<p>N&#7871;u n&#259;m 2023&ndash;2024 ch&#7913;ng ki&#7871;n tr&aacute;i phi&#7871;u kho b&#7841;c &#273;&#432;&#7907;c m&atilde; h&oacute;a &#273;&oacute;ng vai tr&ograve; l&agrave; &ldquo;giai &#273;o&#7841;n &#273;&#7847;u ti&ecirc;n&rdquo;, th&igrave; n&#259;m 2025 &#273;&aacute;nh d&#7845;u m&#7897;t s&#7921; chuy&#7875;n d&#7883;ch r&otilde; r&#7879;t, v&#7899;i v&#7889;n d&#7847;n d&#7847;n ch&#7843;y v&agrave;o T&iacute;n d&#7909;ng T&#432; nh&acirc;n v&agrave; c&aacute;c s&#7843;n ph&#7849;m c&oacute; l&#7907;i su&#7845;t cao h&#417;n kh&aacute;c.</p>
<p>V&agrave;o n&#259;m 2025, v&#7889;n tr&ecirc;n chu&#7895;i kh&ocirc;ng ch&#7881; c&ograve;n l&agrave; stablecoin v&agrave; staking. M&#7897;t lo&#7841;i t&agrave;i s&#7843;n m&#7899;i &mdash; T&agrave;i s&#7843;n Th&#7871; gi&#7899;i Th&#7921;c (RWA) &mdash; &#273;&atilde; tr&#7903; th&agrave;nh t&acirc;m &#273;i&#7875;m, khi c&aacute;c nh&agrave; &#273;&#7847;u t&#432; ti&#7873;n &#273;i&#7879;n t&#7917; t&igrave;m ki&#7871;m l&#7907;i su&#7845;t t&#7915; c&aacute;c c&ocirc;ng c&#7909; t&agrave;i ch&iacute;nh truy&#7873;n th&#7889;ng &#273;&#432;&#7907;c &ldquo;b&#7885;c&rdquo; d&#432;&#7899;i d&#7841;ng token.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-rwa-2025-the-big-picture">RWA 2025: B&#7913;c tranh to&agrave;n c&#7843;nh</h2>

<p>Theo <a href="https://x.com/Dune/status/1967936527868235880" target="_blank" rel="noreferrer noopener">b&aacute;o c&aacute;o Dune x RWA 2025</a>, t&#7893;ng gi&aacute; tr&#7883; c&#7911;a c&aacute;c t&agrave;i s&#7843;n &#273;&#432;&#7907;c m&atilde; h&oacute;a ti&#7871;p t&#7909;c t&#259;ng m&#7841;nh, &#273;&#7841;t kho&#7843;ng 30.26 t&#7927; USD. Trong s&#7889; n&agrave;y, tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929; l&agrave; ph&acirc;n kh&uacute;c ph&aacute;t tri&#7875;n nhanh nh&#7845;t, v&#7899;i quy m&ocirc; th&#7883; tr&#432;&#7901;ng kho&#7843;ng 7.3 t&#7927; USD, d&#7851;n &#273;&#7847;u b&#7903;i c&aacute;c s&#7843;n ph&#7849;m nh&#432; <a href="https://vn.beincrypto.com/blackrock-dominates-rwa-buidl-aum-grows/" target="_blank" rel="noreferrer noopener">BlackRock (BUIDL)</a> v&agrave; <a href="https://vn.beincrypto.com/franklin-templeton-benji-tokenization-defi-stellar/" target="_blank" rel="noreferrer noopener">Franklin (BENJI)</a>. &#272;&acirc;y &#273;&#432;&#7907;c coi l&agrave; &ldquo;b&#7857;ng ch&#7913;ng th&#7883; tr&#432;&#7901;ng&rdquo; cho th&#7845;y m&atilde; h&oacute;a th&#7921;c s&#7921; &#273;ang ho&#7841;t &#273;&#7897;ng.</p>
<img style="height:400px;width:640px;" decoding="async" alt="Gi&aacute; tr&#7883; tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929; &#273;&#432;&#7907;c m&atilde; h&oacute;a. Ngu&#7891;n: RWA.xyz" class="wp-image-743604 lazy" loading="lazy" src="https://assets.beincrypto.com/img/mg_YuvwbYSss258eN8PdQejdkmI=/smart/16637b145eaf4b11b02c6394e3db7a96">Gi&aacute; tr&#7883; tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929; &#273;&#432;&#7907;c m&atilde; h&oacute;a. Ngu&#7891;n: <a href="https://app.rwa.xyz/treasuries" target="_blank" rel="noreferrer noopener nofollow">RWA.xyz</a>

