A wholly owned subsidiary of a Hong Kong Stock Exchange-listed company recently announced an interesting move—issuing compliant carbon coins through a licensed digital asset trading platform in Singapore. This issuance is based on a verified 500,000 tons of VCS carbon credits, releasing a total of 500 million carbon coins into the market. The project employs a regulated RWA (Real-World Asset Tokenization) framework, meaning that traditional carbon assets are now circulating on a compliant track in digital form for the first time. From a market perspective, this is a typical example of a listed company venturing into Web3—retaining the actual value backing of carbon credits while enhancing asset liquidity through a digital asset trading platform. Singapore's regulatory framework provides an institutional foundation for such innovations and also reflects the broader trend of traditional finance transitioning into the digital asset ecosystem. The emergence of RWA products like carbon coins indicates that not only virtual assets are evolving, but the on-chain and trading methods of real-world assets are also undergoing profound restructuring.