A New Chapter in Hong Kong's Web3 Development: RWA and Stablecoins Leading Financial Innovation

Recently, an online event focused on Hong Kong Web3 and global financial innovation was successfully held. The event centered around the theme "RWA Revolution - Trillion-Level Assets on the Chain in Hong Kong," bringing together industry experts to discuss the opportunities and challenges of bringing real-world assets (RWA) onto the blockchain.

RWA Promotes Digital Transformation of Hong Kong's Finance

The Chief Strategy Officer of a trading platform analyzes from a macro perspective, pointing out that the implementation of stablecoin regulations in the United States and Hong Kong has triggered a wave of traditional finance and Chinese brokerage firms entering the virtual asset space, reflecting the trend of compliance and institutionalization of virtual assets. He positions the U.S. strategy as "on-chain digital colonialism," reinforcing dollar hegemony through the distribution of stablecoins and U.S. Treasury bonds; Hong Kong, on the other hand, is positioned as "an on-chain trading port," leveraging the advantages of the one country, two systems policy to attract foreign investment as a window for mainland assets, exploring non-dollar settlement solutions.

Legal Compliance and Opportunities of RWA

The legal director of an investment management company pointed out that Hong Kong's attitude towards virtual assets has shifted from a misunderstanding of "money laundering" to regulatory support since 2017. The three major legal concerns regarding the development of RWA include: traditional financial institutions' preference for private chains to ensure compliance; clear plans for custody to meet the requirements of the Securities and Futures Commission; and transaction records must comply with the "gold standard" of off-chain traditional finance. Real estate RWA faces challenges due to off-chain registration requirements, but can circumvent restrictions through the capitalization of rental income; bonds and funds are easier to approve due to standardization.

Crypto Native's View on Hong Kong RWA

An industry insider stated that as a "veteran in the crypto space," he pays attention to the RWA concept, especially during project research or investment, but holds a cautious attitude towards trading Hong Kong RWA tokens. He prefers to invest in familiar areas to increase his success rate, as he is based in mainland China and has limited knowledge of RWA assets such as Hong Kong real estate and artworks, which raises his concerns about risk. He acknowledges the advantages of RWA in lowering the investment threshold for high-value assets and enhancing liquidity through tokenization, but believes that personal investments require reliable guidance.

Target User Group of RWA

The CEO of a certain RWA company believes that the success of RWA requires buy support. Its user base is divided into two categories: Crypto Native investors, who have profited in the coin circle and tend to allocate their earnings to traditional assets through RWA; and high-net-worth individuals in traditional finance, with disposable funds exceeding ten million HKD, who are cautious about traditional investments due to economic downturns and are willing to allocate a small proportion of funds to RWA to diversify risks and pursue potential high returns.

The Role of Stablecoins in Promoting RWA and the Prospects of Tokenization in Hong Kong Stocks

An industry expert pointed out that the "Stablecoin Regulatory Framework" implemented on August 1, 2025, marks the world's first regulatory framework for fiat stablecoins, positioning stablecoins as payment and settlement tools. Hong Kong can issue USD or HKD stablecoins, but USD stablecoins are more attractive due to their strong liquidity. Stablecoins provide efficient cross-border payment support for RWA, which develops in three stages: currency tokenization (stablecoins), bond/commodity tokenization, and stock tokenization.

The Significance of Stablecoins for RWA Compliant Issuance

An industry KOL believes that the Hong Kong stablecoin regulations promote the development of RWA from a regulatory and compliance perspective. In terms of regulation, issuers must obtain an HKMA license and establish a local entity, with reserve assets requiring high liquidity and being held by a licensed trust to ensure transparency and security. In terms of compliance, stablecoins shorten the RWA settlement cycle to seconds, cross-chain transactions are immune to value fluctuation risks, and assets are verifiable and traceable, meeting central bank standards, which facilitates auditing and tax calculations.

The Role and Advantages of RWA in the Hong Kong Web3 Ecosystem

An industry insider holds a cautious attitude towards the RWA concept, believing that it currently has many drawbacks and that cases of fraud have significantly increased. He pointed out that current regulations are not transparent, with prominent issues of fraud, but this is also a period of dividends for the industry. He suggested that if Hong Kong can take the lead in establishing a clear regulatory framework, it will attract more funds from the West to the East; otherwise, it may become a "follower."

The Role and Advantages of Hong Kong in Promoting RWA and Web3 Development

A partner at a Web3 company believes that although Hong Kong has been slow to start in regulatory legislation, it has shown positive progress through the stablecoin licensing system. Hong Kong's goal is to tokenize traditional financial assets, enhancing trading efficiency and smoothness through blockchain technology, especially in the issuance of financial products in the primary market, in conjunction with the development of stablecoins, to open up sales channels in the international market. In the future, it is expected to further facilitate the internationalization of domestic asset transactions through offshore RMB stablecoins.

New Regulations on Hong Kong Stablecoins and the RWA Track: Building a New Infrastructure for Global Payments

The new regulations on stablecoins in Hong Kong focus on 100% reserves and a clear licensing mechanism, significantly enhancing regulatory clarity and attracting traditional financial institutions to enter the market. The new regulations reduce regulatory uncertainty, increase market trust, and facilitate the expansion of cross-border payments, DeFi, and RWA markets, but high compliance costs limit the participation of small and medium-sized institutions. Several giants have entered the regulatory sandbox, targeting the B2B e-commerce payment sector, challenging the traditional Swift system.

RWA and stablecoins complement each other, with compliance and ecological diversification being key

The new regulations on stablecoins are accelerating the RWA track, with both complementing each other and laying the foundation for Hong Kong's global payment infrastructure. Stablecoins provide efficient settlement for RWA, shortening the financing cycle, and the market is expected to reach $16 trillion by 2030. However, cross-border regulatory collaboration is the greatest challenge, as the circulation of stablecoins on public chains must comply with the law enforcement requirements of multiple countries. The key to future development lies in differentiated profit models, ecological diversification, and the integration of regulation and technology.

Hong Kong, with its unique advantages, is expected to transition from a "follower" to a "creator" in the Web3 wave, leading a new chapter in the global financial digital transformation and crafting a magnificent blueprint for the future of the digital chain.