<p>&#272;&#7891;ng th&#7901;i, <a href="https://vn.beincrypto.com/aptos-rwa-boom-leads-network-to-global-top-3/" target="_blank" rel="noreferrer noopener">T&iacute;n d&#7909;ng T&#432; nh&acirc;n</a> &#273;ang n&#7893;i l&ecirc;n nh&#432; m&#7897;t m&#7843;nh gh&eacute;p quan tr&#7885;ng ti&#7871;p theo, v&#7899;i t&#7893;ng gi&aacute; tr&#7883; kho&#7843;ng 15.9 t&#7927; USD, v&#432;&#7907;t xa tr&aacute;i phi&#7871;u kho b&#7841;c. C&aacute;c n&#7873;n t&#7843;ng nh&#432; Maple Finance v&agrave; Centrifuge d&#7851;n &#273;&#7847;u, &#273;&#432;a t&iacute;n d&#7909;ng ngo&agrave;i chu&#7895;i v&agrave;o DeFi th&ocirc;ng qua c&aacute;c pool kh&ocirc;ng c&#7847;n c&#7845;p ph&eacute;p ho&#7863;c b&aacute;n c&#7845;p ph&eacute;p.</p>
<p>B&aacute;o c&aacute;o c&#361;ng nh&#7845;n m&#7841;nh r&#7857;ng <a href="https://beincrypto.com/learn/rwa-explained/" target="_blank" rel="noreferrer noopener">RWAs</a> &#273;ang ng&agrave;y c&agrave;ng tr&#7903; n&ecirc;n c&oacute; th&#7875; k&#7871;t h&#7907;p trong DeFi: t&#7915; vi&#7879;c &#273;&#432;&#7907;c s&#7917; d&#7909;ng l&agrave;m t&agrave;i s&#7843;n th&#7871; ch&#7845;p tr&ecirc;n <a href="https://vn.beincrypto.com/aave-restructures-l2-closures-and-100m-gho-push-spark-debate/" target="_blank" rel="noreferrer noopener">Aave</a> (AAVE) &#273;&#7871;n vi&#7879;c &#273;&#432;&#7907;c t&iacute;ch h&#7907;p v&agrave;o AMM ho&#7863;c c&aacute;c vault c&oacute; c&#7845;u tr&uacute;c. &#272;i&#7873;u n&agrave;y bi&#7871;n RWAs t&#7915; nh&#7919;ng b&#7843;n sao k&#7929; thu&#7853;t s&#7889; &#273;&#417;n thu&#7847;n th&agrave;nh nh&#7919;ng kh&#7889;i x&acirc;y d&#7921;ng th&#7921;c s&#7921; cho DeFi.</p>
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>&ldquo;Vi&#7879;c &aacute;p d&#7909;ng RWA &#273;ang v&#432;&#7907;t ra ngo&agrave;i c&aacute;c con s&#7889; TVL &#7843;o t&#7853;p trung trong m&#7897;t v&agrave;i v&iacute;. Ti&#7871;n b&#7897; th&#7921;c s&#7921; &#273;&#7871;n t&#7915; nh&#7919;ng ng&#432;&#7901;i d&ugrave;ng t&iacute;ch c&#7921;c n&#7855;m gi&#7919; v&agrave; s&#7917; d&#7909;ng t&agrave;i s&#7843;n tr&ecirc;n chu&#7895;i &mdash; khi&#7871;n ch&uacute;ng tr&#7903; n&ecirc;n thanh kho&#7843;n, c&oacute; th&#7875; k&#7871;t h&#7907;p v&agrave; l&agrave; m&#7897;t ph&#7847;n c&#7911;a DeFi.&rdquo; &mdash; Chris Yin, CEO v&agrave; &#272;&#7891;ng s&aacute;ng l&#7853;p, Plume Network, chia s&#7867; trong b&aacute;o c&aacute;o.</p>
</blockquote>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-capital-flow-from-safety-to-risk">D&ograve;ng v&#7889;n: T&#7915; an to&agrave;n &#273;&#7871;n r&#7911;i ro</h2>

