我一直觉得 RWA 赛道需要一次真正意义上的“结构性事件”,而这次 $thBILL 的 2 亿美元规模,明显已经不是单纯的“RWA 又热了一下”,而是资金方向彻底被改写。 Theo @Theo_Network 把 AAA/AA+ 的渣打系美债直接塞进链上流动性体系,这不是普通项目能做到的,更不是市场试水的体量尤其是那 7500 万的预存铸造规模,机构等于是明牌告诉所有人:我们要认真玩 RWA 了。 最让我感受到格局变化的,是 Pendle 讨论 PT-thBILL 的迁移,一旦美债收益进入收益率衍生品,定价逻辑会被完全重塑;而 thBILL 本身也正在从“一个 RWA 代币”升级为“抵押品标准”,比起 ETH,更稳、更机构、更容易被监管接受。 如果机构资金继续这样流,thBILL 很可能会成为 DeFi 的“正门入口”。在我看来,RWA 已经从叙事变成基础设施,而 Theo @Theo_Network 正在把这件事往前推一大步。 #theo #Yap #KaitoYap @KaitoAI
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