u060c \u062d\u064a\u062b \u0623\u0643\u062f \u062a\u0642\u0631\u064a\u0631 \u0627\u0644\u0645\u0646\u062a\u062f\u0649 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f\u064a \u0627\u0644\u0639\u0627\u0644\u0645\u064a \u0623\u0646\u0647\u0627 \u062a\u0642\u0644\u0644 \u0627\u0644\u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u062a\u0634\u063a\u064a\u0644\u064a\u0629 \u0628\u0646\u0633\u0628\u0629 50% \u0639\u0628\u0631 \u062a\u0642\u0644\u064a\u0644 \u0627\u0644\u0646\u0632\u0627\u0639\u0627\u062a.<\/span><\/p>\n

\u0623\u0645\u0627 \u0627\u0644\u0633\u064a\u0648\u0644\u0629\u060c \u0641\u062a\u062a\u062d\u0648\u0644 \u0625\u0644\u0649 \u0642\u0648\u0629 \u062f\u0627\u0641\u0639\u0629 \u0647\u0627\u0626\u0644\u0629 \u0628\u0641\u0636\u0644 \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0627\u0644\u062c\u0632\u0626\u064a\u0629 \u0648\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0641\u0648\u0631\u064a\u060c \u062d\u064a\u062b \u062a\u064f\u0642\u0633\u0645 \u0623\u0635\u0648\u0644 \u0645\u062b\u0644 \u0627\u0644\u0639\u0642\u0627\u0631\u0627\u062a \u0623\u0648 \u0627\u0644\u0630\u0647\u0628 \u0625\u0644\u0649 \u0631\u0645\u0648\u0632 \u062a\u064f\u062a\u062f\u0627\u0648\u0644 24\/7 \u0639\u0644\u0649 \u0645\u0646\u0635\u0627\u062a DeFi\u060c \u0645\u062d\u0648\u0644\u0629 \u0623\u0633\u0648\u0627\u0642\u0627\u064b \u0631\u0627\u0643\u062f\u0629 \u0625\u0644\u0649 \u0623\u0646\u0647\u0627\u0631 \u0646\u0642\u062f\u064a\u0629 \u0646\u0627\u0628\u0636\u0629\u060c \u0645\u0639 \u062a\u0648\u0641\u064a\u0631 \u062a\u0643\u0627\u0644\u064a\u0641 \u0627\u0644\u0648\u0633\u0637\u0627\u0621 \u0627\u0644\u062a\u064a \u062a\u0635\u0644 \u0625\u0644\u0649 5-10% \u0641\u064a \u0627\u0644\u0635\u0641\u0642\u0627\u062a \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629. \u0645\u062b\u0627\u0644\u0627\u064b\u060c \u0623\u0635\u062f\u0631\u062a BlackRock \u0633\u0646\u062f\u0627\u062a \u062e\u0632\u0627\u0646\u0629 \u0645\u0631\u0645\u0651\u0632\u0629 \u0639\u0628\u0631 \u0635\u0646\u062f\u0648\u0642 BUIDL \u0628\u0642\u064a\u0645\u0629 \u062a\u0632\u064a\u062f \u0639\u0646 500 \u0645\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a 2024\u060c \u0645\u0645\u0627 \u0633\u0645\u062d \u0628\u062a\u062f\u0627\u0648\u0644 \u0641\u0648\u0631\u064a \u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0635\u063a\u0627\u0631 \u0648\u0643\u0628\u0627\u0631\u060c \u0648\u0632\u0627\u062f \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0628\u0646\u0633\u0628\u0629 10 \u0623\u0636\u0639\u0627\u0641 \u0645\u0642\u0627\u0631\u0646\u0629 \u0628\u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629\u060c \u0628\u064a\u0646\u0645\u0627 \u0623\u0637\u0644\u0642\u062a HSBC \u0633\u0646\u062f\u0627\u062a \u062e\u0636\u0631\u0627\u0621 \u0645\u0631\u0645\u0651\u0632\u0629 \u0644\u062a\u0645\u0648\u064a\u0644 \u0645\u0634\u0627\u0631\u064a\u0639 \u0627\u0644\u0637\u0627\u0642\u0629 \u0627\u0644\u0645\u062a\u062c\u062f\u062f\u0629\u060c \u0631\u0627\u0628\u0637\u0629 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0628\u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0628\u0633\u0644\u0627\u0633\u0629.<\/span><\/p>\n