<p>&#272;i&#7873;u th&uacute; v&#7883; nh&#7845;t v&#7873; b&#7889;i c&#7843;nh RWA l&agrave; v&#7889;n &#273;ang d&#7847;n leo l&ecirc;n &#273;&#432;&#7901;ng cong l&#7907;i su&#7845;t. H&agrave;nh tr&igrave;nh n&agrave;y c&oacute; ba giai &#273;o&#7841;n ch&iacute;nh:</p>
<p>Giai &#273;o&#7841;n 1: Tr&aacute;i phi&#7871;u kho b&#7841;c. &#272;&acirc;y l&agrave; khi c&aacute;c nh&agrave; &#273;&#7847;u t&#432; ti&#7873;n &#273;i&#7879;n t&#7917; chuy&#7875;n sang tr&aacute;i phi&#7871;u kho b&#7841;c &#273;&#432;&#7907;c m&atilde; h&oacute;a v&igrave; s&#7921; an to&agrave;n c&#7911;a ch&uacute;ng, mang l&#7841;i &ldquo;l&#7907;i su&#7845;t &#273;i&#7873;u ch&#7881;nh r&#7911;i ro v&#7899;i &#273;&#7897; tin c&#7853;y c&#7911;a t&#7893; ch&#7913;c&rdquo; (kho&#7843;ng 4&ndash;5%) v&agrave; thanh kho&#7843;n &#7893;n &#273;&#7883;nh.</p>
<p>Giai &#273;o&#7841;n 2: T&iacute;n d&#7909;ng T&#432; nh&acirc;n. Sau khi quen v&#7899;i l&#7907;i su&#7845;t tr&aacute;i phi&#7871;u kho b&#7841;c, v&#7889;n ch&#7843;y v&agrave;o c&aacute;c pool t&iacute;n d&#7909;ng t&#432; nh&acirc;n. Thay v&igrave; l&#7907;i su&#7845;t ch&#7881; 4&ndash;5% nh&#432; tr&#432;&#7899;c, ph&acirc;n kh&uacute;c n&agrave;y c&oacute; th&#7875; mang l&#7841;i l&#7907;i nhu&#7853;n cao t&#7899;i 10&ndash;16%. Tuy nhi&ecirc;n, n&oacute; &#273;i k&egrave;m v&#7899;i c&aacute;c r&#7911;i ro nh&#432; v&#7905; n&#7907;, t&#7853;p trung &#273;&#7889;i t&aacute;c v&agrave; ti&#7871;p x&uacute;c v&#7899;i quy &#273;&#7883;nh.</p>
<p>Giai &#273;o&#7841;n 3: T&iacute;n d&#7909;ng c&oacute; c&#7845;u tr&uacute;c v&agrave; C&#7893; phi&#7871;u. &#272;&acirc;y l&agrave; &ldquo;bi&ecirc;n gi&#7899;i ti&#7871;p theo&rdquo;, v&#7899;i c&aacute;c qu&#7929; &#273;&#432;&#7907;c m&atilde; h&oacute;a, c&aacute;c vault repo v&agrave; th&#7853;m ch&iacute; c&#7843; c&#7893; phi&#7871;u &#273;&#432;&#7907;c m&atilde; h&oacute;a. M&#7863;c d&ugrave; v&#7851;n c&ograve;n nh&#7887; v&#7873; quy m&ocirc;, nh&#7919;ng s&#7843;n ph&#7849;m n&agrave;y m&#7903; ra c&aacute;nh c&#7917;a &#273;&#432;a to&agrave;n b&#7897; th&#7883; tr&#432;&#7901;ng v&#7889;n truy&#7873;n th&#7889;ng l&ecirc;n chu&#7895;i, bi&#7871;n DeFi th&agrave;nh b&#7879; ph&oacute;ng cho m&#7885;i lo&#7841;i l&#7907;i su&#7845;t.</p>
<blockquote class="max-w-xl text-4.5 border-l-2 border-blue-600 pl-11 mb-9 select-all [&amp;_p]:!mb-0 wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>&ldquo;Ch&uacute;ng t&ocirc;i b&#7855;t &#273;&#7847;u v&#7899;i tr&aacute;i phi&#7871;u kho b&#7841;c nh&#432; m&#7897;t n&#417;i tr&uacute; &#7849;n an to&agrave;n. Sau &#273;&oacute; &#273;&#7871;n CLOs, cung c&#7845;p l&#7907;i su&#7845;t cao h&#417;n v&#7899;i h&#7891; s&#417; r&#7911;i ro ch&#7845;p nh&#7853;n &#273;&#432;&#7907;c. Khi n&oacute;i chuy&#7879;n v&#7899;i c&aacute;c nh&agrave; &#273;&#7847;u t&#432;, &#273;i&#7873;u ch&uacute;ng t&ocirc;i nghe th&#7845;y r&#7845;t r&otilde; r&agrave;ng: h&#7885; y&ecirc;u c&#7847;u l&#7907;i su&#7845;t cao h&#417;n t&#7915; c&aacute;c s&#7843;n ph&#7849;m t&agrave;i s&#7843;n th&#7871; gi&#7899;i th&#7921;c, v&agrave; ch&uacute;ng t&ocirc;i &#273;ang &#273;&aacute;p &#7913;ng &#273;i&#7873;u &#273;&oacute;.&rdquo; J&uuml;rgen Blumberg, COO t&#7841;i Centrifuge.</p>
