多年来，加密经济如同数字版的“狂野西部”：波动剧烈、投机性强，且往往与现实世界脱节。如今，亚洲正引领一场变革——构建一个不仅交易代币，还能将道路、太阳能发电厂以及金融工具代币化的区块链生态系统。这是一场从“轮盘赌”到“监管轨道”、从投机到基础架构的转变。
区块链最初的应用完全囿于虚拟范畴：加密货币和非同质化代币（NFT）所代表的数字资产在现实世界里并无对应之物。不过，下一代金融创新者正试图推动区块链在“现实世界”中发挥作用，通过将艺术品、房地产等现实世界资产代币化来实现——若两家总部位于亚洲的小型金融初创公司能够得偿所愿，清洁能源也将被纳入其中。
若预测无误，区块链上的现实世界资产将蕴含着巨大的商机：渣打银行（Standard Chartered）预估，未来十年这一市场规模或将高达30.1万亿美元。
总部位于泰国的机构加密货币服务提供商Amber Premium，以及专注于可再生能源的代币化基础设施公司Evolve，以全球标准衡量，它们的规模可谓微小：Amber的市值约为6亿美元，而Evolve管理的资产规模也相对较小。
与币安（Binance）、Coinbase等加密货币领域的巨头不同，Amber和Evolve聚焦于细分领域，专注于将现实世界基础设施代币化，这无疑是亚洲重塑数字金融领域的范例。
Amber与Evolve的共同之处在于代币——它们致力于将现实世界资产转化为区块链上的数字代币。从原则上讲，这为机构投资者提供了颇具吸引力的替代传统投资结构的方案。投资者无需通过层层金融中介机构，而是通过区块链直接拥有可审计的所有权。用户随后可按照自己的意愿分割和交易这些代币，并设置智能合约来实现收益的自动分配。
这些代币代表有形实物或金融资产——太阳能电池板、政府债券、电动汽车车队——为加密市场带来真实收益、更低波动性以及法律层面的透明度。Amber Premium允许客户持有代币化清洁能源债务、货币市场稳定币等资产，所有资产均可存放在单一数字钱包中。与此同时，Evolve的代币与太阳能发电厂和电池网络挂钩，实现了工业基础设施与数字金融的无缝衔接。
Amber Premium由前摩根士丹利交易员霍伟恩（Wayne Huo）担任首席执行官，近期该公司与爱点击（iClick）完成合并，成功在纳斯达克上市，成为一家受全面监管的机构加密货币运营商。Amber构建的监管框架横跨多个司法管辖区：其新加坡子公司（前身为Sparrow Tech）在新加坡金融管理局（MAS）监管下运营，其他子公司则持有契合亚洲当地市场需求的牌照。该公司大力投资合规基础设施，旨在满足机构客户和监管机构的期望。
Amber在纳斯达克成功上市，使其成为美国上市机构通往“Web3”（即基于去中心化区块链技术构建的互联网）的门户。霍伟恩出任首席执行官，为公司搭建起连接传统金融的桥梁。
Amber Premium的客户群体明显以机构为主。截至2025年第一季度，该平台约有928名活跃客户（较上年同期的891名有所增加），管理的资产总额达12.75亿美元。其客户涵盖亚洲、中东及北美地区的区域性银行、家族办公室、对冲基金和企业财务部门。Amber的客户中，有相当大一部分来自大中华区，在中国大陆对加密货币态度不明朗的背景下，他们寻求投资数字资产以获取相应敞口。
Amber仍是一家小型公司，2025年第一季度营收仅为1494万美元，较上年同期的100万美元有所增长。Amber Premium尚未实现盈利，而是将重心放在基础设施建设、牌照申领及监管合规工作上，而非追逐短期收益。其营收状况也深受加密货币市场波动的影响：2024年营收仅为3300万美元，低于2021年（新冠疫情期间加密货币热潮巅峰时期）的3.08亿美元。自上市以来，其股价已下跌50%，从3月约12.80美元的峰值跌至如今的约6.50美元。分析师将此归因于公众认知度低、交易量疲软，以及2022年FTX轰然崩盘后，市场对加密金融混合模式可行性的质疑。
