{"id":15241,"date":"2026-05-15T13:58:51","date_gmt":"2026-05-15T06:58:51","guid":{"rendered":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/15\/tokenization-tren-wall-street-va-bai-toan-thanh-khoan-chua-co-loi-giai\/"},"modified":"2026-05-15T13:58:51","modified_gmt":"2026-05-15T06:58:51","slug":"tokenization-tren-wall-street-va-bai-toan-thanh-khoan-chua-co-loi-giai","status":"publish","type":"post","link":"https:\/\/taichinhphowall.com\/index.php\/2026\/05\/15\/tokenization-tren-wall-street-va-bai-toan-thanh-khoan-chua-co-loi-giai\/","title":{"rendered":"Tokenization tr\u00ean Wall Street v\u00e0 b\u00e0i to\u00e1n thanh kho\u1ea3n ch\u01b0a c\u00f3 l\u1eddi gi\u1ea3i"},"content":{"rendered":"
\n

S\u1ef1 b\u00f9ng n\u1ed5 c\u1ee7a Tokenization tr\u00ean Wall Street, v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n th\u1ef1c (RWA) v\u01b0\u1ee3t ng\u01b0\u1ee1ng 32 t\u1ef7 USD, \u0111ang t\u1ea1o ra m\u1ed9t c\u01a1n s\u1ed1t trong gi\u1edbi t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng l\u1eabn c\u1ed9ng \u0111\u1ed3ng blockchain. Tuy nhi\u00ean, thay v\u00ec \u0111\u1eafm m\u00ecnh trong nh\u1eefng c\u1ed9t m\u1ed1c con s\u1ed1 t\u0103ng tr\u01b0\u1edfng \u0111\u1ea7y h\u00e0o nho\u00e1ng, Chris Kim, CEO c\u1ee7a Axis, l\u1ea1i \u0111\u01b0a ra m\u1ed9t g\u00f3c nh\u00ecn mang t\u00ednh c\u1ea3nh t\u1ec9nh: th\u1ecb tr\u01b0\u1eddng c\u00f3 l\u1ebd \u0111ang \u0103n m\u1eebng sai \u0111\u00edch \u0111\u1ebfn. Khi c\u00e1c \u0111\u1ecbnh ch\u1ebf t\u00e0i ch\u00ednh l\u1edbn nh\u01b0 JPMorgan li\u00ean t\u1ee5c n\u1ed9p \u0111\u01a1n \u0111\u0103ng k\u00fd cho c\u00e1c qu\u1ef9 token h\u00f3a m\u1edbi, c\u00e2u h\u1ecfi c\u1ed1t l\u00f5i kh\u00f4ng c\u00f2n n\u1eb1m \u1edf quy m\u00f4 t\u00e0i s\u1ea3n, m\u00e0 n\u1eb1m \u1edf s\u1ef1 t\u1eafc ngh\u1ebdn trong c\u01a1 ch\u1ebf lu\u00e2n chuy\u1ec3n v\u1ed1n \u2013 hay n\u00f3i c\u00e1ch kh\u00e1c, ch\u00ednh l\u00e0 b\u00e0i to\u00e1n thanh kho\u1ea3n ch\u01b0a c\u00f3 l\u1eddi gi\u1ea3i c\u1ee7a Tokenization.<\/p>\n

\n \"Tokenization
\u1ea2nh t\u1eeb ngu\u1ed3n: cointelegraph.com<\/em><\/figcaption><\/figure>\n