</blockquote>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-opportunities-and-risks">C&#417; h&#7897;i v&agrave; r&#7911;i ro</h2>

<p>V&#7899;i t&#7889;c &#273;&#7897; ph&aacute;t tri&#7875;n hi&#7879;n t&#7841;i, DeFi &#273;ang c&oacute; &#273;&#432;&#7907;c ngu&#7891;n l&#7907;i su&#7845;t th&#7921;c s&#7921;, &#273;a d&#7841;ng h&oacute;a ngo&agrave;i c&aacute;c t&agrave;i s&#7843;n g&#7889;c ti&#7873;n &#273;i&#7879;n t&#7917;. RWAs cho ph&eacute;p ti&#7873;n &#273;i&#7879;n t&#7917; k&#7871;t n&#7889;i tr&#7921;c ti&#7871;p v&#7899;i d&ograve;ng v&#7889;n to&agrave;n c&#7847;u &#273;&#7891;ng th&#7901;i m&#7903; &#273;&#432;&#7901;ng cho c&aacute;c t&#7893; ch&#7913;c t&agrave;i ch&iacute;nh l&#7899;n tham gia v&agrave;o chu&#7895;i.</p>
<p>Th&#7883; tr&#432;&#7901;ng c&#361;ng c&oacute; nhi&#7873;u r&#7911;i ro, ch&#7859;ng h&#7841;n nh&#432; kh&ocirc;ng ph&#7843;i t&#7845;t c&#7843; c&aacute;c s&#7843;n ph&#7849;m RWA &#273;&#7873;u c&oacute; th&#7875; &#273;&#432;&#7907;c quy &#273;&#7893;i th&agrave;nh ti&#7873;n m&#7863;t ho&#7863;c USDC ngay l&#7853;p t&#7913;c, &#273;i&#7873;u n&agrave;y t&#7841;o ra r&#7911;i ro thanh kho&#7843;n. Th&#7883; tr&#432;&#7901;ng c&#361;ng c&oacute; nhi&#7873;u s&#7843;n ph&#7849;m RWA kh&aacute;c nhau, m&#7895;i s&#7843;n ph&#7849;m c&oacute; c&#7845;u tr&uacute;c ph&aacute;p l&yacute; ri&ecirc;ng, &#273;i&#7873;u n&agrave;y cho th&#7845;y s&#7921; ph&#7913;c t&#7841;p v&agrave; ti&#7873;m &#7849;n r&#7911;i ro ph&aacute;p l&yacute;, &#273;&#7863;c bi&#7879;t l&agrave; r&#7911;i ro v&#7905; n&#7907;.</p>
<p>V&agrave;o n&#259;m 2025, RWAs s&#7869; kh&ocirc;ng c&ograve;n l&agrave; m&#7897;t ph&acirc;n kh&uacute;c ph&#7909; &mdash; ch&uacute;ng s&#7869; tr&#7903; th&agrave;nh x&#432;&#417;ng s&#7889;ng m&#7899;i c&#7911;a l&#7907;i su&#7845;t DeFi. N&#7871;u stablecoin t&#7915;ng m&#7903; kh&oacute;a thanh kho&#7843;n tr&ecirc;n chu&#7895;i, th&igrave; RWAs &mdash; &#273;&#7863;c bi&#7879;t l&agrave; tr&aacute;i phi&#7871;u kho b&#7841;c v&agrave; t&iacute;n d&#7909;ng t&#432; nh&acirc;n &mdash; hi&#7879;n &#273;ang m&#7903; kh&oacute;a to&agrave;n b&#7897; th&#7883; tr&#432;&#7901;ng v&#7889;n truy&#7873;n th&#7889;ng. C&acirc;u chuy&#7879;n &ldquo;leo l&ecirc;n &#273;&#432;&#7901;ng cong l&#7907;i su&#7845;t&rdquo; kh&ocirc;ng d&#7915;ng l&#7841;i &#7903; tr&aacute;i phi&#7871;u kho b&#7841;c m&agrave; s&#7869; ti&#7871;p t&#7909;c m&#7903; r&#7897;ng sang t&iacute;n d&#7909;ng c&oacute; c&#7845;u tr&uacute;c, c&#7893; phi&#7871;u v&agrave; h&#417;n th&#7871; n&#7919;a.</p>


