{"id":163672,"date":"2026-05-19T11:28:39","date_gmt":"2026-05-19T08:28:39","guid":{"rendered":""},"modified":"2026-05-19T11:28:39","modified_gmt":"2026-05-19T08:28:39","slug":"%d8%b7%d9%81%d8%b1%d8%a9-%d8%aa%d8%b1%d9%85%d9%8a%d8%b2-%d8%a7%d9%84%d8%a3%d8%b5%d9%88%d9%84-%d8%a7%d9%84%d9%88%d8%a7%d9%82%d8%b9%d9%8a%d8%a9-%d8%a8%d9%82%d9%8a%d9%85%d8%a9-30-%d9%85%d9%84%d9%8a%d8%a7","status":"publish","type":"post","link":"https:\/\/www.arabcryptocap.io\/blog\/defi\/%d8%b7%d9%81%d8%b1%d8%a9-%d8%aa%d8%b1%d9%85%d9%8a%d8%b2-%d8%a7%d9%84%d8%a3%d8%b5%d9%88%d9%84-%d8%a7%d9%84%d9%88%d8%a7%d9%82%d8%b9%d9%8a%d8%a9-%d8%a8%d9%82%d9%8a%d9%85%d8%a9-30-%d9%85%d9%84%d9%8a%d8%a7\/","title":{"rendered":"\u0637\u0641\u0631\u0629 \u062a\u0631\u0645\u064a\u0632 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0648\u0627\u0642\u0639\u064a\u0629 \u0628\u0642\u064a\u0645\u0629 30 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0628\u0627\u0644\u0643\u0627\u062f \u062a\u0635\u0644 \u0625\u0644\u0649 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a"},"content":{"rendered":"<p>\u0628\u064a\u0627\u0646\u0627\u062a \u0642\u0633\u0645 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 (RWA) \u0639\u0644\u0649 \u0645\u0646\u0635\u0629 DefiLlama \u062a\u064f\u0638\u0647\u0631 \u0623\u0646 \u0633\u0648\u0642 \u062a\u0631\u0645\u064a\u0632 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u064a\u0642\u062a\u0631\u0628 \u0645\u0646 30 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629\u060c \u0644\u0643\u0646 2.47 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0641\u0642\u0637 \u0645\u0646\u0647\u0627 \u062a\u0638\u0647\u0631 \u0643\u0642\u064a\u0645\u0629 \u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0645\u062d\u062c\u0648\u0632\u0629 (TVL) \u0646\u0634\u0637\u0629 \u0641\u064a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a (DeFi). \u0647\u0630\u0627 \u0627\u0644\u0631\u0642\u0645 \u064a\u0645\u062b\u0644 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0645\u0648\u062f\u0639\u0629 \u0623\u0648 \u0627\u0644\u0645\u062c\u0645\u0651\u0639\u0629 \u062f\u0627\u062e\u0644 \u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644\u0627\u062a DeFi \u0627\u0644\u062a\u0627\u0628\u0639\u0629 \u0644\u062c\u0647\u0627\u062a \u062e\u0627\u0631\u062c\u064a\u0629 \u0627\u0644\u062a\u064a \u062a\u062a\u0639\u0642\u0628\u0647\u0627 \u0627\u0644\u0645\u0646\u0635\u0629.<\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_80 counter-hierarchy ez-toc-counter-rtl ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><span class=\"ez-toc-title\" style=\"cursor:inherit\">\u0645\u062d\u062a\u0648\u064a\u0627\u062a \u0627\u0644\u0645\u0642\u0627\u0644\u0629<\/span>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.arabcryptocap.io\/blog\/defi\/%d8%b7%d9%81%d8%b1%d8%a9-%d8%aa%d8%b1%d9%85%d9%8a%d8%b2-%d8%a7%d9%84%d8%a3%d8%b5%d9%88%d9%84-%d8%a7%d9%84%d9%88%d8%a7%d9%82%d8%b9%d9%8a%d8%a9-%d8%a8%d9%82%d9%8a%d9%85%d8%a9-30-%d9%85%d9%84%d9%8a%d8%a7\/#%D8%A7%D9%84%D9%87%D9%8A%D9%83%D9%84_%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D8%AD_%D8%A8%D9%87_%D9%8A%D8%AD%D8%AF_%D9%85%D9%86_%D9%82%D8%A7%D8%A8%D9%84%D9%8A%D8%A9_%D8%A7%D9%84%D8%AA%D8%B1%D9%83%D9%8A%D8%A8_%D9%81%D9%8A_DeFi\" >\u0627\u0644\u0647\u064a\u0643\u0644 \u0627\u0644\u0645\u0635\u0631\u062d \u0628\u0647 \u064a\u062d\u062f \u0645\u0646 \u0642\u0627\u0628\u0644\u064a\u0629 \u0627\u0644\u062a\u0631\u0643\u064a\u0628 \u0641\u064a DeFi<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.arabcryptocap.io\/blog\/defi\/%d8%b7%d9%81%d8%b1%d8%a9-%d8%aa%d8%b1%d9%85%d9%8a%d8%b2-%d8%a7%d9%84%d8%a3%d8%b5%d9%88%d9%84-%d8%a7%d9%84%d9%88%d8%a7%d9%82%d8%b9%d9%8a%d8%a9-%d8%a8%d9%82%d9%8a%d9%85%d8%a9-30-%d9%85%d9%84%d9%8a%d8%a7\/#%D8%A3%D9%8A%D9%86_%D8%AA%D9%83%D9%85%D9%86_%D8%A7%D9%84%D8%AD%D8%A7%D9%84%D8%A9_%D8%A7%D9%84%D8%B5%D8%A7%D8%B9%D8%AF%D8%A9\" >\u0623\u064a\u0646 \u062a\u0643\u0645\u0646 \u0627\u0644\u062d\u0627\u0644\u0629 \u0627\u0644\u0635\u0627\u0639\u062f\u0629<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.arabcryptocap.io\/blog\/defi\/%d8%b7%d9%81%d8%b1%d8%a9-%d8%aa%d8%b1%d9%85%d9%8a%d8%b2-%d8%a7%d9%84%d8%a3%d8%b5%d9%88%d9%84-%d8%a7%d9%84%d9%88%d8%a7%d9%82%d8%b9%d9%8a%d8%a9-%d8%a8%d9%82%d9%8a%d9%85%d8%a9-30-%d9%85%d9%84%d9%8a%d8%a7\/#%D8%A7%D9%84%D8%AD%D8%A7%D9%84%D8%A9_%D8%A7%D9%84%D9%87%D8%A7%D8%A8%D8%B7%D8%A9%D8%8C_%D9%81%D9%8A_%D8%A7%D9%84%D8%A3%D8%B1%D9%82%D8%A7%D9%85\" >\u0627\u0644\u062d\u0627\u0644\u0629 \u0627\u0644\u0647\u0627\u0628\u0637\u0629\u060c \u0641\u064a \u0627\u0644\u0623\u0631\u0642\u0627\u0645<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.arabcryptocap.io\/blog\/defi\/%d8%b7%d9%81%d8%b1%d8%a9-%d8%aa%d8%b1%d9%85%d9%8a%d8%b2-%d8%a7%d9%84%d8%a3%d8%b5%d9%88%d9%84-%d8%a7%d9%84%d9%88%d8%a7%d9%82%d8%b9%d9%8a%d8%a9-%d8%a8%d9%82%d9%8a%d9%85%d8%a9-30-%d9%85%d9%84%d9%8a%d8%a7\/#%D8%B3%D9%88%D9%82%D8%A7%D9%86%D8%8C_%D9%88%D9%84%D9%88%D8%AD%D8%A9_%D9%86%D8%AA%D8%A7%D8%A6%D8%AC_%D9%88%D8%A7%D8%AD%D8%AF%D8%A9\" >\u0633\u0648\u0642\u0627\u0646\u060c \u0648\u0644\u0648\u062d\u0629 \u0646\u062a\u0627\u0626\u062c \u0648\u0627\u062d\u062f\u0629<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.arabcryptocap.io\/blog\/defi\/%d8%b7%d9%81%d8%b1%d8%a9-%d8%aa%d8%b1%d9%85%d9%8a%d8%b2-%d8%a7%d9%84%d8%a3%d8%b5%d9%88%d9%84-%d8%a7%d9%84%d9%88%d8%a7%d9%82%d8%b9%d9%8a%d8%a9-%d8%a8%d9%82%d9%8a%d9%85%d8%a9-30-%d9%85%d9%84%d9%8a%d8%a7\/#%D8%A7%D9%84%D8%A3%D8%B3%D8%A6%D9%84%D8%A9_%D8%A7%D9%84%D8%B4%D8%A7%D8%A6%D8%B9%D8%A9_FAQ\" >\u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 (FAQ)<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>\u0628\u0642\u064a\u0629 \u0633\u0648\u0642 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 \u062a\u0648\u062c\u062f \u062e\u0627\u0631\u062c \u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0625\u0642\u0631\u0627\u0636 \u0648\u062e\u0632\u0627\u0626\u0646 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u0627\u0644\u062a\u064a \u062a\u062c\u0639\u0644 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0631\u0642\u0645\u064a\u0629 \u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u0631\u0643\u064a\u0628. \u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0648\u0635\u0646\u0627\u062f\u064a\u0642 \u0633\u0648\u0642 \u0627\u0644\u0645\u0627\u0644 \u0647\u064a \u0623\u0643\u0628\u0631 \u0641\u0626\u0629 \u0641\u0631\u062f\u064a\u0629 \u0645\u0646 RWA \u0628\u0642\u064a\u0645\u0629 \u062a\u062a\u062c\u0627\u0648\u0632 16.6 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629\u060c \u0648\u0645\u0639 \u0630\u0644\u0643 \u062a\u062d\u0645\u0644 \u0641\u0642\u0637 920 \u0645\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0643\u0642\u064a\u0645\u0629 \u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0645\u062d\u062c\u0648\u0632\u0629 \u0646\u0634\u0637\u0629 (DeFi TVL).<\/p>\n<p>\u0627\u0644\u0630\u0647\u0628 \u0648\u0627\u0644\u0633\u0644\u0639 \u0645\u0648\u062c\u0648\u062f\u0629 \u0628\u0642\u064a\u0645\u0629 5.7 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629 \u0645\u0642\u0627\u0628\u0644 183.6 \u0645\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a DeFi\u060c \u0628\u064a\u0646\u0645\u0627 \u0627\u0644\u0623\u0633\u0647\u0645 \u0648\u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u062a\u0633\u0627\u0647\u0645 \u0628\u0640 2.7 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629 \u0645\u0642\u0627\u0628\u0644 78.27 \u0645\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a DeFi.<\/p>\n<p>\u0627\u0644\u0627\u0626\u062a\u0645\u0627\u0646 \u0627\u0644\u062e\u0627\u0635 \u064a\u0642\u0641 \u0645\u0646\u0641\u0631\u062f\u0627\u064b \u0628\u0640 3.226 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629 \u0648 1.257 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0643\u0642\u064a\u0645\u0629 \u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0645\u062d\u062c\u0648\u0632\u0629 \u0646\u0634\u0637\u0629 \u0641\u064a DeFi\u060c \u0628\u0646\u0633\u0628\u0629 39%\u060c \u0648\u0630\u0644\u0643 \u0628\u0641\u0636\u0644 \u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644\u0627\u062a \u0645\u062b\u0644 Maple Finance \u0648 Centrifuge \u0627\u0644\u062a\u064a \u0635\u064f\u0645\u0651\u0645\u062a \u0645\u0646\u062a\u062c\u0627\u062a\u0647\u0627 \u0643\u0623\u062f\u0648\u0627\u062a \u0625\u0642\u0631\u0627\u0636 \u0645\u0646\u0630 \u0627\u0644\u0628\u062f\u0627\u064a\u0629.<\/p>\n<p>\u0627\u0644\u0645\u064f\u0635\u062f\u0650\u0631\u0648\u0646 \u0628\u0646\u0648\u0627 \u0641\u0626\u0627\u062a \u0645\u062b\u0644 \u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0648\u0627\u0644\u0630\u0647\u0628 \u0648\u0627\u0644\u0623\u0633\u0647\u0645 \u0644\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0627\u0644\u0645\u0624\u0633\u0633\u064a \u0648\u0647\u064a\u0627\u0643\u0644 \u0627\u0644\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u062e\u0627\u0636\u0639\u0629 \u0644\u0644\u062a\u0646\u0638\u064a\u0645.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%D8%A7%D9%84%D9%87%D9%8A%D9%83%D9%84_%D8%A7%D9%84%D9%85%D8%B5%D8%B1%D8%AD_%D8%A8%D9%87_%D9%8A%D8%AD%D8%AF_%D9%85%D9%86_%D9%82%D8%A7%D8%A8%D9%84%D9%8A%D8%A9_%D8%A7%D9%84%D8%AA%D8%B1%D9%83%D9%8A%D8%A8_%D9%81%D9%8A_DeFi\"><\/span>\u0627\u0644\u0647\u064a\u0643\u0644 \u0627\u0644\u0645\u0635\u0631\u062d \u0628\u0647 \u064a\u062d\u062f \u0645\u0646 \u0642\u0627\u0628\u0644\u064a\u0629 \u0627\u0644\u062a\u0631\u0643\u064a\u0628 \u0641\u064a DeFi<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u062a\u0635\u0646\u0641 DefiLlama \u0635\u0646\u062f\u0648\u0642 \u0633\u0648\u0642 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u062a\u0627\u0628\u0639 \u0644\u0634\u0631\u0643\u0629 BlackRock\u060c \u0648\u0627\u0644\u0645\u0639\u0631\u0648\u0641 \u0628\u0627\u0633\u0645 BUIDL\u060c \u0643\u0635\u0646\u062f\u0648\u0642 \u0645\u0635\u0631\u062d \u0628\u0647\u060c \u0648\u062a\u064f\u0633\u062c\u0644 \u0641\u0642\u0637 18.9 \u0645\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0643\u0642\u064a\u0645\u0629 \u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0645\u062d\u062c\u0648\u0632\u0629 \u0646\u0634\u0637\u0629 \u0641\u064a DeFi \u0644\u0647\u0630\u0627 \u0627\u0644\u0635\u0646\u062f\u0648\u0642.