B\u1ea3n ch\u1ea5t c\u1ee7a cu\u1ed9c ch\u01a1i Tokenization<\/h2>\n

Tokenization th\u1ef1c ch\u1ea5t l\u00e0 qu\u00e1 tr\u00ecnh \u0111\u01b0a c\u00e1c t\u00e0i s\u1ea3n truy\u1ec1n th\u1ed1ng l\u00ean chu\u1ed7i kh\u1ed1i \u0111\u1ec3 t\u1ed1i \u01b0u h\u00f3a kh\u1ea3 n\u0103ng ph\u00e2n chia v\u00e0 chuy\u1ec3n nh\u01b0\u1ee3ng. Trong th\u1ebf gi\u1edbi l\u00fd t\u01b0\u1edfng, m\u1ed9t t\u00e0i s\u1ea3n \u0111\u00e3 \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a s\u1ebd c\u00f3 kh\u1ea3 n\u0103ng di chuy\u1ec3n linh ho\u1ea1t, nhanh ch\u00f3ng v\u00e0 kh\u00f4ng bi\u00ean gi\u1edbi. Tuy nhi\u00ean, s\u1ef1 “t\u1eafc ngh\u1ebdn” m\u00e0 Chris Kim \u0111\u1ec1 c\u1eadp ch\u00ednh l\u00e0 kho\u1ea3ng c\u00e1ch gi\u1eefa h\u1ea1 t\u1ea7ng k\u1ef9 thu\u1eadt hi\u1ec7n \u0111\u1ea1i v\u00e0 kh\u1ea3 n\u0103ng ch\u1ea5p nh\u1eadn c\u1ee7a d\u00f2ng ti\u1ec1n th\u1ef1c. C\u00e1c h\u1ec7 sinh th\u00e1i \u0111ang m\u1ea3i mi\u1ebft x\u00e2y d\u1ef1ng nh\u1eefng “b\u1ebfn \u0111\u1ed7” cho RWA m\u00e0 qu\u00ean m\u1ea5t r\u1eb1ng, n\u1ebfu t\u00e0i s\u1ea3n \u0111\u00f3 kh\u00f4ng th\u1ec3 trao \u0111\u1ed5i d\u1ec5 d\u00e0ng trong m\u1ed9t th\u1ecb tr\u01b0\u1eddng th\u1ee9 c\u1ea5p hi\u1ec7u qu\u1ea3, th\u00ec t\u00ednh thanh kho\u1ea3n c\u1ee7a n\u00f3 v\u1eabn ch\u1ec9 l\u00e0 con s\u1ed1 tr\u00ean gi\u1ea5y.<\/p>\n

Vi\u1ec7c so s\u00e1nh s\u1ef1 ti\u1ebfn b\u1ed9 n\u00e0y v\u1edbi c\u00e1c th\u00e1ch th\u1ee9c k\u1ef9 thu\u1eadt c\u1ee7a nh\u1eefng t\u00e0i s\u1ea3n s\u1ed1 nguy\u00ean b\u1ea3n nh\u01b0 Bitcoin gi\u00e1 80K v\u00e0 nh\u1eefng r\u00e0o c\u1ea3n k\u1ef9 thu\u1eadt tr\u00ean h\u00e0nh tr\u00ecnh chinh ph\u1ee5c cho th\u1ea5y m\u1ed9t s\u1ef1 t\u01b0\u01a1ng \u0111\u1ed3ng r\u00f5 r\u1ec7t: c\u00f4ng ngh\u1ec7 d\u00f9 \u0111\u1ed9t ph\u00e1 \u0111\u1ebfn \u0111\u00e2u v\u1eabn ph\u1ea3i \u0111\u1ed1i m\u1eb7t v\u1edbi nh\u1eefng “n\u00fat th\u1eaft c\u1ed5 chai” v\u1ec1 v\u1eadn h\u00e0nh. Khi c\u00e1c t\u1ed5 ch\u1ee9c nh\u01b0 JPMorgan b\u1eaft \u0111\u1ea7u thi\u1ebft l\u1eadp c\u00e1c qu\u1ef9 m\u1edbi, h\u1ecd kh\u00f4ng ch\u1ec9 \u0111\u01a1n thu\u1ea7n l\u00e0 \u0111\u01b0a t\u00e0i s\u1ea3n l\u00ean blockchain, m\u00e0 h\u1ecd \u0111ang c\u1ed1 g\u1eafng t\u00edch h\u1ee3p c\u00e1c ti\u00eau chu\u1ea9n qu\u1ea3n tr\u1ecb kh\u1eaft khe c\u1ee7a t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng v\u00e0o nh\u1eefng giao th\u1ee9c phi t\u1eadp trung. \u0110i\u1ec1u n\u00e0y t\u1ea1o ra m\u1ed9t ma tr\u1eadn k\u1ef9 thu\u1eadt ph\u1ee9c t\u1ea1p, n\u01a1i t\u00ednh b\u1ea3o m\u1eadt v\u00e0 s\u1ef1 tu\u00e2n th\u1ee7 v\u00f4 t\u00ecnh tr\u1edf th\u00e0nh r\u00e0o c\u1ea3n ng\u0103n d\u00f2ng thanh kho\u1ea3n ch\u1ea3y t\u1ef1 do.<\/p>\n

Khi c\u00f4ng ngh\u1ec7 v\u01b0\u1ee3t xa kh\u1ea3 n\u0103ng v\u1eadn h\u00e0nh<\/h2>\n