RWA Capital vào năm 2025: Sự chuyển dịch từ trái phiếu an toàn sang tín dụng tư nhân lợi suất cao

<p>N&#7871;u n&#259;m 2023&ndash;2024 ch&#7913;ng ki&#7871;n tr&aacute;i phi&#7871;u kho b&#7841;c &#273;&#432;&#7907;c m&atilde; h&oacute;a &#273;&oacute;ng vai tr&ograve; l&agrave; &ldquo;giai &#273;o&#7841;n &#273;&#7847;u ti&ecirc;n&rdquo;, th&igrave; n&#259;m 2025 &#273;&aacute;nh d&#7845;u m&#7897;t s&#7921; chuy&#7875;n d&#7883;ch r&otilde; r&#7879;t, v&#7899;i v&#7889;n d&#7847;n d&#7847;n ch&#7843;y v&agrave;o T&iacute;n d&#7909;ng T&#432; nh&acirc;n v&agrave; c&aacute;c s&#7843;n ph&#7849;m c&oacute; l&#7907;i su&#7845;t cao h&#417;n kh&aacute;c.</p>
<p>V&agrave;o n&#259;m 2025, v&#7889;n tr&ecirc;n chu&#7895;i kh&ocirc;ng ch&#7881; c&ograve;n l&agrave; stablecoin v&agrave; staking. M&#7897;t lo&#7841;i t&agrave;i s&#7843;n m&#7899;i &mdash; T&agrave;i s&#7843;n Th&#7871; gi&#7899;i Th&#7921;c (RWA) &mdash; &#273;&atilde; tr&#7903; th&agrave;nh t&acirc;m &#273;i&#7875;m, khi c&aacute;c nh&agrave; &#273;&#7847;u t&#432; ti&#7873;n &#273;i&#7879;n t&#7917; t&igrave;m ki&#7871;m l&#7907;i su&#7845;t t&#7915; c&aacute;c c&ocirc;ng c&#7909; t&agrave;i ch&iacute;nh truy&#7873;n th&#7889;ng &#273;&#432;&#7907;c &ldquo;b&#7885;c&rdquo; d&#432;&#7899;i d&#7841;ng token.</p>
<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-rwa-2025-the-big-picture">RWA 2025: B&#7913;c tranh to&agrave;n c&#7843;nh</h2>

<p>Theo <a href="https://x.com/Dune/status/1967936527868235880" target="_blank" rel="noreferrer noopener">b&aacute;o c&aacute;o Dune x RWA 2025</a>, t&#7893;ng gi&aacute; tr&#7883; c&#7911;a c&aacute;c t&agrave;i s&#7843;n &#273;&#432;&#7907;c m&atilde; h&oacute;a ti&#7871;p t&#7909;c t&#259;ng m&#7841;nh, &#273;&#7841;t kho&#7843;ng 30.26 t&#7927; USD. Trong s&#7889; n&agrave;y, tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929; l&agrave; ph&acirc;n kh&uacute;c ph&aacute;t tri&#7875;n nhanh nh&#7845;t, v&#7899;i quy m&ocirc; th&#7883; tr&#432;&#7901;ng kho&#7843;ng 7.3 t&#7927; USD, d&#7851;n &#273;&#7847;u b&#7903;i c&aacute;c s&#7843;n ph&#7849;m nh&#432; <a href="https://vn.beincrypto.com/blackrock-dominates-rwa-buidl-aum-grows/" target="_blank" rel="noreferrer noopener">BlackRock (BUIDL)</a> v&agrave; <a href="https://vn.beincrypto.com/franklin-templeton-benji-tokenization-defi-stellar/" target="_blank" rel="noreferrer noopener">Franklin (BENJI)</a>. &#272;&acirc;y &#273;&#432;&#7907;c coi l&agrave; &ldquo;b&#7857;ng ch&#7913;ng th&#7883; tr&#432;&#7901;ng&rdquo; cho th&#7845;y m&atilde; h&oacute;a th&#7921;c s&#7921; &#273;ang ho&#7841;t &#273;&#7897;ng.</p>
<img style="height:400px;width:640px;"decoding="async" alt="Gi&aacute; tr&#7883; tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929; &#273;&#432;&#7907;c m&atilde; h&oacute;a. Ngu&#7891;n: RWA.xyz" class="wp-image-743604 lazy" loading="lazy" src="https://assets.beincrypto.com/img/mg_YuvwbYSss258eN8PdQejdkmI=/smart/16637b145eaf4b11b02c6394e3db7a96">Gi&aacute; tr&#7883; tr&aacute;i phi&#7871;u kho b&#7841;c M&#7929; &#273;&#432;&#7907;c m&atilde; h&oacute;a. Ngu&#7891;n: <a href="https://app.rwa.xyz/treasuries" target="_blank" rel="noreferrer noopener nofollow">RWA.xyz</a>