\u064a\u0631\u0628\u0637 \u0647\u0630\u0627 \u0627\u0644\u062b\u0646\u0627\u0626\u064a \u2013 \u0627\u0644\u0634\u0641\u0627\u0641\u064a\u0629 \u0648\u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u2013 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0628\u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0643\u062c\u0633\u0631 \u0639\u0645\u0644\u0627\u0642\u060c \u062d\u064a\u062b \u0623\u0635\u0628\u062d\u062a RWA \u0628\u0648\u0627\u0628\u0629 \u0644\u064016 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0645\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 \u0628\u062d\u0644\u0648\u0644 2025\u060c \u0645\u062f\u0641\u0648\u0639\u0629 \u0628\u062a\u062c\u0627\u0631\u0628 \u0628\u0646\u0648\u0643 \u0639\u0627\u0644\u0645\u064a\u0629 \u0623\u062f\u062a \u0625\u0644\u0649 \u0632\u064a\u0627\u062f\u0629 \u062d\u062c\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u064a\u0648\u0645\u064a \u0625\u0644\u0649 \u0645\u0644\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u062f\u0648\u0644\u0627\u0631\u0627\u062a\u060c \u0645\u0645\u0627 \u064a\u0639\u0632\u0632 \u0627\u0644\u0643\u0641\u0627\u0621\u0629 \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629 \u0648\u064a\u0641\u062a\u062d \u0622\u0641\u0627\u0642\u0627\u064b \u0644\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0646\u0627\u0634\u0626\u0629 \u0645\u062b\u0644 \u0627\u0644\u0634\u0631\u0642 \u0627\u0644\u0623\u0648\u0633\u0637. \u0647\u0643\u0630\u0627\u060c \u0644\u0627 \u062a\u064f\u0639\u0632\u0632 RWA \u0627\u0644\u062b\u0642\u0629 \u0648\u0627\u0644\u062a\u062f\u0641\u0642 \u0641\u062d\u0633\u0628\u060c \u0628\u0644 \u062a\u064f\u0639\u064a\u062f \u0631\u0633\u0645 \u062e\u0631\u064a\u0637\u0629 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0627\u0644\u0639\u0627\u0644\u0645\u064a \u0628\u0623\u0644\u0648\u0627\u0646 \u0627\u0644\u0627\u0628\u062a\u0643\u0627\u0631.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u0627\u0644\u062a\u062d\u062f\u064a\u0627\u062a \u0627\u0644\u0645\u0633\u062a\u0642\u0628\u0644\u064a\u0629 \u0648\u0641\u0631\u0635 \u0627\u0644\u0646\u0645\u0648 \u0641\u064a \u0645\u062c\u0627\u0644 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629<\/b><\/h2>\n