Nh\u00ecn s\u00e2u v\u00e0o b\u1ea3n ch\u1ea5t, s\u1ef1 h\u00e0o nho\u00e1ng c\u1ee7a c\u00e1c con s\u1ed1 th\u1ed1ng k\u00ea th\u01b0\u1eddng che \u0111\u1eady s\u1ef1 thi\u1ebfu h\u1ee5t v\u1ec1 th\u1ecb tr\u01b0\u1eddng t\u1ea1o l\u1eadp thanh kho\u1ea3n chuy\u00ean bi\u1ec7t cho RWA. Th\u1ef1c t\u1ebf cho th\u1ea5y m\u1ed9t ngh\u1ecbch l\u00fd l\u00e0 trong khi th\u1ebf gi\u1edbi k\u1ef9 thu\u1eadt s\u1ed1 \u0111ang ch\u1ee9ng ki\u1ebfn nh\u1eefng b\u01b0\u1edbc ti\u1ebfn v\u01b0\u1ee3t b\u1eadc nh\u01b0 c\u00e1ch m\u00e0 Clawville v\u00e0 b\u01b0\u1edbc ti\u1ebfn \u0111\u1ed9t ph\u00e1 c\u1ee7a AI-native MMORPG trong h\u1ec7 sinh th\u00e1i Milady \u0111\u00e3 th\u1ef1c hi\u1ec7n \u0111\u01b0\u1ee3c, th\u00ec c\u00e1c t\u00e0i s\u1ea3n t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng l\u1ea1i \u0111ang loay hoay trong vi\u1ec7c t\u00ecm ki\u1ebfm m\u1ed9t c\u01a1 ch\u1ebf giao d\u1ecbch \u0111\u1ed3ng b\u1ed9. S\u1ef1 kh\u00e1c bi\u1ec7t gi\u1eefa m\u1ed9t v\u1eadt ph\u1ea9m trong game v\u00e0 m\u1ed9t qu\u1ef9 \u0111\u1ea7u t\u01b0 h\u00e0ng tri\u1ec7u USD n\u1eb1m \u1edf l\u1edbp “c\u01a1 s\u1edf h\u1ea1 t\u1ea7ng ni\u1ec1m tin” \u2013 \u0111i\u1ec1u m\u00e0 c\u00e1c c\u01a1 quan qu\u1ea3n l\u00fd nh\u01b0 CLARITY Act v\u00e0 s\u1ef1 \u0111\u1ed3ng thu\u1eadn t\u1ea1i \u1ee6y ban Ng\u00e2n h\u00e0ng Th\u01b0\u1ee3ng vi\u1ec7n M\u1ef9 \u0111ang n\u1ed7 l\u1ef1c thi\u1ebft l\u1eadp m\u1ed9t khung ph\u00e1p l\u00fd r\u00f5 r\u00e0ng.<\/p>\n

N\u1ebfu kh\u00f4ng c\u00f3 c\u00e1c quy chu\u1ea9n ph\u00e1p l\u00fd v\u00e0 k\u1ef9 thu\u1eadt nh\u1ea5t qu\u00e1n, vi\u1ec7c token h\u00f3a t\u00e0i s\u1ea3n ch\u1ec9 gi\u1ed1ng nh\u01b0 vi\u1ec7c t\u1ea1o ra nh\u1eefng “\u0111\u1ea3o hoang” k\u1ef9 thu\u1eadt s\u1ed1. M\u1ed7i qu\u1ef9, m\u1ed7i n\u1ec1n t\u1ea3ng v\u1eadn h\u00e0nh theo m\u1ed9t chu\u1ea9n ri\u00eang bi\u1ec7t, khi\u1ebfn cho vi\u1ec7c thanh kho\u1ea3n li\u00ean chu\u1ed7i ho\u1eb7c li\u00ean h\u1ec7 th\u1ed1ng tr\u1edf n\u00ean b\u1ea5t kh\u1ea3 thi. \u0110\u1ec3 v\u01b0\u1ee3t qua ng\u01b0\u1ee1ng c\u1eeda 32 t\u1ef7 USD v\u00e0 th\u1ef1c s\u1ef1 tr\u1edf th\u00e0nh t\u01b0\u01a1ng lai c\u1ee7a t\u00e0i ch\u00ednh, Wall Street c\u1ea7n ph\u1ea3i thay \u0111\u1ed5i tr\u1ecdng t\u00e2m: chuy\u1ec3n d\u1ecbch t\u1eeb vi\u1ec7c ch\u1ea1y \u0111ua theo kh\u1ed1i l\u01b0\u1ee3ng t\u00e0i s\u1ea3n \u0111\u01b0\u1ee3c m\u00e3 h\u00f3a sang vi\u1ec7c x\u00e2y d\u1ef1ng m\u1ed9t m\u1ea1ng l\u01b0\u1edbi thanh kho\u1ea3n th\u00f4ng su\u1ed1t, n\u01a1i t\u00e0i s\u1ea3n c\u00f3 th\u1ec3 lu\u00e2n chuy\u1ec3n d\u1ec5 d\u00e0ng m\u00e0 kh\u00f4ng b\u1ecb m\u1eafc k\u1eb9t b\u1edfi c\u00e1c “t\u01b0\u1eddng l\u1eeda” k\u1ef9 thu\u1eadt hay r\u00e0o c\u1ea3n tu\u00e2n th\u1ee7 c\u1ee5c b\u1ed9.<\/p>\n

