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原文
Tomasz Tunguz 博客·· 2026-09-30AI 评分48

The Fastest Growing Market in Tech isn't AI

The Fastest Growing Market in Tech isn't AI

文章要点
  • 1作者称代币化真实世界资产 RWA 月增速 53%，20 个月 5,133 倍，快于 Anthropic 收入月增 25%。
  • 2RWA 让股票与石油、铜等商品在链上 24/7 交易，商品交易所收盘后承担近 100% 公开价格发现。
  • 3Pantera 数据称 6 月 Hyperliquid 与 Lighter 股票永续达 $67.8b，为代币化股票现货的 16 倍。
  • 4稳定币已是美债前十大买家，超过中国、挪威与瑞士；Bloomberg 上线 Allium 供数的 RWA 仪表盘。
决策要点

链上资产增速跑赢 AI 收入是作者核心论点，但他所在的 Theory 投资了该市场数据商 Allium，这是一份利益相关的增长叙事。

  • 影响：部分公司上市前数周已在链上形成交易价格，股权估值参考多了一个来源；Stripe 等稳定币结算进入实际支付环节，跨境收付的基础设施选项在增加。
  • 参考：可考虑让财务或战投团队核实相关拟上市公司的链上交易价格再作估值参考；值得评估稳定币结算在自家跨境收付场景的成本与合规要求，先算出与现有通道的差价。
  • 依据：增速按 20 个月月复合口径，RWA 数据来自作者关联公司 Allium，Anthropic 收入引 Reuters、Bloomberg、CNBC 报道，永续数据出自 Pantera。
正文

In short : Tokenized real-world assets are the fastest-growing market in tech, compounding at 53% a month versus 25% for Anthropic. Stocks & commodities trade on blockchains 24/7, IPO pricing happens weeks before listing, & Allium now powers Bloomberg's RWA terminal dashboard.

The fastest growing market in the world isn’t AI ; it’s in crypto.

Market Monthly growth, 20 months Multiple
RWA trades 53% 5,133x
RWA spot volume 36% 483x
Anthropic revenue 25% 65x

1

Real world assets (RWA) means enabling stocks & commodities like oil & copper to trade on blockchains, handling nearly 100% of the public price discovery when the commodities exchanges close.

RWA powers IPO pricing weeks before public listing for Anthropic, OpenAI, SpaceX, & Cerebras,2 using instruments called perpetuals on stocks;3 & RWA provides international access to important companies.

Stablecoins, digital money, have become a top-10 buyer of US government debt, more than China, Norway, & Switzerland, & they settle the transactions behind each of these tokenized assets.

Every major financial player is pushing into RWA, from J.P. Morgan to HSBC to BlackRock, Citi, Goldman, Franklin Templeton, Robinhood,4 Stripe,5 & many others.

Tokenized RWA spot volume grew 483x in 20 months

As this market grows, blockchain data is essential. Bloomberg announced their RWA dashboard, powered by Allium, a Theory company.6, 7

The future of finance is onchain, & we’re rapidly seeing that transformation.

  1. Compound monthly growth rate, trailing 20 months. RWA data from Allium rwa.core.spot_trades (Jan 2025 – Sep 2026); Anthropic revenue run rate from Reuters/Bloomberg/CNBC ($1b end-2024 to $65b July 2026). ↩︎

  2. Hyperliquid: Pre-IPO Price Discovery on Crypto Rails (Talos) : Cerebras pre-IPO perp traded within 1.3% of its Nasdaq open ; SpaceX perps carried ~$215m OI & ~$2.2b cumulative volume pre-listing. ↩︎

  3. Pantera Capital, State of Tokenization : September 2026 : stock perpetuals on Hyperliquid & Lighter reached $67.8b in June, 16x tokenized equity spot. ↩︎

  4. DTCC begins first tokenized stock and Treasury production trades (The Block, July 15 2026) ↩︎

  5. Stripe’s stablecoin network — Stripe acquired Bridge & now settles stablecoin payouts, including Meta creator payouts, onchain. ↩︎

  6. Allium ↩︎

  7. Bloomberg Launches Stablecoin Dashboard on the Terminal Powered by Data from Allium (PR Newswire, Sept 30 2026) ↩︎

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来源：Tomasz Tunguz 博客 · tomtunguz.com

#观点趋势#金融#Anthropic