Evolve，由加拿大加密货币交易所交易基金（ETF）及早期数字资产监管领域的先驱许友坚（Maverick Hui）创立，正将可再生能源基础设施（如电池更换站、太阳能发电厂及电动汽车充电网络）转化为数字代币，为投资者提供与资产规模相匹配的回报。该公司旗下多只ETF产品，包括与比特币和索拉纳币相关的ETF，已获得安大略省证券委员会（OSC）的批准。该公司与美国持牌托管机构，如Coinbase Custody Trust展开合作，以实现跨境资产托管。
Evolve的许友坚聚焦于能创造收益的清洁能源资产，尤其是通过电动滑板车及电池站制造商Mile Green推进相关业务布局。2025年初，Mile Green从总部位于新加坡的私募投资公司CMAG Funds获得5000万美元资金，用于在东南亚及非洲部分地区拓展电池更换和电动汽车充电基础设施。
[《财富》杂志母公司持有CMAG Funds少数股权。《财富》杂志的所有者谢展（Chatchaval Jiaravanon）还投资了Amber、Mile Green和Evolve，近期参与了Amber2550万美元的私募融资。]
Mile Green是Evolve在基础设施领域的合作伙伴：Mile Green开发清洁能源资产，而Evolve则将其转化为投资级数字代币。投资者如今能够通过这些代币，而非公司文件，来追踪资产表现。
亚洲引领加密货币浪潮
得益于更为明晰的监管框架、创新沙盒以及渴望探索的初创企业，亚洲在代币化金融领域已占据领先地位。即使是在中国大陆，尽管禁止大多数加密货币交易与挖矿活动，但仍通过国家支持的区块链服务网络（BSN）以及央行数字货币（数字人民币，e-CNY）探索企业级区块链应用。
香港与新加坡这两大国际金融中心，堪称亚洲对加密货币最为友好的司法管辖区。不过，两地监管机构仍对加密货币持谨慎态度：代币化产品遭遇严格限制，零售渠道管控严密，审批流程难以预判。其中一大关键制约因素在于代币化资产在钱包间转移的难度较大——钱包到钱包的转账往往受限或需复杂审批流程，这限制了其更为广泛的应用。
美国政策风向的转变也为亚洲加密货币平台带来利好。显而易见的是，特朗普政府第二任期采取了对加密货币更为友好的立场：1月，美国总统唐纳德·特朗普签署行政令，推动负责任的区块链发展；暂停对Coinbase、币安等加密货币交易所的执法行动；美国证券交易委员会（SEC）随后成立“加密货币2.0”工作组，旨在厘清加密货币相关规则，一改此前拜登政府对此持有的怀疑态度。
3月，白宫宣布设立战略比特币储备（SBR）和美国数字资产储备，将比特币、以太坊、索拉纳币、瑞波币和卡尔达诺列为国家数字资产。8月，新出台的规定允许401(k)退休计划投资加密货币、私募股权和房地产，从而释放了数万亿美元的潜在机构资金。
特朗普政府还支持《指导与建立美国稳定币国家创新法案》（“GENIUS法案”，GENIUS Act），该法案明确了稳定币相关规则。这些举措共同为加密货币行业搭建起其期盼已久的发展基石——更友好的生态环境与更稳定的法律框架。
这些转变为Amber和Evolve带来利好。作为一家在纳斯达克上市的公司，Amber获得了监管层面的合法性背书，能更顺畅地进入美国市场。Evolve的收益型代币化基础设施或将很快吸引寻求新型资产的养老基金及受托投资者。
随着美国政策立场趋于宽松、亚洲在数字金融领域加大投入，Amber Premium和Evolve等企业正悄然搭建起区块链下一阶段应用所需的金融基础设施，并将现实世界引入区块链。
前路依然漫长：流动性依然稀薄，估值仍处于低位，该行业仍易受全球监管政策波动影响。此外还有所有权问题亟待解决：如何确保区块链上的数字代币能赋予持有者对相关现实世界资产清晰明确且可执行的所有权主张？
代币化金融或许仍处于早期阶段，但基础设施正日益成熟。亚洲虽并非区块链的诞生地，但或许会成为区块链真正落地的地方。（*）
译者：中慧言-王芳
多年来，加密经济如同数字版的“狂野西部”：波动剧烈、投机性强，且往往与现实世界脱节。如今，亚洲正引领一场变革——构建一个不仅交易代币，还能将道路、太阳能发电厂以及金融工具代币化的区块链生态系统。这是一场从“轮盘赌”到“监管轨道”、从投机到基础架构的转变。
