In this process, how will Hong Kong seize the opportunity to become a global RWA hub and promote the globalization of real-world assets on the blockchain? How can we ride the wave of Hong Kong's RWA era?

Through interviews with several industry leaders, we offer insights into Hong Kong's future, their views on Hong Kong's policy landscape, the globalization of RWA, and whether Hong Kong can truly become a global RWA hub.

What driving force will Hong Kong's stablecoin regulations have on industry development?

In the streets of Hong Kong, discussions about digital assets are moving from theory to practice.

As an international financial center, Hong Kong has always maintained close ties with global capital.

Mr. Shi Xingguo, founder of the Paralism parallel chain, member of the CCF Blockchain Committee, and former chief engineer at the Chinese Academy of Sciences' Internet Laboratory, offers a profound perspective on the impact of Hong Kong's stablecoin regulations.

He mentioned: "The introduction of the Hong Kong Stablecoin Ordinance is a proactive response to market demand, further consolidating Hong Kong's position as an international financial center. It not only provides certainty for the digital asset industry, but also effectively attracts global capital and innovative resources.

Especially in the context of China, the world's second-largest economy, Hong Kong's advantages under the 'One Country, Two Systems' policy undoubtedly provide unparalleled conditions for the global expansion of RWAs."

Furthermore, Shi Xingguo further pointed out that Hong Kong, as a "super hub," connects mainland China's vast assets with the global digital economy, making it an ideal springboard for RWAs.

In his view, RWAs will completely break the spatial and temporal limitations of physical asset liquidity, truly enabling the allocation and circulation of global assets.

Echoing this, Gao Chengshi, a PhD in Cryptography, Chairman of Anhui Zhangu Technology Co., Ltd., and author of "Stablecoins Closely Related to Every Ordinary Person," offered an innovative perspective: "The introduction of Hong Kong's Stablecoin Ordinance provides a solid foundation of monetary trust for the development of RWAs."

With stablecoins serving as a pricing tool for on-chain assets, RWA circulation, cross-border financing, and payment settlement will usher in unprecedented breakthroughs. Hong Kong's regulatory advantages not only enable it to attract international capital, but also promote Hong Kong as a global RWA hub."

Gao Chengshi further added that by integrating traditional financial compliance with digital asset innovation, Hong Kong is gradually leading a new landscape in the global financial market and laying the foundation for the globalization of RWAs.

From a legal perspective, Yu Chiyu, Partner at Dacheng Law Firm, Secretary-General of the Web3 Research Center, and Vice President of the Legal and Compliance Department of the RWA Research Institute, focused on how Hong Kong can promote the development of RWAs through legal compliance.

He pointed out: "Hong Kong's Stablecoin Ordinance provides a new compliance framework, which not only strengthens market trust in RWAs but also promotes their application in areas such as cross-border payments and green finance.

Hong Kong's common law system provides legal support for the cross-border flow of RWAs, facilitating the entry of global capital."

Can RWAs become a new channel for assets to "go global"?

In addition to policy guidance, how to connect RWAs with global markets has become a hot topic in the industry.

Gao Chengshi believes that the key to bringing real-world assets "on-chain and overseas" lies in the choice of path.

Currently, there are three main models: one is the on-chain issuance of off-chain assets such as funds, bonds, and real estate in the form of tokens; the second is cross-border financing by enterprises based on contractual cash flows on-chain, with real-world assets providing credit support; and the third is the establishment of an efficient on-chain transaction and clearing and settlement system using stablecoins as an anchor.

He pointed out: "Hong Kong is at the intersection of these three paths. With a comprehensive financial legal system and an international credit environment, it is one of the best springboards for the current on-chain asset transformation."

Meanwhile, Li Jingnan, Director of the Brand IP Institute of the RWA Research Institute and Vice President of the China Blockchain Ecosystem Alliance, also has clear strategic thinking.

She mentioned: "The future of RWA lies not only in technological breakthroughs in digital assets, but also in the key to the globalization of industrial assets."

Through RWA, Chinese industrial assets can easily cross borders and achieve global circulation. In the future, RWA will become a key link connecting Chinese brands with the global market, and Hong Kong is the best starting point for this connection."

Can Hong Kong become a bridgehead for digital assets in cross-border financing?