\u062a\u0648\u0627\u062c\u0647 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 (RWA) \u0639\u0642\u0628\u0627\u062a \u062d\u0642\u064a\u0642\u064a\u0629 \u062a\u062d\u0648\u0644 \u062f\u0648\u0646 \u0627\u0646\u062a\u0634\u0627\u0631\u0647\u0627 \u0627\u0644\u0643\u0627\u0645\u0644\u060c \u0645\u062b\u0644 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u0627\u062a \u0627\u0644\u0645\u062a\u0628\u0627\u064a\u0646\u0629 \u0628\u064a\u0646 \u0627\u0644\u062f\u0648\u0644\u060c \u062d\u064a\u062b \u062a\u0641\u0631\u0636 \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0645\u062a\u062d\u062f\u0629 \u0642\u0648\u0627\u0639\u062f SEC \u0627\u0644\u0635\u0627\u0631\u0645\u0629 \u0628\u064a\u0646\u0645\u0627 \u062a\u062a\u062c\u0647 \u0623\u0648\u0631\u0648\u0628\u0627 \u0646\u062d\u0648 MiCA \u0627\u0644\u0645\u0648\u062d\u062f\u0629\u060c \u0645\u0645\u0627 \u064a\u062e\u0644\u0642 \u0645\u062a\u0627\u0647\u0629 \u0642\u0627\u0646\u0648\u0646\u064a\u0629 \u062a\u0639\u064a\u0642 \u0627\u0644\u0627\u0628\u062a\u0643\u0627\u0631 \u0627\u0644\u0639\u0627\u0628\u0631 \u0644\u0644\u062d\u062f\u0648\u062f. \u062a\u062a\u0635\u062f\u0631 \u0645\u062e\u0627\u0637\u0631 \u0627\u0644\u0623\u0645\u0627\u0646 \u0627\u0644\u0631\u0642\u0645\u064a \u0627\u0644\u0642\u0627\u0626\u0645\u0629\u060c \u0625\u0630 \u064a\u064f\u0647\u062f\u062f \u0627\u0644\u0627\u062e\u062a\u0631\u0627\u0642\u0627\u062a \u0627\u0644\u0630\u0643\u064a\u0629 \u0623\u0648 \u0647\u062c\u0645\u0627\u062a \u0627\u0644\u064051% \u0633\u0644\u0627\u0645\u0629 \u0627\u0644\u0631\u0645\u0648\u0632\u060c \u0643\u0645\u0627 \u062d\u062f\u062b \u0641\u064a \u062d\u0648\u0627\u062f\u062b \u0633\u0627\u0628\u0642\u0629 \u0623\u062f\u062a \u0625\u0644\u0649 \u062e\u0633\u0627\u0626\u0631 \u0628\u0645\u0644\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u062f\u0648\u0644\u0627\u0631\u0627\u062a\u060c \u0628\u0627\u0644\u0625\u0636\u0627\u0641\u0629 \u0625\u0644\u0649 \u0627\u0644\u062d\u0627\u062c\u0629 \u0627\u0644\u0645\u0644\u062d\u0629 \u0644\u0640”\u0631\u0642\u0627\u0628\u0629 \u062e\u0627\u0631\u062c\u064a\u0629 \u0645\u0648\u062b\u0648\u0642\u0629” (off-chain custody) \u0644\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0627\u062f\u064a\u0629 \u0645\u062b\u0644 \u0627\u0644\u0630\u0647\u0628 \u0623\u0648 \u0627\u0644\u0639\u0642\u0627\u0631\u0627\u062a\u060c \u062d\u064a\u062b \u064a\u062c\u0628 \u0627\u0644\u0627\u0639\u062a\u0645\u0627\u062f \u0639\u0644\u0649 \u062c\u0647\u0627\u062a \u062b\u0627\u0644\u062b\u0629 \u0644\u0644\u062a\u062d\u0642\u0642 \u0627\u0644\u062f\u0648\u0631\u064a\u060c \u0645\u0645\u0627 \u064a\u062b\u064a\u0631 \u0645\u062e\u0627\u0648\u0641 \u0645\u0646 \u0627\u0644\u0641\u0633\u0627\u062f \u0623\u0648 \u0627\u0644\u0641\u0634\u0644. \u0647\u0630\u0647 \u0627\u0644\u062a\u062d\u062f\u064a\u0627\u062a \u0644\u0627 \u062a\u064f\u0628\u0637\u0626 \u0627\u0644\u0632\u062e\u0645 \u0641\u062d\u0633\u0628\u060c \u0628\u0644 \u062a\u064f\u062b\u064a\u0631 \u062a\u0633\u0627\u0624\u0644\u0627\u062a \u062d\u0648\u0644 \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644 \u0644\u0645\u0639\u0627\u064a\u064a\u0631 AML\/KYC \u0641\u064a \u0639\u0627\u0644\u0645 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629\u060c \u062e\u0627\u0635\u0629 \u0645\u0639 \u0627\u0646\u062a\u0634\u0627\u0631 \u0627\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u0627\u062a \u0641\u064a \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0646\u0627\u0634\u0626\u0629.<\/span><\/p>\n