区块链最初的应用完全囿于虚拟范畴：加密货币和非同质化代币（NFT）所代表的数字资产在现实世界里并无对应之物。不过，下一代金融创新者正试图推动区块链在“现实世界”中发挥作用，通过将艺术品、房地产等现实世界资产代币化来实现——若两家总部位于亚洲的小型金融初创公司能够得偿所愿，清洁能源也将被纳入其中。
若预测无误，区块链上的现实世界资产将蕴含着巨大的商机：渣打银行（Standard Chartered）预估，未来十年这一市场规模或将高达30.1万亿美元。
总部位于泰国的机构加密货币服务提供商Amber Premium，以及专注于可再生能源的代币化基础设施公司Evolve，以全球标准衡量，它们的规模可谓微小：Amber的市值约为6亿美元，而Evolve管理的资产规模也相对较小。
与币安（Binance）、Coinbase等加密货币领域的巨头不同，Amber和Evolve聚焦于细分领域，专注于将现实世界基础设施代币化，这无疑是亚洲重塑数字金融领域的范例。
Amber与Evolve的共同之处在于代币——它们致力于将现实世界资产转化为区块链上的数字代币。从原则上讲，这为机构投资者提供了颇具吸引力的替代传统投资结构的方案。投资者无需通过层层金融中介机构，而是通过区块链直接拥有可审计的所有权。用户随后可按照自己的意愿分割和交易这些代币，并设置智能合约来实现收益的自动分配。
这些代币代表有形实物或金融资产——太阳能电池板、政府债券、电动汽车车队——为加密市场带来真实收益、更低波动性以及法律层面的透明度。Amber Premium允许客户持有代币化清洁能源债务、货币市场稳定币等资产，所有资产均可存放在单一数字钱包中。与此同时，Evolve的代币与太阳能发电厂和电池网络挂钩，实现了工业基础设施与数字金融的无缝衔接。
Amber Premium由前摩根士丹利交易员霍伟恩（Wayne Huo）担任首席执行官，近期该公司与爱点击（iClick）完成合并，成功在纳斯达克上市，成为一家受全面监管的机构加密货币运营商。Amber构建的监管框架横跨多个司法管辖区：其新加坡子公司（前身为Sparrow Tech）在新加坡金融管理局（MAS）监管下运营，其他子公司则持有契合亚洲当地市场需求的牌照。该公司大力投资合规基础设施，旨在满足机构客户和监管机构的期望。
Amber在纳斯达克成功上市，使其成为美国上市机构通往“Web3”（即基于去中心化区块链技术构建的互联网）的门户。霍伟恩出任首席执行官，为公司搭建起连接传统金融的桥梁。
Amber Premium的客户群体明显以机构为主。截至2025年第一季度，该平台约有928名活跃客户（较上年同期的891名有所增加），管理的资产总额达12.75亿美元。其客户涵盖亚洲、中东及北美地区的区域性银行、家族办公室、对冲基金和企业财务部门。Amber的客户中，有相当大一部分来自大中华区，在中国大陆对加密货币态度不明朗的背景下，他们寻求投资数字资产以获取相应敞口。
Amber仍是一家小型公司，2025年第一季度营收仅为1494万美元，较上年同期的100万美元有所增长。Amber Premium尚未实现盈利，而是将重心放在基础设施建设、牌照申领及监管合规工作上，而非追逐短期收益。其营收状况也深受加密货币市场波动的影响：2024年营收仅为3300万美元，低于2021年（新冠疫情期间加密货币热潮巅峰时期）的3.08亿美元。自上市以来，其股价已下跌50%，从3月约12.80美元的峰值跌至如今的约6.50美元。分析师将此归因于公众认知度低、交易量疲软，以及2022年FTX轰然崩盘后，市场对加密金融混合模式可行性的质疑。
Evolve，由加拿大加密货币交易所交易基金（ETF）及早期数字资产监管领域的先驱许友坚（Maverick Hui）创立，正将可再生能源基础设施（如电池更换站、太阳能发电厂及电动汽车充电网络）转化为数字代币，为投资者提供与资产规模相匹配的回报。该公司旗下多只ETF产品，包括与比特币和索拉纳币相关的ETF，已获得安大略省证券委员会（OSC）的批准。该公司与美国持牌托管机构，如Coinbase Custody Trust展开合作，以实现跨境资产托管。