H\u01b0\u1edbng t\u1edbi m\u1ed9t h\u1ec7 sinh th\u00e1i thanh kho\u1ea3n th\u1ef1c th\u1ee5<\/h2>\n

Thay v\u00ec \u0111\u1eb7t ra nh\u1eefng c\u1ed9t m\u1ed1c v\u1ec1 s\u1ed1 l\u01b0\u1ee3ng, th\u1ecb tr\u01b0\u1eddng c\u1ea7n m\u1ed9t s\u1ef1 chuy\u1ec3n \u0111\u1ed5i t\u01b0 duy v\u1ec1 b\u1ea3n ch\u1ea5t v\u1eadn h\u00e0nh. Nh\u1eefng l\u1eddi c\u1ea3nh b\u00e1o t\u1eeb CEO Chris Kim l\u00e0 h\u1ed3i chu\u00f4ng nh\u1eafc nh\u1edf r\u1eb1ng c\u00f4ng ngh\u1ec7 ch\u1ec9 l\u00e0 c\u00f4ng c\u1ee5, c\u00f2n thanh kho\u1ea3n m\u1edbi l\u00e0 m\u00e1u c\u1ee7a n\u1ec1n kinh t\u1ebf. S\u1ef1 th\u00e0nh c\u00f4ng c\u1ee7a qu\u00e1 tr\u00ecnh n\u00e0y kh\u00f4ng n\u1eb1m \u1edf bao nhi\u00eau t\u1ef7 USD \u0111\u00e3 \u0111\u01b0\u1ee3c \u0111\u01b0a l\u00ean blockchain, m\u00e0 n\u1eb1m \u1edf vi\u1ec7c bao nhi\u00eau trong s\u1ed1 \u0111\u00f3 c\u00f3 th\u1ec3 chuy\u1ec3n \u0111\u1ed5i th\u00e0nh ti\u1ec1n m\u1eb7t ho\u1eb7c c\u00e1c t\u00e0i s\u1ea3n kh\u00e1c trong t\u00edch t\u1eafc. M\u1ed9t h\u1ec7 sinh th\u00e1i t\u00e0i ch\u00ednh m\u1ea1nh m\u1ebd ph\u1ea3i l\u00e0 m\u1ed9t h\u1ec7 sinh th\u00e1i kh\u00f4ng c\u00f3 r\u00e0o c\u1ea3n, n\u01a1i d\u00f2ng ch\u1ea3y c\u1ee7a v\u1ed1n \u0111\u01b0\u1ee3c t\u1ed1i \u01b0u h\u00f3a b\u1eb1ng thu\u1eadt to\u00e1n nh\u01b0ng v\u1eabn gi\u1eef \u0111\u01b0\u1ee3c s\u1ef1 \u1ed5n \u0111\u1ecbnh c\u1ea7n thi\u1ebft c\u1ee7a m\u1ed9t th\u1ecb tr\u01b0\u1eddng c\u00f3 ki\u1ec3m so\u00e1t.<\/p>\n

B\u00e0i vi\u1ebft \u0111\u00e3 \u0111\u01b0\u1ee3c bi\u00ean t\u1eadp l\u1ea1i t\u1eeb ngu\u1ed3n: cointelegraph.com<\/em><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

S\u1ef1 b\u00f9ng n\u1ed5 c\u1ee7a Tokenization tr\u00ean Wall Street, v\u1edbi t\u1ed5ng gi\u00e1 tr\u1ecb t\u00e0i s\u1ea3n th\u1ef1c (RWA) v\u01b0\u1ee3t ng\u01b0\u1ee1ng 32 t\u1ef7 USD, \u0111ang t\u1ea1o ra m\u1ed9t c\u01a1n s\u1ed1t trong gi\u1edbi t\u00e0i ch\u00ednh truy\u1ec1n th\u1ed1ng l\u1eabn c\u1ed9ng \u0111\u1ed3ng blockchain. Tuy nhi\u00ean, thay v\u00ec \u0111\u1eafm m\u00ecnh trong nh\u1eefng c\u1ed9t m\u1ed1c con s\u1ed1 t\u0103ng tr\u01b0\u1edfng \u0111\u1ea7y h\u00e0o nho\u00e1ng, Chris […]<\/p>\n","protected":false},"author":1,"featured_media":15238,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[51],"tags":[],"class_list":["post-15241","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-va-web3"],"_links":{"self":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/15241","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/comments?post=15241"}],"version-history":[{"count":0,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/posts\/15241\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media\/15238"}],"wp:attachment":[{"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/media?parent=15241"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/categories?post=15241"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/taichinhphowall.com\/index.php\/wp-json\/wp\/v2\/tags?post=15241"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}