<\/p>\n<p>\u0627\u0644\u062a\u0642\u0631\u064a\u0631 \u0627\u0644\u0646\u0647\u0627\u0626\u064a \u0644\u0645\u0646\u0638\u0645\u0629 IOSCO \u0641\u064a \u0646\u0648\u0641\u0645\u0628\u0631 2025 \u062d\u0648\u0644 \u062a\u0631\u0645\u064a\u0632 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0623\u0634\u0627\u0631 \u0625\u0644\u0649 \u0623\u0646 BUIDL \u0623\u0646\u0634\u0623 \u0646\u0638\u0627\u0645\u0627\u064b \u0645\u0635\u0631\u062d\u0627\u064b \u0628\u0647 \u0639\u0644\u0649 \u0633\u0644\u0627\u0633\u0644 \u0627\u0644\u0643\u062a\u0644 \u0627\u0644\u0639\u0627\u0645\u0629 \u0644\u0644\u0625\u0635\u062f\u0627\u0631 \u0648\u0627\u0644\u062d\u0641\u0638 \u0648\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062b\u0627\u0646\u0648\u064a \u0628\u064a\u0646 \u0627\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u0627\u0644\u0645\u0624\u0647\u0644\u064a\u0646 \u0627\u0644\u0645\u062f\u0631\u062c\u064a\u0646 \u0641\u064a \u0627\u0644\u0642\u0627\u0626\u0645\u0629 \u0627\u0644\u0628\u064a\u0636\u0627\u0621\u060c \u0648\u062a\u0648\u0632\u064a\u0639 \u0627\u0644\u0623\u0631\u0628\u0627\u062d \u0648\u0627\u0644\u0627\u0633\u062a\u0631\u062f\u0627\u062f.<\/p>\n<p>\u064a\u062c\u0628 \u0639\u0644\u0649 \u0627\u0644\u062d\u0627\u0626\u0632\u064a\u0646 \u0627\u0644\u0645\u062d\u062a\u0645\u0644\u064a\u0646 \u0627\u062c\u062a\u064a\u0627\u0632 \u0642\u0627\u0626\u0645\u0629 \u0628\u064a\u0636\u0627\u0621 \u062a\u062f\u064a\u0631\u0647\u0627 \u0634\u0631\u0643\u0629 Securitize\u060c \u0648\u0627\u0644\u0645\u0639\u0627\u0645\u0644\u0627\u062a \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629 \u0644\u064a\u0633 \u0644\u0647\u0627 \u0623\u064a \u0623\u062b\u0631 \u0642\u0627\u0646\u0648\u0646\u064a \u062d\u062a\u0649 \u064a\u0642\u0648\u0645 \u0648\u0643\u064a\u0644 \u0627\u0644\u062a\u062d\u0648\u064a\u0644 \u0628\u062a\u0633\u0648\u064a\u062a\u0647\u0627 \u0645\u0639 \u0627\u0644\u0633\u062c\u0644 \u062e\u0627\u0631\u062c \u0627\u0644\u0633\u0644\u0633\u0644\u0629.<\/p>\n<p>\u0647\u0630\u0627 \u064a\u062c\u0639\u0644 BUIDL \u0628\u0646\u064a\u0629 \u062a\u062d\u062a\u064a\u0629 \u0644\u0644\u0627\u0645\u062a\u062b\u0627\u0644 \u062a\u0639\u0645\u0644 \u0639\u0644\u0649 \u0642\u0636\u0628\u0627\u0646 \u0633\u0644\u0633\u0644\u0629 \u0627\u0644\u0643\u062a\u0644 \u0644\u0644\u0627\u062d\u062a\u0641\u0627\u0638 \u0627\u0644\u0645\u0624\u0633\u0633\u064a \u0648\u062a\u0633\u0648\u064a\u0629 \u0648\u0643\u064a\u0644 \u0627\u0644\u062a\u062d\u0648\u064a\u0644. \u062d\u0642\u064a\u0642\u0629 \u0623\u0646 \u0639\u0642\u0648\u062f \u0627\u0644\u0635\u0646\u062f\u0648\u0642 \u062a\u062a\u0641\u0627\u0639\u0644 \u0641\u0642\u0637 \u0645\u0639 \u0627\u0644\u0639\u0646\u0627\u0648\u064a\u0646 \u0627\u0644\u0645\u062f\u0631\u062c\u0629 \u0641\u064a \u0627\u0644\u0642\u0627\u0626\u0645\u0629 \u0627\u0644\u0628\u064a\u0636\u0627\u0621 \u062a\u0645\u0646\u0639 \u0627\u0644\u0625\u064a\u062f\u0627\u0639 \u0627\u0644\u0645\u0628\u0627\u0634\u0631 \u0641\u064a \u0627\u0644\u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644\u0627\u062a \u0627\u0644\u0645\u0641\u062a\u0648\u062d\u0629 \u0645\u062b\u0644 Aave \u0623\u0648 Uniswap \u0628\u062f\u0648\u0646 \u0648\u062c\u0648\u062f \u063a\u0644\u0627\u0641 \u0645\u062a\u0648\u0627\u0641\u0642 \u0628\u064a\u0646\u0647\u0645\u0627.<\/p>\n<p>\u062f\u0645\u062c BlackRock \u0645\u0639 Uniswap \u0641\u064a \u0641\u0628\u0631\u0627\u064a\u0631 2026 \u0646\u0642\u0644 \u062c\u0632\u0621\u0627\u064b \u0645\u0646 BUIDL \u0625\u0644\u0649 \u0627\u0644\u0645\u0646\u0635\u0629. \u0648\u0644\u0643\u0646 \u0644\u0627 \u062a\u0632\u0627\u0644 Securitize \u062a\u062a\u062d\u0643\u0645 \u0641\u064a \u0642\u0627\u0626\u0645\u0629 \u0627\u0644\u0645\u0624\u0633\u0633\u0627\u062a \u0627\u0644\u0645\u0624\u0647\u0644\u0629 \u0648\u0635\u0646\u0627\u0639 \u0627\u0644\u0633\u0648\u0642\u060c \u0648\u064a\u0638\u0644 \u0627\u0644\u0648\u0635\u0648\u0644 \u0645\u0642\u0635\u0648\u0631\u0627\u064b \u0639\u0644\u0649 \u0627\u0644\u0645\u0634\u062a\u0631\u064a\u0646 \u0627\u0644\u0645\u0624\u0647\u0644\u064a\u0646 \u0627\u0644\u0630\u064a\u0646 \u064a\u0645\u062a\u0644\u0643\u0648\u0646 \u0623\u0635\u0648\u0644\u0627\u064b \u0644\u0627 \u062a\u0642\u0644 \u0639\u0646 5 \u0645\u0644\u0627\u064a\u064a\u0646 \u062f\u0648\u0644\u0627\u0631.<\/p>\n<p>\u0648\u062c\u062f\u062a IOSCO \u0623\u0646 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062b\u0627\u0646\u0648\u064a \u0644\u0635\u0646\u0627\u062f\u064a\u0642 \u0633\u0648\u0642 \u0627\u0644\u0645\u0627\u0644 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 (MMFs) \u064a\u0639\u0645\u0644 \u0628\u0634\u0643\u0644 \u0639\u0627\u0645 \u0628\u0647\u0630\u0647 \u0627\u0644\u0637\u0631\u064a\u0642\u0629\u060c \u0648\u062e\u0644\u0635\u062a \u0625\u0644\u0649 \u0623\u0646 \u0627\u0644\u0642\u0637\u0627\u0639 \u0644\u0645 \u064a\u062d\u0642\u0642 \u0628\u0639\u062f \u0641\u0648\u0627\u0626\u062f \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0641\u064a \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u062b\u0627\u0646\u0648\u064a\u0629 \u0627\u0644\u062a\u064a \u0648\u0639\u062f \u0628\u0647\u0627.