Evolve的许友坚聚焦于能创造收益的清洁能源资产，尤其是通过电动滑板车及电池站制造商Mile Green推进相关业务布局。2025年初，Mile Green从总部位于新加坡的私募投资公司CMAG Funds获得5000万美元资金，用于在东南亚及非洲部分地区拓展电池更换和电动汽车充电基础设施。
[《财富》杂志母公司持有CMAG Funds少数股权。《财富》杂志的所有者谢展（Chatchaval Jiaravanon）还投资了Amber、Mile Green和Evolve，近期参与了Amber2550万美元的私募融资。]
Mile Green是Evolve在基础设施领域的合作伙伴：Mile Green开发清洁能源资产，而Evolve则将其转化为投资级数字代币。投资者如今能够通过这些代币，而非公司文件，来追踪资产表现。
亚洲引领加密货币浪潮
得益于更为明晰的监管框架、创新沙盒以及渴望探索的初创企业，亚洲在代币化金融领域已占据领先地位。即使是在中国大陆，尽管禁止大多数加密货币交易与挖矿活动，但仍通过国家支持的区块链服务网络（BSN）以及央行数字货币（数字人民币，e-CNY）探索企业级区块链应用。
香港与新加坡这两大国际金融中心，堪称亚洲对加密货币最为友好的司法管辖区。不过，两地监管机构仍对加密货币持谨慎态度：代币化产品遭遇严格限制，零售渠道管控严密，审批流程难以预判。其中一大关键制约因素在于代币化资产在钱包间转移的难度较大——钱包到钱包的转账往往受限或需复杂审批流程，这限制了其更为广泛的应用。
美国政策风向的转变也为亚洲加密货币平台带来利好。显而易见的是，特朗普政府第二任期采取了对加密货币更为友好的立场：1月，美国总统唐纳德·特朗普签署行政令，推动负责任的区块链发展；暂停对Coinbase、币安等加密货币交易所的执法行动；美国证券交易委员会（SEC）随后成立“加密货币2.0”工作组，旨在厘清加密货币相关规则，一改此前拜登政府对此持有的怀疑态度。
3月，白宫宣布设立战略比特币储备（SBR）和美国数字资产储备，将比特币、以太坊、索拉纳币、瑞波币和卡尔达诺列为国家数字资产。8月，新出台的规定允许401(k)退休计划投资加密货币、私募股权和房地产，从而释放了数万亿美元的潜在机构资金。
特朗普政府还支持《指导与建立美国稳定币国家创新法案》（“GENIUS法案”，GENIUS Act），该法案明确了稳定币相关规则。这些举措共同为加密货币行业搭建起其期盼已久的发展基石——更友好的生态环境与更稳定的法律框架。
这些转变为Amber和Evolve带来利好。作为一家在纳斯达克上市的公司，Amber获得了监管层面的合法性背书，能更顺畅地进入美国市场。Evolve的收益型代币化基础设施或将很快吸引寻求新型资产的养老基金及受托投资者。
随着美国政策立场趋于宽松、亚洲在数字金融领域加大投入，Amber Premium和Evolve等企业正悄然搭建起区块链下一阶段应用所需的金融基础设施，并将现实世界引入区块链。
前路依然漫长：流动性依然稀薄，估值仍处于低位，该行业仍易受全球监管政策波动影响。此外还有所有权问题亟待解决：如何确保区块链上的数字代币能赋予持有者对相关现实世界资产清晰明确且可执行的所有权主张？
代币化金融或许仍处于早期阶段，但基础设施正日益成熟。亚洲虽并非区块链的诞生地，但或许会成为区块链真正落地的地方。（*）
译者：中慧言-王芳
For years, the crypto economy was a digital Wild West: volatile, speculative, and often untethered from the real world. Now, Asia is leading a reinvention—building a blockchain ecosystem that doesn’t just trade coins, but tokenizes roads, solar farms, and financial instruments. It’s a shift from roulette wheels to regulated rails, from speculation to scaffolding.