<p>&#272;&#7891;ng th&#7901;i, <a href="https://vn.beincrypto.com/aptos-rwa-boom-leads-network-to-global-top-3/" target="_blank" rel="noreferrer noopener">T&iacute;n d&#7909;ng T&#432; nh&acirc;n</a> &#273;ang n&#7893;i l&ecirc;n nh&#432; m&#7897;t m&#7843;nh gh&eacute;p quan tr&#7885;ng ti&#7871;p theo, v&#7899;i t&#7893;ng gi&aacute; tr&#7883; kho&#7843;ng 15.9 t&#7927; USD, v&#432;&#7907;t xa tr&aacute;i phi&#7871;u kho b&#7841;c. C&aacute;c n&#7873;n t&#7843;ng nh&#432; Maple Finance v&agrave; Centrifuge d&#7851;n &#273;&#7847;u, &#273;&#432;a t&iacute;n d&#7909;ng ngo&agrave;i chu&#7895;i v&agrave;o DeFi th&ocirc;ng qua c&aacute;c pool kh&ocirc;ng c&#7847;n c&#7845;p ph&eacute;p ho&#7863;c b&aacute;n c&#7845;p ph&eacute;p.</p>
<p>B&aacute;o c&aacute;o c&#361;ng nh&#7845;n m&#7841;nh r&#7857;ng <a href="https://beincrypto.com/learn/rwa-explained/" target="_blank" rel="noreferrer noopener">RWAs</a> &#273;ang ng&agrave;y c&agrave;ng tr&#7903; n&ecirc;n c&oacute; th&#7875; k&#7871;t h&#7907;p trong DeFi: t&#7915; vi&#7879;c &#273;&#432;&#7907;c s&#7917; d&#7909;ng l&agrave;m t&agrave;i s&#7843;n th&#7871; ch&#7845;p tr&ecirc;n <a href="https://vn.beincrypto.com/aave-restructures-l2-closures-and-100m-gho-push-spark-debate/" target="_blank" rel="noreferrer noopener">Aave</a> (AAVE) &#273;&#7871;n vi&#7879;c &#273;&#432;&#7907;c t&iacute;ch h&#7907;p v&agrave;o AMM ho&#7863;c c&aacute;c vault c&oacute; c&#7845;u tr&uacute;c. &#272;i&#7873;u n&agrave;y bi&#7871;n RWAs t&#7915; nh&#7919;ng b&#7843;n sao k&#7929; thu&#7853;t s&#7889; &#273;&#417;n thu&#7847;n th&agrave;nh nh&#7919;ng kh&#7889;i x&acirc;y d&#7921;ng th&#7921;c s&#7921; cho DeFi.</p>
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<p>&ldquo;Vi&#7879;c &aacute;p d&#7909;ng RWA &#273;ang v&#432;&#7907;t ra ngo&agrave;i c&aacute;c con s&#7889; TVL &#7843;o t&#7853;p trung trong m&#7897;t v&agrave;i v&iacute;. Ti&#7871;n b&#7897; th&#7921;c s&#7921; &#273;&#7871;n t&#7915; nh&#7919;ng ng&#432;&#7901;i d&ugrave;ng t&iacute;ch c&#7921;c n&#7855;m gi&#7919; v&agrave; s&#7917; d&#7909;ng t&agrave;i s&#7843;n tr&ecirc;n chu&#7895;i &mdash; khi&#7871;n ch&uacute;ng tr&#7903; n&ecirc;n thanh kho&#7843;n, c&oacute; th&#7875; k&#7871;t h&#7907;p v&agrave; l&agrave; m&#7897;t ph&#7847;n c&#7911;a DeFi.&rdquo; &mdash; Chris Yin, CEO v&agrave; &#272;&#7891;ng s&aacute;ng l&#7853;p, Plume Network, chia s&#7867; trong b&aacute;o c&aacute;o.</p>
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<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-capital-flow-from-safety-to-risk">D&ograve;ng v&#7889;n: T&#7915; an to&agrave;n &#273;&#7871;n r&#7911;i ro</h2>