<\/p>\n<p>\u062a\u0642\u0631\u064a\u0631 RedStone \u0644\u0634\u0647\u0631 \u0645\u0627\u0631\u0633 2026 \u062d\u0648\u0644 \u0627\u0644\u062a\u0631\u0645\u064a\u0632 \u062d\u062f\u062f \u0623\u0646 \u0627\u0644\u062c\u0632\u0621 \u0627\u0644\u0623\u0635\u0639\u0628 \u0645\u0646 \u0627\u0644\u062a\u0631\u0645\u064a\u0632 \u0647\u0648 \u0627\u0644\u062a\u0639\u0627\u0645\u0644 \u0645\u0639 \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644 \u0648\u0627\u0644\u0647\u0648\u064a\u0629 \u0648\u0642\u064a\u0648\u062f \u0627\u0644\u0646\u0642\u0644 \u0648\u0627\u0644\u0639\u0642\u0648\u0628\u0627\u062a \u0648\u0627\u0644\u0625\u062c\u0631\u0627\u0621\u0627\u062a \u0627\u0644\u0645\u0624\u0633\u0633\u064a\u0629 \u0639\u0628\u0631 \u0627\u0644\u0648\u0644\u0627\u064a\u0627\u062a \u0627\u0644\u0642\u0636\u0627\u0626\u064a\u0629 \u0648\u0627\u0644\u0633\u0644\u0627\u0633\u0644. \u0648\u0647\u0630\u0627 \u064a\u062c\u0639\u0644 Morpho \u0648 Aave Horizon \u0623\u0648\u0636\u062d \u0623\u0645\u062b\u0644\u0629 \u0639\u0644\u0649 RWA \u0641\u064a DeFi \u0636\u0645\u0646 \u0645\u062c\u0645\u0648\u0639\u0629 \u0627\u0644\u0628\u064a\u0627\u0646\u0627\u062a \u0627\u0644\u062d\u0627\u0644\u064a\u0629.<\/p>\n<p>\u0643\u0644 \u0642\u064a\u062f \u0627\u0645\u062a\u062b\u0627\u0644 \u0625\u0636\u0627\u0641\u064a \u062a\u0628\u0646\u064a\u0647 \u0627\u0644\u0645\u0646\u0635\u0629 \u064a\u062c\u0639\u0644 \u062f\u0645\u062c \u0627\u0644\u0623\u0635\u0644 \u0641\u064a DeFi \u0623\u0643\u062b\u0631 \u0635\u0639\u0648\u0628\u0629\u060c \u0648\u0645\u064f\u0635\u062f\u0650\u0631\u0648 \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 \u0648\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0648\u0635\u0646\u0627\u062f\u064a\u0642 \u0633\u0648\u0642 \u0627\u0644\u0645\u0627\u0644 \u0628\u0646\u0648\u0627 \u0647\u0630\u0647 \u0627\u0644\u0642\u064a\u0648\u062f \u0639\u0646 \u0642\u0635\u062f \u0644\u062a\u0644\u0628\u064a\u0629 \u0627\u062d\u062a\u064a\u0627\u062c\u0627\u062a \u0642\u0627\u0639\u062f\u0629 \u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0647\u0645 \u0627\u0644\u062e\u0627\u0636\u0639\u0629 \u0644\u0644\u062a\u0646\u0638\u064a\u0645.<\/p>\n<p>\u0641\u0626\u0629 \u0627\u0644\u0630\u0647\u0628 \u0648\u0627\u0644\u0633\u0644\u0639 \u062a\u0636\u064a\u0641 \u0628\u064f\u0639\u062f\u0627\u064b \u062b\u0627\u0644\u062b\u0627\u064b \u0625\u0644\u0649 \u0627\u0644\u0647\u064a\u0643\u0644\u060c \u062d\u064a\u062b \u0623\u0638\u0647\u0631\u062a \u0628\u064a\u0627\u0646\u0627\u062a CoinGecko \u0623\u0646 \u062d\u062c\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0641\u0648\u0631\u064a \u0644\u0644\u0630\u0647\u0628 \u0627\u0644\u0645\u0631\u0645\u0651\u0632 \u0628\u0644\u063a 90.7 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a \u0627\u0644\u0631\u0628\u0639 \u0627\u0644\u0623\u0648\u0644 \u0645\u0646 \u0639\u0627\u0645 2026\u060c \u0645\u062a\u062c\u0627\u0648\u0632\u0627\u064b \u0625\u062c\u0645\u0627\u0644\u064a \u0639\u0627\u0645 2025 \u0628\u0627\u0644\u0643\u0627\u0645\u0644. \u0648\u0645\u0639 \u0630\u0644\u0643\u060c \u0641\u0625\u0646 \u0627\u0644\u0628\u0648\u0631\u0635\u0627\u062a \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629 \u062a\u0645\u062b\u0644 \u0627\u0644\u063a\u0627\u0644\u0628\u064a\u0629 \u0627\u0644\u0639\u0638\u0645\u0649 \u0645\u0646 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u0641\u0648\u0631\u064a \u0644\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629.<\/p>\n<p>\u0631\u0642\u0645 \u0627\u0644\u0640 183.6 \u0645\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0643\u0642\u064a\u0645\u0629 \u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0645\u062d\u062c\u0648\u0632\u0629 \u0646\u0634\u0637\u0629 \u0641\u064a DeFi \u0644\u0647\u0630\u0647 \u0627\u0644\u0641\u0626\u0629 \u064a\u0639\u0643\u0633 \u0627\u0644\u0646\u0634\u0627\u0637 \u0627\u0644\u0645\u0631\u0643\u0632 \u0639\u0644\u0649 \u0627\u0644\u0645\u0646\u0635\u0627\u062a \u0627\u0644\u0645\u0631\u0643\u0632\u064a\u0629\u060c \u0648\u0627\u0644\u0630\u064a \u064a\u0642\u0639 \u0628\u0627\u0644\u0643\u0627\u0645\u0644 \u062e\u0627\u0631\u062c \u0646\u0637\u0627\u0642 \u062a\u062a\u0628\u0639 DefiLlama \u0644\u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644\u0627\u062a DeFi.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%D8%A3%D9%8A%D9%86_%D8%AA%D9%83%D9%85%D9%86_%D8%A7%D9%84%D8%AD%D8%A7%D9%84%D8%A9_%D8%A7%D9%84%D8%B5%D8%A7%D8%B9%D8%AF%D8%A9\"><\/span>\u0623\u064a\u0646 \u062a\u0643\u0645\u0646 \u0627\u0644\u062d\u0627\u0644\u0629 \u0627\u0644\u0635\u0627\u0639\u062f\u0629<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u0639\u0645\u0644\u0629 Ondo \u0627\u0644\u0645\u0633\u062a\u0642\u0631\u0629 USDY \u062a\u062c\u0627\u0648\u0632\u062a \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u0645\u062d\u062c\u0648\u0632\u0629 (TVL) \u0641\u064a \u0628\u062f\u0627\u064a\u0629 \u0639\u0627\u0645 2026 \u0648\u062a\u0639\u0645\u0644 \u0639\u0628\u0631 \u062a\u0633\u0639 \u0633\u0644\u0627\u0633\u0644 \u0643\u062a\u0644. \u0623\u0633\u0648\u0627\u0642 Ondo \u0627\u0644\u0639\u0627\u0644\u0645\u064a\u0629\u060c \u0627\u0644\u062a\u064a \u0623\u064f\u0637\u0644\u0642\u062a \u0641\u064a \u0633\u0628\u062a\u0645\u0628\u0631 2025 \u0644\u062a\u0642\u062f\u064a\u0645 \u0627\u0644\u0623\u0633\u0647\u0645 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u0629 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 \u0648\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u0645\u0624\u0634\u0631\u0627\u062a \u0627\u0644\u0645\u062a\u062f\u0627\u0648\u0644\u0629 (ETFs) \u0644\u0644\u0645\u0633\u062a\u062b\u0645\u0631\u064a\u0646 \u063a\u064a\u0631 \u0627\u0644\u0623\u0645\u0631\u064a\u0643\u064a\u064a\u0646\u060c \u0628\u0646\u062a \u0631\u0645\u0648\u0632\u0647\u0627 \u0644\u0642\u0627\u0628\u0644\u064a\u0629 \u0627\u0644\u0646\u0642\u0644 \u0627\u0644\u062d\u0631 \u0648\u0642\u0628\u0648\u0644\u0647\u0627 \u0643\u0636\u0645\u0627\u0646 \u0641\u064a DeFi\u060c \u0644\u062a\u0635\u0644 \u0625\u0644\u0649 650 \u0645\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a TVL \u0648\u0623\u0643\u062b\u0631 \u0645\u0646 12 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a \u062d\u062c\u0645 \u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062a\u0631\u0627\u0643\u0645\u064a.<\/p>\n<p>\u062a\u0642\u0631\u064a\u0631 RedStone \u064a\u062d\u0635\u064a \u0623\u0643\u062b\u0631 \u0645\u0646 620 \u0645\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0645\u0646 \u0648\u062f\u0627\u0626\u0639 RWA \u0639\u0644\u0649 Morpho \u0648 423.5 \u0645\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0643\u062d\u062c\u0645 \u0633\u0648\u0642 \u0625\u062c\u0645\u0627\u0644\u064a \u0639\u0644\u0649 Aave Horizon\u060c \u0648\u0647\u0645\u0627 \u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644\u0627 \u0625\u0642\u0631\u0627\u0636 \u062c\u0639\u0644\u0627 \u0636\u0645\u0627\u0646\u0627\u062a RWA \u0645\u0646\u062a\u062c\u0627\u064b \u0648\u0638\u064a\u0641\u064a\u0627\u064b.<\/p>\n<p>\u0647\u0630\u0647 \u0627\u0644\u0645\u0646\u062a\u062c\u0627\u062a \u062a\u064f\u0638\u0647\u0631 \u0623\u0646 \u0642\u0627\u0628\u0644\u064a\u0629 \u0627\u0644\u062a\u0631\u0643\u064a\u0628 \u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u062d\u0642\u064a\u0642 \u0639\u0644\u0649 \u0645\u0633\u062a\u0648\u0649 \u0627\u0644\u0625\u0635\u062f\u0627\u0631 \u0639\u0646\u062f\u0645\u0627 \u064a\u0635\u0645\u0645 \u0627\u0644\u0645\u0637\u0648\u0631\u0648\u0646 \u0644\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062d\u0631 \u063a\u064a\u0631 \u0627\u0644\u0645\u0635\u0631\u062d \u0628\u0647 \u0645\u0646\u0630 \u0627\u0644\u0628\u062f\u0627\u064a\u0629.<\/p>\n<p>\u0627\u062c\u062a\u0645\u0627\u0639 DWF Labs \u0627\u0644\u0645\u0633\u062a\u062f\u064a\u0631 \u0641\u064a \u0623\u0628\u0631\u064a\u0644 2026 \u0645\u0639 \u0645\u0634\u0627\u0631\u0643\u064a\u0646 \u0645\u0646 Centrifuge \u0648 Falcon Finance \u0648 xStocks \u062e\u0644\u0635 \u0625\u0644\u0649 \u0623\u0646 \u0633\u0648\u0642 RWA \u064a\u062a\u0641\u0631\u0639 \u0625\u0644\u0649 \u0645\u0633\u0627\u0631\u064a\u0646: \u0627\u0644\u0623\u0648\u0644 \u0644\u0644\u0623\u0648\u0644\u0648\u064a\u0629 \u0641\u064a \u0627\u0644\u0645\u0644\u0643\u064a\u0629 \u0639\u0628\u0631 \u0642\u0636\u0628\u0627\u0646 \u0645\u0635\u0631\u062d \u0628\u0647\u0627\u060c \u0648\u0627\u0644\u062b\u0627\u0646\u064a \u0644\u0644\u062a\u0635\u0627\u0645\u064a\u0645 \u0627\u0644\u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u062a\u0631\u0643\u064a\u0628 \u0623\u0648\u0644\u0627\u064b \u0627\u0644\u062a\u064a \u062a\u062c\u0645\u0639 \u0628\u064a\u0646 \u0627\u0644\u0625\u0635\u062f\u0627\u0631 \u0627\u0644\u0645\u062a\u0648\u0627\u0641\u0642 \u0648\u0641\u0627\u0626\u062f\u0629 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u062b\u0627\u0646\u0648\u064a\u0629.<\/p>\n<p>\u0642\u0627\u0644 \u063a\u0631\u0627\u0647\u0627\u0645 \u0646\u064a\u0644\u0633\u0648\u0646 \u0645\u0646 Centrifuge \u0623\u0646 \u0627\u0644\u0642\u0627\u0626\u0645\u0629 \u0627\u0644\u0628\u064a\u0636\u0627\u0621 \u0627\u0644\u0635\u0627\u0631\u0645\u0629 \u062a\u0645\u0646\u0639 \u0627\u0644\u0623\u0635\u0644 \u0645\u0646 \u062f\u062e\u0648\u0644 \u0627\u0644\u0645\u062c\u0645\u0639\u0627\u062a \u0627\u0644\u0645\u0641\u062a\u0648\u062d\u0629 \u0639\u0646\u062f\u0645\u0627 \u064a\u062c\u0628 \u0625\u062f\u0631\u0627\u062c \u0643\u0644 \u0645\u0634\u0627\u0631\u0643 \u0641\u064a \u0627\u0644\u0645\u062c\u0645\u0639 \u0628\u0634\u0643\u0644 \u0641\u0631\u062f\u064a.<\/p>\n<p>\u0646\u0647\u062c DeRWA \u0645\u0646 Centrifuge \u064a\u0639\u0627\u0644\u062c \u0647\u0630\u0627 \u0645\u0646 \u062e\u0644\u0627\u0644 \u062a\u063a\u0644\u064a\u0641 \u0627\u0644\u0625\u0635\u062f\u0627\u0631 \u0627\u0644\u0623\u0648\u0644\u064a \u0627\u0644\u0645\u062a\u0648\u0627\u0641\u0642 \u0628\u0642\u0627\u0628\u0644\u064a\u0629 \u0646\u0642\u0644 \u062b\u0627\u0646\u0648\u064a\u0629 \u0623\u0643\u062b\u0631 \u062d\u0631\u064a\u0629. \u0648\u0635\u0641 \u0622\u0631\u062a\u064a\u0645 \u062a\u0648\u0644\u0643\u0627\u062a\u0634\u064a\u0641 \u0645\u0646 Falcon Finance \u0642\u0627\u0628\u0644\u064a\u0629 \u0627\u0644\u062a\u0631\u0643\u064a\u0628 \u0648\u0622\u0644\u064a\u0627\u062a \u0627\u0644\u062e\u0631\u0648\u062c \u0628\u0623\u0646\u0647\u0627 \u0627\u0644\u062c\u0633\u0648\u0631 \u0628\u064a\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0648\u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0627\u0644\u0631\u0642\u0645\u064a\u0629.