The first uses of the blockchain were purely virtual: cryptocurrencies and NFTs that reflected digital assets with no real-world counterpart. Yet the next wave of financial innovators are trying to make blockchain work in the “real world” by tokenizing real-world assets like artwork, real estate—and, if two small Asia-based financial startups have their way, clean energy.
If predictions hold true, real-world assets on the blockchain can be a lucrative opportunity: Standard Chartered believes the market could be worth $30.1 trillion within the next decade.
Amber Premium, a Thailand-based institutional crypto services provider, and Evolve, a tokenized infrastructure company specializing in renewable energy, are tiny by global standards: Amber’s market capitalization hovers around $600 million, while Evolve manages a relatively small asset base.
Unlike crypto giants such as Binance or Coinbase, Amber and Evolve are niche, but their focus on tokenizing real-world infrastructure is an example of how Asia is transforming the realm of digital finance.
What connects both Amber and Evolve are tokens: the conversion of real-world assets into digital tokens onto a blockchain. In principle, this offers institutions a compelling alternative to legacy investment structures. Rather than have layers of financial intermediaries, investors have direct, auditable ownership through the blockchain. Users can then divide and trade these tokens however they wish, and set up smart contracts to automate yield distribution.
These tokens represent tangible physical or financial assets—solar arrays, government bonds, EV fleets—bringing real yield, lower volatility, and legal transparency to crypto markets. Amber Premium allows clients to hold tokenized clean energy debt, money-market stablecoins, and more—all within a single digital wallet. Meanwhile, Evolve’s tokens are linked to solar farms and battery networks, seamlessly bridging the gap between industrial infrastructure and digital finance.
Amber Premium, led by CEO Wayne Huo—a former Morgan Stanley trader—recently merged with iClick, securing a Nasdaq listing and establishing itself as a fully regulated institutional crypto player. Amber’s regulatory framework spans multiple jurisdictions: Its Singapore arm (formerly Sparrow Tech) operates under the Monetary Authority of Singapore (MAS), while other subsidiaries hold licenses adapted to local Asian markets. The firm invests heavily in compliance infrastructure, aiming to meet the expectations of institutional clients and regulators alike.
Amber’s Nasdaq listing established the company as a U.S.-listed institutional gateway into “Web3”—shorthand for an internet built on decentralized blockchain technologies. Huo took over as CEO, giving the company a bridge to traditional finance.
Amber Premium’s clientele is distinctly institutional. As of Q1 2025, the platform counted roughly 928 active clients—an increase from 891 the previous year—which collectively held $1.275 billion in assets under management. These clients span regional banks, family offices, hedge funds, and corporate treasuries across Asia, the Middle East, and North America. A significant share of Amber’s clients are based in Greater China and are looking for exposure to digital assets amid uncertainty around mainland China’s treatment of cryptocurrency.
Amber is still a tiny company, generating just $14.94 million in revenue in the first quarter of 2025, up from $1 million a year prior. Amber Premium has yet to turn a profit, instead prioritizing infrastructure, licensing, and regulatory compliance over short-term earnings. And its revenue has tracked the ups and downs of the crypto market: It generated just $33 million in revenue in 2024, down from $308 million in 2021, the height of the COVID-era crypto boom. Shares have lost half their value since the listing, falling from a peak of around $12.80 in March to around $6.50 today. Analysts blame low awareness, thin trading volume, and skepticism about the viability of crypto-finance hybrids after FTX’s spectacular collapse in 2022.