\u0631\u063a\u0645 \u0630\u0644\u0643\u060c \u064a\u064f\u062a\u0648\u0642\u0639 \u0627\u0646\u0641\u062c\u0627\u0631 \u0627\u0644\u0633\u0648\u0642 \u0625\u0644\u0649 30 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0628\u062d\u0644\u0648\u0644 2030\u060c \u0645\u062f\u0641\u0648\u0639\u0627\u064b \u0628\u062a\u0646\u0648\u064a\u0639 \u0627\u0644\u0623\u0635\u0648\u0644 \u0645\u0646 \u0639\u0642\u0627\u0631\u0627\u062a \u062a\u062c\u0627\u0631\u064a\u0629 \u0648\u0630\u0647\u0628 \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a \u0625\u0644\u0649 \u0637\u0627\u0642\u0629 \u0645\u062a\u062c\u062f\u062f\u0629 \u0645\u062b\u0644 \u0645\u0634\u0627\u0631\u064a\u0639 \u0627\u0644\u0634\u0645\u0633 \u0648\u0627\u0644\u0631\u064a\u0627\u062d\u060c \u062d\u064a\u062b \u062a\u0628\u0646\u062a BlackRock \u0647\u0630\u0627 \u0627\u0644\u0627\u062a\u062c\u0627\u0647 \u0628\u0635\u0646\u0627\u062f\u064a\u0642 RWA \u0628\u0645\u0644\u064a\u0627\u0631\u0627\u062a \u0627\u0644\u062f\u0648\u0644\u0627\u0631\u0627\u062a\u060c \u0645\u0645\u0627 \u062c\u0630\u0628 \u062a\u062f\u0641\u0642\u0627\u062a \u0631\u0623\u0633\u0645\u0627\u0644\u064a\u0629 \u0642\u064a\u0627\u0633\u064a\u0629 \u0641\u064a 2025. \u0627\u0644\u0641\u0631\u0635 \u062a\u062a\u062c\u0644\u0649 \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0623\u062e\u0636\u0631\u060c \u062d\u064a\u062b \u062a\u064f\u0631\u0645\u0651\u0632 \u0633\u0646\u062f\u0627\u062a \u062e\u0636\u0631\u0627\u0621 \u0644\u0645\u0634\u0627\u0631\u064a\u0639 \u0627\u0644\u0627\u0633\u062a\u062f\u0627\u0645\u0629 \u0628\u0642\u064a\u0645\u0629 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0633\u0646\u0648\u064a\u0627\u064b\u060c \u0648\u0641\u064a \u0627\u0644\u0648\u0635\u0648\u0644 \u0625\u0644\u0649 \u0623\u0633\u0648\u0627\u0642 \u0646\u0627\u0634\u0626\u0629 \u0645\u062b\u0644 \u0627\u0644\u0634\u0631\u0642 \u0627\u0644\u0623\u0648\u0633\u0637 \u0648\u0623\u0641\u0631\u064a\u0642\u064a\u0627\u060c \u0645\u0639 \u062d\u0644\u0648\u0644 \u0645\u062b\u0644 \u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644\u0627\u062a \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644 \u0627\u0644\u0622\u0644\u064a \u0644\u0640AML \u0627\u0644\u062a\u064a \u062a\u0639\u0632\u0632 \u0627\u0644\u062b\u0642\u0629 \u0628\u0646\u0633\u0628\u0629 70% \u0648\u062a\u064f\u0633\u0631\u0651\u0639 \u0627\u0644\u062a\u0628\u0646\u064a \u0627\u0644\u0645\u0624\u0633\u0633\u064a.<\/span><\/p>\n