<\/p>\n<p>\u0627\u0644\u062d\u0627\u0644\u0629 \u0627\u0644\u0635\u0627\u0639\u062f\u0629 \u0647\u064a \u0623\u0646 \u062c\u0632\u0621\u0627\u064b \u0643\u0627\u0641\u064a\u0627\u064b \u0645\u0646 \u0627\u0644\u0633\u0648\u0642 \u064a\u062a\u062d\u0631\u0643 \u0641\u064a \u0647\u0630\u0627 \u0627\u0644\u0627\u062a\u062c\u0627\u0647 \u0644\u0631\u0641\u0639 \u0627\u0644\u0646\u0633\u0628\u0629 \u0627\u0644\u0646\u0634\u0637\u0629 \u0641\u064a DeFi \u0628\u0634\u0643\u0644 \u0645\u0644\u062d\u0648\u0638 \u0641\u0648\u0642 9% \u0645\u0639 \u0627\u0642\u062a\u0631\u0627\u0628 \u0625\u062c\u0645\u0627\u0644\u064a \u0633\u0648\u0642 RWA \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629 \u0645\u0646 50 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%D8%A7%D9%84%D8%AD%D8%A7%D9%84%D8%A9_%D8%A7%D9%84%D9%87%D8%A7%D8%A8%D8%B7%D8%A9%D8%8C_%D9%81%D9%8A_%D8%A7%D9%84%D8%A3%D8%B1%D9%82%D8%A7%D9%85\"><\/span>\u0627\u0644\u062d\u0627\u0644\u0629 \u0627\u0644\u0647\u0627\u0628\u0637\u0629\u060c \u0641\u064a \u0627\u0644\u0623\u0631\u0642\u0627\u0645<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u0628\u0646\u0643 Standard Chartered \u064a\u062a\u0648\u0642\u0639 2 \u062a\u0631\u064a\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0645\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 \u0628\u062d\u0644\u0648\u0644 \u0639\u0627\u0645 2028\u060c \u0644\u0643\u0646\u0647 \u064a\u062d\u0630\u0631 \u0645\u0646 \u0623\u0646 \u0627\u0644\u0637\u0641\u0631\u0629 \u0642\u062f \u062a\u062a\u0631\u0643\u0632 \u062f\u0627\u062e\u0644 \u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u062d\u062a\u064a\u0629 \u0627\u0644\u0645\u0635\u0631\u0641\u064a\u0629\u060c \u0645\u0639 \u0627\u0633\u062a\u062d\u0648\u0627\u0630 \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0641\u062a\u0648\u062d\u0629 \u0639\u0644\u0649 \u0627\u0644\u0642\u0644\u064a\u0644 \u0645\u0646 \u0647\u0630\u0627 \u0627\u0644\u0646\u0645\u0648.<\/p>\n<p>\u062a\u0642\u0631\u064a\u0631 IOSCO \u0644\u0634\u0647\u0631 \u0646\u0648\u0641\u0645\u0628\u0631 2025 \u0648\u062c\u062f \u0623\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 \u0644\u0627 \u062a\u0632\u0627\u0644 \u062a\u0639\u062a\u0645\u062f \u0628\u0634\u0643\u0644 \u0643\u0628\u064a\u0631 \u0639\u0644\u0649 \u0627\u0644\u0628\u0646\u064a\u0629 \u0627\u0644\u062a\u062d\u062a\u064a\u0629 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0627\u0644\u062a\u0642\u0644\u064a\u062f\u064a\u0629 \u0644\u0644\u062a\u0648\u0632\u064a\u0639 \u0648\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062b\u0627\u0646\u0648\u064a \u0628\u0633\u0628\u0628 \u0642\u064a\u0648\u062f \u0627\u0644\u0648\u0635\u0648\u0644 \u0648\u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u0639\u0644\u0649 \u0645\u0646\u0635\u0627\u062a DLT.<\/p>\n<p>\u0627\u0644\u0628\u0646\u0643 \u0627\u0644\u0645\u0631\u0643\u0632\u064a \u0627\u0644\u0623\u0648\u0631\u0648\u0628\u064a (ECB) \u0623\u0634\u0627\u0631 \u0641\u064a \u0628\u062d\u062b\u0647 \u062d\u0648\u0644 \u0627\u0644\u062a\u0631\u0645\u064a\u0632 \u0641\u064a \u0623\u0628\u0631\u064a\u0644 2026 \u0625\u0644\u0649 \u0623\u0646 \u0639\u062f\u0645 \u0648\u062c\u0648\u062f \u0645\u0639\u0627\u064a\u064a\u0631 \u0645\u0634\u062a\u0631\u0643\u0629 \u064a\u0645\u0643\u0646 \u0623\u0646 \u064a\u0631\u0633\u062e \u0627\u0644\u0623\u0633\u0648\u0627\u0642 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 \u0643\u0645\u062c\u0645\u0648\u0639\u0627\u062a \u0645\u0639\u0632\u0648\u0644\u0629\u060c \u0644\u0643\u0644 \u0645\u0646\u0647\u0627 \u0625\u0637\u0627\u0631 \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644 \u0627\u0644\u062e\u0627\u0635 \u0628\u0647\u0627 \u0648\u0637\u0628\u0642\u0629 \u0627\u0644\u062a\u0633\u0648\u064a\u0629 \u0648\u0646\u0645\u0648\u0630\u062c \u0627\u0644\u0648\u0635\u0648\u0644\u060c \u0645\u0645\u0627 \u064a\u0624\u062f\u064a \u0625\u0644\u0649 \u062a\u0631\u0643\u064a\u0632 \u0627\u0644\u0633\u064a\u0648\u0644\u0629 \u062f\u0627\u062e\u0644 \u0627\u0644\u0634\u0628\u0643\u0627\u062a \u0627\u0644\u0645\u063a\u0644\u0642\u0629.<\/p>\n<p>\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u0633\u0646\u062f\u0627\u062a \u0648\u0635\u0646\u0627\u062f\u064a\u0642 \u0633\u0648\u0642 \u0627\u0644\u0645\u0627\u0644 \u0628\u0646\u0633\u0628\u0629 5.5%\u060c \u0648\u0627\u0644\u0630\u0647\u0628 \u0648\u0627\u0644\u0633\u0644\u0639 \u0628\u0646\u0633\u0628\u0629 3.2%\u060c \u0648\u0627\u0644\u0623\u0633\u0647\u0645 \u0648\u0627\u0644\u0623\u0648\u0631\u0627\u0642 \u0627\u0644\u0645\u0627\u0644\u064a\u0629 \u0628\u0646\u0633\u0628\u0629 2.9% \u062a\u0636\u0639 \u0623\u0631\u0642\u0627\u0645\u0627\u064b \u0644\u0630\u0644\u0643 \u0627\u0644\u0627\u0646\u0641\u0635\u0627\u0644 \u0627\u0644\u0647\u064a\u0643\u0644\u064a.