<p>&#272;i&#7873;u th&uacute; v&#7883; nh&#7845;t v&#7873; b&#7889;i c&#7843;nh RWA l&agrave; v&#7889;n &#273;ang d&#7847;n leo l&ecirc;n &#273;&#432;&#7901;ng cong l&#7907;i su&#7845;t. H&agrave;nh tr&igrave;nh n&agrave;y c&oacute; ba giai &#273;o&#7841;n ch&iacute;nh:</p>
<p>Giai &#273;o&#7841;n 1: Tr&aacute;i phi&#7871;u kho b&#7841;c. &#272;&acirc;y l&agrave; khi c&aacute;c nh&agrave; &#273;&#7847;u t&#432; ti&#7873;n &#273;i&#7879;n t&#7917; chuy&#7875;n sang tr&aacute;i phi&#7871;u kho b&#7841;c &#273;&#432;&#7907;c m&atilde; h&oacute;a v&igrave; s&#7921; an to&agrave;n c&#7911;a ch&uacute;ng, mang l&#7841;i &ldquo;l&#7907;i su&#7845;t &#273;i&#7873;u ch&#7881;nh r&#7911;i ro v&#7899;i &#273;&#7897; tin c&#7853;y c&#7911;a t&#7893; ch&#7913;c&rdquo; (kho&#7843;ng 4&ndash;5%) v&agrave; thanh kho&#7843;n &#7893;n &#273;&#7883;nh.</p>
<p>Giai &#273;o&#7841;n 2: T&iacute;n d&#7909;ng T&#432; nh&acirc;n. Sau khi quen v&#7899;i l&#7907;i su&#7845;t tr&aacute;i phi&#7871;u kho b&#7841;c, v&#7889;n ch&#7843;y v&agrave;o c&aacute;c pool t&iacute;n d&#7909;ng t&#432; nh&acirc;n. Thay v&igrave; l&#7907;i su&#7845;t ch&#7881; 4&ndash;5% nh&#432; tr&#432;&#7899;c, ph&acirc;n kh&uacute;c n&agrave;y c&oacute; th&#7875; mang l&#7841;i l&#7907;i nhu&#7853;n cao t&#7899;i 10&ndash;16%. Tuy nhi&ecirc;n, n&oacute; &#273;i k&egrave;m v&#7899;i c&aacute;c r&#7911;i ro nh&#432; v&#7905; n&#7907;, t&#7853;p trung &#273;&#7889;i t&aacute;c v&agrave; ti&#7871;p x&uacute;c v&#7899;i quy &#273;&#7883;nh.</p>
<p>Giai &#273;o&#7841;n 3: T&iacute;n d&#7909;ng c&oacute; c&#7845;u tr&uacute;c v&agrave; C&#7893; phi&#7871;u. &#272;&acirc;y l&agrave; &ldquo;bi&ecirc;n gi&#7899;i ti&#7871;p theo&rdquo;, v&#7899;i c&aacute;c qu&#7929; &#273;&#432;&#7907;c m&atilde; h&oacute;a, c&aacute;c vault repo v&agrave; th&#7853;m ch&iacute; c&#7843; c&#7893; phi&#7871;u &#273;&#432;&#7907;c m&atilde; h&oacute;a. M&#7863;c d&ugrave; v&#7851;n c&ograve;n nh&#7887; v&#7873; quy m&ocirc;, nh&#7919;ng s&#7843;n ph&#7849;m n&agrave;y m&#7903; ra c&aacute;nh c&#7917;a &#273;&#432;a to&agrave;n b&#7897; th&#7883; tr&#432;&#7901;ng v&#7889;n truy&#7873;n th&#7889;ng l&ecirc;n chu&#7895;i, bi&#7871;n DeFi th&agrave;nh b&#7879; ph&oacute;ng cho m&#7885;i lo&#7841;i l&#7907;i su&#7845;t.</p>
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<p>&ldquo;Ch&uacute;ng t&ocirc;i b&#7855;t &#273;&#7847;u v&#7899;i tr&aacute;i phi&#7871;u kho b&#7841;c nh&#432; m&#7897;t n&#417;i tr&uacute; &#7849;n an to&agrave;n. Sau &#273;&oacute; &#273;&#7871;n CLOs, cung c&#7845;p l&#7907;i su&#7845;t cao h&#417;n v&#7899;i h&#7891; s&#417; r&#7911;i ro ch&#7845;p nh&#7853;n &#273;&#432;&#7907;c. Khi n&oacute;i chuy&#7879;n v&#7899;i c&aacute;c nh&agrave; &#273;&#7847;u t&#432;, &#273;i&#7873;u ch&uacute;ng t&ocirc;i nghe th&#7845;y r&#7845;t r&otilde; r&agrave;ng: h&#7885; y&ecirc;u c&#7847;u l&#7907;i su&#7845;t cao h&#417;n t&#7915; c&aacute;c s&#7843;n ph&#7849;m t&agrave;i s&#7843;n th&#7871; gi&#7899;i th&#7921;c, v&agrave; ch&uacute;ng t&ocirc;i &#273;ang &#273;&aacute;p &#7913;ng &#273;i&#7873;u &#273;&oacute;.&rdquo; J&uuml;rgen Blumberg, COO t&#7841;i Centrifuge.</p>