Evolve, founded by Maverick Hui, a pioneer of Canadian crypto ETFs and early digital asset regulation, is turning renewable energy infrastructure like battery-swapping stations, solar farms, and EV-charging networks into digital tokens that deliver proportional returns to investors. Several of its ETF offerings, including those tied to Bitcoin and Solana, have received approval from the Ontario Securities Commission. The company partners with U.S.-licensed custodians like Coinbase Custody Trust for cross-border holdings.
Hui, from Evolve, is focusing on yield-generating clean-energy assets, particularly through e-scooter and battery station manufacturer Mile Green. In early 2025, Mile Green secured $50 million from CMAG Funds, a Singapore-based private investment firm, to expand battery-swapping and EV-charging infrastructure across Southeast Asia and parts of Africa.
(Fortune’s parent company holds a minority stake in CMAG Funds. Chatchaval Jiaravanon, Fortune’s owner, is also an investor in Amber, Mile Green, and Evolve. Chatchaval recently took part in a $25.5 million private placement in Amber.)
Mile Green is Evolve’s infrastructure partner: Mile Green develops the clean energy assets, which Evolve converts into investment-grade digital tokens. Investors can now track performance through these tokens rather than company filings.
Asia leads the way on crypto
Asia is taking the lead in tokenized finance, thanks to clearer regulatory frameworks, innovation sandboxes, and startups that are eager to experiment. Even mainland China, which bans most cryptocurrency trading and mining, is experimenting with enterprise blockchain through its state-backed Blockchain-based Service Network (BSN) and central bank digital currency, the e-CNY.
The financial hubs of Hong Kong and Singapore are among Asia’s most crypto-friendly jurisdictions. Yet regulators in both cities are still cautious about cryptocurrency. Tokenized products still face strict limitations, retail access is tightly controlled, and approval processes can be unpredictable. One major constraint is the difficulty of transferring tokenized assets between wallets. As a result, wallet-to-wallet transfers are often restricted or require complex approvals, limiting broader adoption.
Changing winds in Washington are also buoying Asia-based crypto platforms. The second Trump administration is taking a decidedly more pro-crypto stance. In January, U.S. President Donald Trump signed an executive order promoting responsible blockchain growth. He paused enforcement actions against crypto exchanges like Coinbase and Binance, and Trump’s SEC then launched a “Crypto 2.0” task force to clarify rules on crypto, moving away from the preceding Biden administration’s more skeptical stance.
In March, the White House announced a Strategic Bitcoin Reserve and Digital Asset Stockpile, naming Bitcoin, Ethereum, Solana, XRP, and Cardano as national digital assets. Then, in August, new rules opened 401(k) retirement plans to crypto, private equity, and real estate—unlocking trillions in potential institutional capital.
The administration also backed the GENIUS Act, which clarifies rules for stablecoins. Together, these moves are ushering in what the crypto industry hopes will be a more friendly, legally stable foundation for growth.
These shifts benefit both Amber and Evolve. Amber, as a Nasdaq-listed company, gains regulatory legitimacy and improved U.S. market access. Evolve’s yield-bearing, tokenized infrastructure may soon appeal to pension funds and fiduciary investors seeking new types of assets.
As the U.S. softens its stance and Asia doubles down on digital finance, companies like Amber Premium and Evolve are quietly building the financial plumbing for the next phase of blockchain adoption—and getting the real world on the blockchain.
There’s still a long way to go. Liquidity remains thin, valuation remains depressed, and the sector remains vulnerable to global regulatory swings. Then there’s the ownership question: How do you ensure a digital token on the blockchain grants a clear and enforceable claim on the real-world asset in question?
Tokenized finance may still be in its early innings—but the infrastructure is maturing. Asia didn’t invent blockchain. But it may be where blockchain becomes real.