\u0628\u0647\u0630\u0627 \u0627\u0644\u062a\u0648\u0627\u0632\u0646\u060c \u062a\u062a\u062d\u0648\u0644 \u0627\u0644\u062a\u062d\u062f\u064a\u0627\u062a \u0625\u0644\u0649 \u0645\u062d\u0641\u0632\u0627\u062a \u0644\u0644\u0627\u0628\u062a\u0643\u0627\u0631\u060c \u0643\u062a\u0637\u0648\u064a\u0631 \u0623\u0648\u0631\u0627\u0643\u0644\u0632 \u0622\u0645\u0646\u0629 \u0648\u062a\u0646\u0638\u064a\u0645\u0627\u062a \u0639\u0627\u0644\u0645\u064a\u0629 \u0645\u0648\u062d\u062f\u0629\u060c \u0645\u0645\u0627 \u064a\u0641\u062a\u062d \u0628\u0627\u0628\u0627\u064b \u0644\u0640RWA \u0644\u0625\u0639\u0627\u062f\u0629 \u062a\u0634\u0643\u064a\u0644 \u0627\u0644\u0627\u0642\u062a\u0635\u0627\u062f \u0628\u0637\u0631\u064a\u0642\u0629 \u0623\u0643\u062b\u0631 \u0639\u062f\u0644\u0627\u064b \u0648\u0643\u0641\u0627\u0621\u0629\u060c \u062e\u0627\u0635\u0629 \u0641\u064a \u0645\u0646\u0627\u0637\u0642 \u0645\u062b\u0644 \u0627\u0644\u0633\u0639\u0648\u062f\u064a\u0629 \u0648\u0627\u0644\u0625\u0645\u0627\u0631\u0627\u062a \u062d\u064a\u062b \u062a\u062a\u0633\u0627\u0631\u0639 \u0645\u0628\u0627\u062f\u0631\u0627\u062a \u0627\u0644\u0631\u0624\u064a\u0629 2030 \u0646\u062d\u0648 \u0627\u0644\u062a\u0631\u0645\u064a\u0632. \u0647\u0643\u0630\u0627\u060c \u0644\u0627 \u062a\u064f\u0645\u062b\u0644 RWA \u0646\u0647\u0627\u064a\u0629 \u0627\u0644\u0637\u0631\u064a\u0642\u060c \u0628\u0644 \u0628\u062f\u0627\u064a\u0629 \u0639\u0635\u0631 \u0645\u0627\u0644\u064a \u064a\u062c\u0645\u0639 \u0628\u064a\u0646 \u0627\u0644\u0642\u0648\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0648\u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629<\/b><\/h2>\n

\u0645\u0627 \u0627\u0644\u0641\u0631\u0642 \u0628\u064a\u0646 RWA \u0648\u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629\u061f<\/span><\/p>\n