<\/p>\n<p>\u0645\u0639\u0638\u0645 \u0645\u0646\u062a\u062c\u0627\u062a \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 \u0648\u0635\u0646\u0627\u062f\u064a\u0642 \u0633\u0648\u0642 \u0627\u0644\u0645\u0627\u0644 \u062a\u062d\u0645\u0644 \u062d\u062f\u0648\u062f\u0627\u064b \u062f\u0646\u064a\u0627 \u0644\u0644\u0627\u0633\u062a\u062b\u0645\u0627\u0631\u060c \u0648\u0645\u062a\u0637\u0644\u0628\u0627\u062a \u0627\u0639\u0631\u0641 \u0639\u0645\u064a\u0644\u0643 (KYC)\u060c \u0648\u062f\u0648\u0631\u0627\u062a \u062a\u0633\u0648\u064a\u0629 \u0648\u0643\u064a\u0644 \u0627\u0644\u062a\u062d\u0648\u064a\u0644\u060c \u0648\u0646\u0648\u0627\u0641\u0630 \u0627\u0633\u062a\u0631\u062f\u0627\u062f \u0645\u062d\u0627\u0630\u064a\u0629 \u0644\u0635\u0627\u0641\u064a \u0642\u064a\u0645\u0629 \u0627\u0644\u0623\u0635\u0648\u0644 (NAV) \u063a\u064a\u0631 \u0645\u062a\u0648\u0627\u0641\u0642\u0629 \u0647\u064a\u0643\u0644\u064a\u0627\u064b \u0645\u0639 \u0627\u0644\u062a\u0633\u0639\u064a\u0631 \u0627\u0644\u0641\u0648\u0631\u064a \u0644\u0635\u0627\u0646\u0639 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u0622\u0644\u064a (AMM) \u0623\u0648 \u062e\u0632\u0627\u0626\u0646 \u0627\u0644\u0636\u0645\u0627\u0646\u0627\u062a \u063a\u064a\u0631 \u0627\u0644\u0645\u0635\u0631\u062d \u0628\u0647\u0627.<\/p>\n<p>\u0627\u0644\u062c\u0647\u0627\u062a \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a\u0629 \u0637\u0644\u0628\u062a \u0647\u0630\u0647 \u0627\u0644\u0645\u064a\u0632\u0627\u062a\u060c \u0648\u0627\u0644\u0645\u064f\u0635\u062f\u0650\u0631\u0648\u0646 \u0642\u0628\u0644\u0648\u0627 \u0628\u0647\u0627.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%D8%B3%D9%88%D9%82%D8%A7%D9%86%D8%8C_%D9%88%D9%84%D9%88%D8%AD%D8%A9_%D9%86%D8%AA%D8%A7%D8%A6%D8%AC_%D9%88%D8%A7%D8%AD%D8%AF%D8%A9\"><\/span>\u0633\u0648\u0642\u0627\u0646\u060c \u0648\u0644\u0648\u062d\u0629 \u0646\u062a\u0627\u0626\u062c \u0648\u0627\u062d\u062f\u0629<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>\u0631\u0642\u0645 \u0627\u0644\u0640 30 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0648\u0631\u0642\u0645 \u0627\u0644\u0640 2.47 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0643\u0642\u064a\u0645\u0629 \u0625\u062c\u0645\u0627\u0644\u064a\u0629 \u0645\u062d\u062c\u0648\u0632\u0629 \u0646\u0634\u0637\u0629 \u0641\u064a DeFi \u064a\u0642\u064a\u0633\u0627\u0646 \u0633\u0648\u0642\u064a\u0646 \u0645\u062a\u0645\u064a\u0632\u064a\u0646 \u062a\u062c\u0645\u0639\u0647\u0645\u0627 \u0627\u0644\u0635\u0646\u0627\u0639\u0629 \u062a\u062d\u062a \u0646\u0641\u0633 \u0627\u0644\u062a\u0633\u0645\u064a\u0629 RWA.<\/p>\n<p>\u0623\u062d\u062f\u0647\u0645\u0627 \u0647\u0648 \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0645\u0646\u0638\u0645 \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629\u060c \u0648\u0627\u0644\u0630\u064a \u064a\u062a\u0643\u0648\u0646 \u0645\u0646 \u0635\u0646\u0627\u062f\u064a\u0642 \u0633\u0648\u0642 \u0627\u0644\u0645\u0627\u0644 \u0648\u0635\u0646\u0627\u062f\u064a\u0642 \u0627\u0644\u062e\u0632\u0627\u0646\u0629 \u0648\u0642\u0636\u0628\u0627\u0646 \u0627\u0644\u062d\u0641\u0638 \u0648\u0627\u0644\u0633\u062c\u0644\u0627\u062a \u0627\u0644\u062a\u064a \u064a\u062f\u064a\u0631\u0647\u0627 \u0627\u0644\u0645\u064f\u0635\u062f\u0650\u0631 \u0648\u064a\u062a\u0645 \u062a\u0633\u0648\u064a\u062a\u0647\u0627 \u0628\u0648\u0627\u0633\u0637\u0629 \u0648\u0643\u0644\u0627\u0621 \u0627\u0644\u062a\u062d\u0648\u064a\u0644. \u0627\u0644\u0622\u062e\u0631 \u0647\u0648 \u0642\u0627\u0628\u0644\u064a\u0629 \u0627\u0644\u062a\u0631\u0643\u064a\u0628 \u0641\u064a DeFi\u060c \u0648\u064a\u062a\u0643\u0648\u0646 \u0645\u0646 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0648\u062f\u0639\u0629 \u0641\u064a \u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644\u0627\u062a \u0627\u0644\u0625\u0642\u0631\u0627\u0636 \u0648\u0627\u0644\u0645\u0633\u062a\u062e\u062f\u0645\u0629 \u0643\u0636\u0645\u0627\u0646 \u063a\u064a\u0631 \u0645\u0635\u0631\u062d \u0628\u0647 \u0648\u0627\u0644\u0645\u062f\u0645\u062c\u0629 \u0641\u064a \u0627\u0633\u062a\u0631\u0627\u062a\u064a\u062c\u064a\u0627\u062a \u0627\u0644\u0639\u0627\u0626\u062f \u0627\u0644\u0622\u0644\u064a.<\/p>\n<p>\u0648\u062f\u0627\u0626\u0639 Morpho \u0627\u0644\u0628\u0627\u0644\u063a\u0629 620 \u0645\u0644\u064a\u0648\u0646 \u062f\u0648\u0644\u0627\u0631 \u0645\u0646 RWA \u0648\u0628\u0635\u0645\u0629 USDY \u0639\u0628\u0631 \u062a\u0633\u0639 \u0633\u0644\u0627\u0633\u0644 \u062a\u064f\u0638\u0647\u0631 \u0623\u0646 \u0627\u0644\u0633\u0648\u0642 \u0627\u0644\u062b\u0627\u0646\u064a \u0644\u062f\u064a\u0647 \u0632\u062e\u0645 \u062d\u0642\u064a\u0642\u064a.<\/p>\n<p>\u0644\u0643\u064a \u062a\u062a\u062c\u0627\u0648\u0632 \u0627\u0644\u0646\u0633\u0628\u0629 \u0627\u0644\u0646\u0634\u0637\u0629 \u0641\u064a DeFi \u062d\u0627\u062c\u0632 \u0627\u0644\u0640 9%\u060c \u0633\u064a\u062a\u0639\u064a\u0646 \u0639\u0644\u0649 \u0627\u0644\u0645\u064f\u0635\u062f\u0650\u0631\u064a\u0646 \u0627\u062e\u062a\u064a\u0627\u0631 \u0647\u064a\u0643\u0644 \u064a\u0633\u0645\u062d \u0628\u0627\u0644\u062a\u062f\u0627\u0648\u0644 \u0627\u0644\u062d\u0631 \u063a\u064a\u0631 \u0627\u0644\u0645\u0635\u0631\u062d \u0628\u0647 \u0639\u0646 \u0642\u0635\u062f \u0628\u062f\u0644\u0627\u064b \u0645\u0646 \u0628\u0646\u064a\u0629 BUIDL\u060c \u062d\u064a\u062b \u064a\u0643\u0648\u0646 \u0647\u064a\u0643\u0644 \u0627\u0644\u0627\u0645\u062a\u062b\u0627\u0644 \u0647\u0648 \u0627\u0644\u0645\u0646\u062a\u062c \u0646\u0641\u0633\u0647.