</blockquote>

<h2 class="bic-gutenberg-heading wp-heading wp-block-heading" id="h-opportunities-and-risks">C&#417; h&#7897;i v&agrave; r&#7911;i ro</h2>

<p>V&#7899;i t&#7889;c &#273;&#7897; ph&aacute;t tri&#7875;n hi&#7879;n t&#7841;i, DeFi &#273;ang c&oacute; &#273;&#432;&#7907;c ngu&#7891;n l&#7907;i su&#7845;t th&#7921;c s&#7921;, &#273;a d&#7841;ng h&oacute;a ngo&agrave;i c&aacute;c t&agrave;i s&#7843;n g&#7889;c ti&#7873;n &#273;i&#7879;n t&#7917;. RWAs cho ph&eacute;p ti&#7873;n &#273;i&#7879;n t&#7917; k&#7871;t n&#7889;i tr&#7921;c ti&#7871;p v&#7899;i d&ograve;ng v&#7889;n to&agrave;n c&#7847;u &#273;&#7891;ng th&#7901;i m&#7903; &#273;&#432;&#7901;ng cho c&aacute;c t&#7893; ch&#7913;c t&agrave;i ch&iacute;nh l&#7899;n tham gia v&agrave;o chu&#7895;i.</p>
<p>Th&#7883; tr&#432;&#7901;ng c&#361;ng c&oacute; nhi&#7873;u r&#7911;i ro, ch&#7859;ng h&#7841;n nh&#432; kh&ocirc;ng ph&#7843;i t&#7845;t c&#7843; c&aacute;c s&#7843;n ph&#7849;m RWA &#273;&#7873;u c&oacute; th&#7875; &#273;&#432;&#7907;c quy &#273;&#7893;i th&agrave;nh ti&#7873;n m&#7863;t ho&#7863;c USDC ngay l&#7853;p t&#7913;c, &#273;i&#7873;u n&agrave;y t&#7841;o ra r&#7911;i ro thanh kho&#7843;n. Th&#7883; tr&#432;&#7901;ng c&#361;ng c&oacute; nhi&#7873;u s&#7843;n ph&#7849;m RWA kh&aacute;c nhau, m&#7895;i s&#7843;n ph&#7849;m c&oacute; c&#7845;u tr&uacute;c ph&aacute;p l&yacute; ri&ecirc;ng, &#273;i&#7873;u n&agrave;y cho th&#7845;y s&#7921; ph&#7913;c t&#7841;p v&agrave; ti&#7873;m &#7849;n r&#7911;i ro ph&aacute;p l&yacute;, &#273;&#7863;c bi&#7879;t l&agrave; r&#7911;i ro v&#7905; n&#7907;.</p>
<p>V&agrave;o n&#259;m 2025, RWAs s&#7869; kh&ocirc;ng c&ograve;n l&agrave; m&#7897;t ph&acirc;n kh&uacute;c ph&#7909; &mdash; ch&uacute;ng s&#7869; tr&#7903; th&agrave;nh x&#432;&#417;ng s&#7889;ng m&#7899;i c&#7911;a l&#7907;i su&#7845;t DeFi. N&#7871;u stablecoin t&#7915;ng m&#7903; kh&oacute;a thanh kho&#7843;n tr&ecirc;n chu&#7895;i, th&igrave; RWAs &mdash; &#273;&#7863;c bi&#7879;t l&agrave; tr&aacute;i phi&#7871;u kho b&#7841;c v&agrave; t&iacute;n d&#7909;ng t&#432; nh&acirc;n &mdash; hi&#7879;n &#273;ang m&#7903; kh&oacute;a to&agrave;n b&#7897; th&#7883; tr&#432;&#7901;ng v&#7889;n truy&#7873;n th&#7889;ng. C&acirc;u chuy&#7879;n &ldquo;leo l&ecirc;n &#273;&#432;&#7901;ng cong l&#7907;i su&#7845;t&rdquo; kh&ocirc;ng d&#7915;ng l&#7841;i &#7903; tr&aacute;i phi&#7871;u kho b&#7841;c m&agrave; s&#7869; ti&#7871;p t&#7909;c m&#7903; r&#7897;ng sang t&iacute;n d&#7909;ng c&oacute; c&#7845;u tr&uacute;c, c&#7893; phi&#7871;u v&agrave; h&#417;n th&#7871; n&#7919;a.</p>
