张礼立：一座城市，也能“上链”卖份额？——RWA开启全民参与的资产革命

Group 1 - The resurgence of RWA (Real World Asset tokenization) in 2024 is driven by the dual transformation of financial infrastructure and macroeconomic environment, particularly in a high-interest and liquidity-constrained global context [1] - RWA enhances the tradability and inclusivity of traditionally illiquid assets like bonds, real estate, and public service facilities by digitizing and fragmenting them through blockchain technology [1][5] - The maturation of underlying blockchain technology enables the entire process of asset confirmation, registration, custody, and circulation to be conducted on-chain, making RWA a key tool for reshaping global financial infrastructure [1] Group 2 - The current RWA trend is fundamentally a competition over global financial infrastructure standards, which define how assets are registered, confirmed, traded, and custodied [2] - RWA technology allows for the digital fragmentation of public service assets, enabling broader participation from individuals and small businesses in the benefits of these traditionally centralized assets [2] - Major players are vying for control over the digital registration, circulation, and settlement standards of these assets, positioning themselves as future gateways and pricing centers in the digital finance landscape [2] Group 3 - The globalization of RWA faces significant challenges from regulatory and technological dimensions, with varying standards across countries regarding cross-border regulation, data sovereignty, and privacy protection [3] - Recent regulatory developments in the US, EU, and Hong Kong have laid the groundwork for RWA, but a unified global compliance framework is still needed to facilitate international circulation [3] - The interoperability of multiple blockchain ecosystems presents a new challenge, requiring mature and secure cross-chain protocols for efficient asset transfer and settlement [4] Group 4 - RWA represents a revolutionary shift beyond being merely the "next ETF," as it reconstructs the underlying protocols for asset confirmation, registration, custody, and cross-border circulation [5] - This transformation allows traditionally centralized and high-barrier asset classes to be fragmented and standardized for global circulation and co-management, establishing a more open and inclusive "value internet" [5] Group 5 - In China, RWA presents a unique opportunity to integrate digital finance with real industries, supported by regulatory encouragement for compliant innovation [6] - The exploration of RWA in China is closely tied to practical applications in areas like supply chain finance, green finance, and urban infrastructure, enhancing liquidity and value realization of traditional assets [6] - To capitalize on this transformation, China needs a multi-faceted approach involving policy improvements, technological advancements, and innovative applications in public assets and industry rights [7]