When discussing how RWA can integrate with the global market, Zhao Yongchao, Director of the Data Asset Department of the Shanghai Data Exchange and Vice President of the Research Institute, proposed a different approach.

He said, "We prefer the 'RDA/RWA' approach, first completing asset blockchain and data authentication in Shanghai, and then transferring the income rights of these assets to Hong Kong for RWA issuance.

This approach not only resolves Hong Kong's concerns about underlying asset identification but also accelerates the pace of RWA issuance in the Hong Kong market."

For Zhao Yongchao, Hong Kong's advantage lies in its international financial system and compliance framework, making it the best choice for promoting RWA overseas.

In his view, Hong Kong is not just a trading venue but also a hub for global capital convergence and asset flows.

Will RWA achieve scale in the next three years?

Looking ahead to the next three years, five panelists offered different views on the scale of RWA and Hong Kong's role in it.

Shi Xingguo believes that RWA will first achieve scale in fixed income assets, branded assets, and bulk raw materials, and that Hong Kong's policy advantages will make it a core center for RWA globally.

Gao Chengshi pointed out that on-chain money markets, cross-border trade, and supply chain finance are expected to be pioneers in RWAs.

He believes that as long as Hong Kong maintains its current innovative spirit, it will become an "offshore center for asset chain-based RWAs" within three years.

Li Jingnan focused on the tokenization of stocks and comprehensive financial assets, believing these will be key to the RWA boom over the next three years.

She emphasized that Hong Kong's ability to become a global tech finance center hinges on its resolve and the inclusiveness of its policies.

Zhao Yongchao suggested that with the coordination of mainland asset chain-based RWA issuance in Hong Kong, RWAs will experience rapid development in cross-border financing over the next few years, with Hong Kong serving as a key driver of this progress.

Finally, Yu Chiyu concluded that RWAs will achieve scale in fixed income assets and supply chain finance in the near term, and Hong Kong's potential as a global RWA hub will gradually be proven.

Conclusion

From strong policy support to the continuous inflow of capital, Hong Kong's advantages in the RWA sector are evident.

This is no longer a blueprint; it's a reality beating on the blockchain. When the spark of innovation meets a solid fortress of compliance, an "Eastern Star Port" for digital finance is accelerating towards its zenith.

Technology is evolving, and rules are being reshaped. Hong Kong now opens its arms—welcoming the digital torrent of global assets and firmly anchoring its core coordinates in the future financial universe.

Look! The tide of global wealth is rerouting its course towards Victoria Harbour!

Authors: Liang Yu and Li Jianqin

Editor: Zhao Yidan

About [RWA Research Institute]

RWA Research Institute (full name: RWA Research Institute, abbreviated: RWARI) was jointly founded by a group of senior financiers, Web3 practitioners, industry innovators, and technical experts. It was officially launched in Hong Kong on June 25, 2024.

As one of the earliest professional RWA research institutions internationally, RWA Research Institute focuses on the field of real-world assets (RWA) and is committed to promoting the integration of traditional financial assets and blockchain technology. Through in-depth research and practical applications, the Institute provides innovative solutions for investors and businesses, promotes the digitization and tokenization of physical assets, and builds a bridge between traditional finance and digital assets.

RWA Research Institute's core mission is to combine policy research, standard setting, and ecosystem co-construction to help businesses achieve asset digital transformation and provide technical support and strategic collaboration for global compliance development. Going forward, the Institute will continue to deepen the integration of digital technology and the real economy, co-host global industry summits with international organizations, explore multi-sector application scenarios, and inject new momentum into high-quality global development.

In May 2025, the RWA Institute, in collaboration with leading institutions such as China Search and the China Electronics Digital Scene Technology Research Institute, launched the "China RWA Industry Think Tank," focusing on the development of global compliance in the field of asset digitization. The think tank empowers the real economy through three core initiatives: first, spearheading the development of international collaborative standards such as the "RWA Project Evaluation Standards"; second, building a digital service chain encompassing "asset on-chain, cross-border circulation, and global transactions," integrating blockchain and artificial intelligence technologies; and third, establishing cross-border compliance channels with Hong Kong and Shenzhen as hubs to promote innovation in green finance and cross-border investment and financing. Furthermore, the think tank leverages its "dual-chain integration architecture" (a national-level alliance blockchain and cross-chain protocol coordination mechanism) to strengthen technological autonomy and data security, and deepen cross-border collaboration and compliance governance.