<\/p>\n<p>\u0645\u0639 \u0648\u062c\u0648\u062f \u0645\u0639\u0638\u0645 \u0627\u0644\u0642\u064a\u0645\u0629 \u0627\u0644\u0633\u0648\u0642\u064a\u0629 \u0627\u0644\u062d\u0627\u0644\u064a\u0629 \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629 \u0627\u0644\u0628\u0627\u0644\u063a\u0629 28.56 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631 \u0641\u064a \u0627\u0644\u0645\u0639\u0633\u0643\u0631 \u0627\u0644\u0645\u0635\u0631\u062d \u0628\u0647\u060c \u0644\u0627 \u062a\u0632\u0627\u0644 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 \u062a\u0628\u062f\u0648 \u0648\u0643\u0623\u0646\u0647\u0627 \u062a\u0645\u0648\u064a\u0644 \u0645\u0646\u0638\u0645 \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629 \u0623\u0643\u062b\u0631 \u0645\u0646 \u0643\u0648\u0646\u0647\u0627 \u0636\u0645\u0627\u0646\u0627\u062a DeFi \u0645\u0641\u062a\u0648\u062d\u0629.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%D8%A7%D9%84%D8%A3%D8%B3%D8%A6%D9%84%D8%A9_%D8%A7%D9%84%D8%B4%D8%A7%D8%A6%D8%B9%D8%A9_FAQ\"><\/span>\u0627\u0644\u0623\u0633\u0626\u0644\u0629 \u0627\u0644\u0634\u0627\u0626\u0639\u0629 (FAQ)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3>\u0645\u0627 \u0647\u0648 \u0627\u0644\u0641\u0631\u0642 \u0628\u064a\u0646 \u0633\u0648\u0642 RWA \u0627\u0644\u0643\u0627\u0645\u0644 \u0648\u0642\u064a\u0645\u062a\u0647 \u0641\u064a DeFi\u061f<\/h3>\n<p>\u0633\u0648\u0642 RWA \u0627\u0644\u0643\u0627\u0645\u0644 (30 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631) \u064a\u0634\u0645\u0644 \u062c\u0645\u064a\u0639 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u062d\u0642\u064a\u0642\u064a\u0629 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 \u0639\u0644\u0649 \u0627\u0644\u0633\u0644\u0633\u0644\u0629 \u062d\u062a\u0649 \u0644\u0648 \u0643\u0627\u0646\u062a \u0645\u062d\u0641\u0648\u0638\u0629 \u0641\u064a \u0623\u0646\u0638\u0645\u0629 \u0645\u063a\u0644\u0642\u0629 \u0623\u0648 \u0645\u0635\u0631\u062d \u0628\u0647\u0627. \u0623\u0645\u0627 \u0642\u064a\u0645\u0629 RWA \u0641\u064a DeFi \u0627\u0644\u0646\u0634\u0637\u0629 (2.47 \u0645\u0644\u064a\u0627\u0631 \u062f\u0648\u0644\u0627\u0631) \u0641\u062a\u0642\u064a\u0633 \u0641\u0642\u0637 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0648\u062f\u0639\u0629 \u0641\u0639\u0644\u064a\u0627\u064b \u0641\u064a \u0628\u0631\u0648\u062a\u0648\u0643\u0648\u0644\u0627\u062a \u0627\u0644\u062a\u0645\u0648\u064a\u0644 \u0627\u0644\u0644\u0627\u0645\u0631\u0643\u0632\u064a \u0627\u0644\u0645\u0641\u062a\u0648\u062d\u0629 \u0645\u062b\u0644 \u0627\u0644\u0625\u0642\u0631\u0627\u0636 \u0648\u0627\u0644\u0627\u0642\u062a\u0631\u0627\u0636\u060c \u0645\u0645\u0627 \u064a\u0639\u0646\u064a \u0623\u0646 \u0645\u0639\u0638\u0645 \u0633\u0648\u0642 RWA \u063a\u064a\u0631 \u0645\u062a\u0627\u062d \u0644\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0627\u0644\u062d\u0631 \u0641\u064a DeFi.<\/p>\n<h3>\u0644\u0645\u0627\u0630\u0627 \u0645\u0639\u0638\u0645 \u0627\u0644\u0623\u0635\u0648\u0644 \u0627\u0644\u0645\u0631\u0645\u0651\u0632\u0629 \u063a\u064a\u0631 \u0642\u0627\u0628\u0644\u0629 \u0644\u0644\u0627\u0633\u062a\u062e\u062f\u0627\u0645 \u0641\u064a DeFi\u061f<\/h3>\n<p>\u0644\u0623\u0646 \u0645\u064f\u0635\u062f\u0631\u064a \u0647\u0630\u0647 \u0627\u0644\u0623\u0635\u0648\u0644 (\u0645\u062b\u0644 BlackRock) \u064a\u0628\u0646\u0648\u0646\u0647\u0627 \u0644\u0644\u0627\u0645\u062a\u062b\u0627\u0644 \u0627\u0644\u062a\u0646\u0638\u064a\u0645\u064a \u0623\u0648\u0644\u0627\u064b. \u0647\u0630\u0627 \u064a\u0639\u0646\u064a \u0641\u0631\u0636 \u0642\u064a\u0648\u062f \u0645\u062b\u0644 \u0627\u0644\u0642\u0648\u0627\u0626\u0645 \u0627\u0644\u0628\u064a\u0636\u0627\u0621 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&hellip;<\/p>\n","protected":false},"author":21,"featured_media":163671,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-163672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-defi"],"_links":{"self":[{"href":"https:\/\/www.arabcryptocap.io\/blog\/wp-json\/wp\/v2\/posts\/163672","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.arabcryptocap.io\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.arabcryptocap.io\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.arabcryptocap.io\/blog\/wp-json\/wp\/v2\/users\/21"}],"replies":[{"embeddable":true,"href":"https:\/\/www.arabcryptocap.io\/blog\/wp-json\/wp\/v2\/comments?post=163672"}],"version-history":[{"count":0,"href":"https:\/\/www.arabcryptocap.io\/blog\/wp-json\/wp\/v2\/posts\/163672\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.arabcryptocap.io\/blog\/wp-json\/wp\/v2\/media\/163671"}],"wp:attachment":[{"href":"https:\/\/www.arabcryptocap.io\/blog\/wp-json\/wp\/v2\/media?parent=163672"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.arabcryptocap.io\/blog\/wp-json\/wp\/v2\/categories?post=163672"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.arabcryptocap.io\/blog\/wp-json\/wp\/v2\/tags?post=163672"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}