RWA \u062a\u0645\u062b\u0644 \u0623\u0635\u0648\u0644\u0627\u064b \u062d\u0642\u064a\u0642\u064a\u0629 \u0645\u062b\u0644 \u0627\u0644\u0639\u0642\u0627\u0631\u0627\u062a \u0623\u0648 \u0627\u0644\u0630\u0647\u0628 \u0628\u0631\u0645\u0648\u0632 \u0645\u062f\u0639\u0648\u0645\u0629 \u0642\u0627\u0646\u0648\u0646\u064a\u0627\u064b\u060c \u0628\u064a\u0646\u0645\u0627 \u0627\u0644\u0639\u0645\u0644\u0627\u062a \u0627\u0644\u0645\u0634\u0641\u0631\u0629 \u0645\u062b\u0644 \u0627\u0644\u0628\u064a\u062a\u0643\u0648\u064a\u0646 \u063a\u064a\u0631 \u0645\u062f\u0639\u0648\u0645\u0629 \u0628\u0623\u0635\u0648\u0644 \u0645\u0627\u062f\u064a\u0629\u060c \u0645\u0645\u0627 \u064a\u062c\u0639\u0644 RWA \u0623\u0643\u062b\u0631 \u0627\u0633\u062a\u0642\u0631\u0627\u0631\u0627\u064b \u0648\u062c\u0627\u0630\u0628\u064a\u0629 \u0644\u0644\u0645\u0624\u0633\u0633\u0627\u062a.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u0647\u0644 RWA \u0622\u0645\u0646\u0629 \u0644\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u061f<\/span><\/p>\n

\u0646\u0639\u0645\u060c \u0628\u0641\u0636\u0644 \u0627\u0644\u0634\u0641\u0627\u0641\u064a\u0629 \u0627\u0644\u0628\u0644\u0648\u0643\u0634\u064a\u0646 \u0648\u0645\u0639\u0627\u064a\u064a\u0631 \u0645\u062b\u0644 ERC-3643\u060c \u0644\u0643\u0646\u0647\u0627 \u062a\u0648\u0627\u062c\u0647 \u0645\u062e\u0627\u0637\u0631 \u0623\u0645\u0627\u0646 \u0631\u0642\u0645\u064a \u0648\u062a\u0646\u0638\u064a\u0645\u064a\u0629\u061b \u064a\u064f\u0642\u0644\u0644 \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644 \u0644\u0640KYC\/AML \u0647\u0630\u0647 \u0627\u0644\u0645\u062e\u0627\u0637\u0631 \u0628\u0646\u0633\u0628\u0629 70%.<\/span><\/p>\n

\u00a0<\/span><\/p>\n

\u0645\u0627 \u062a\u0648\u0642\u0639\u0627\u062a \u0646\u0645\u0648 \u0633\u0648\u0642 RWA\u061f<\/span><\/p>\n

\u064a\u064f\u062a\u0648\u0642\u0639 \u0646\u0645\u0648\u0647\u0627 \u0625\u0644\u0649 30 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0628\u062d\u0644\u0648\u0644 2030\u060c \u0645\u062f\u0641\u0648\u0639\u0627\u064b \u0628\u062a\u0646\u0648\u064a\u0639 \u0627\u0644\u0623\u0635\u0648\u0644 \u0643\u0627\u0644\u0637\u0627\u0642\u0629 \u0627\u0644\u0645\u062a\u062c\u062f\u062f\u0629 \u0648\u0627\u0644\u062a\u0628\u0646\u064a \u0627\u0644\u0645\u0624\u0633\u0633\u064a\u060c \u0645\u0639 \u062d\u062c\u0645 \u062d\u0627\u0644\u064a \u064a\u062a\u062c\u0627\u0648\u0632 10 \u0645\u0644\u064a\u0627\u0631\u0627\u062a \u062f\u0648\u0644\u0627\u0631 \u0641\u064a 2025.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u064a\u0634\u0647\u062f \u0627\u0644\u0639\u0627\u0644\u0645 \u062a\u062d\u0648\u0644\u0627\u064b \u062c\u0630\u0631\u064a\u0627\u064b \u0646\u062d\u0648 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 (RWA)\u060c \u062d\u064a\u062b \u062a\u064f\u0645\u062b\u0644 \u0647\u0630\u0647 \u0627\u0644\u062a\u0642\u0646\u064a\u0629 \u062c\u0633\u0631\u064b\u0627 \u0628\u064a\u0646 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0648\u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a\u0629\u060c \u0645\u062f\u0641\u0648\u0639\u0629 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