Core Viewpoint - The article emphasizes the significance of Real World Assets (RWA) in linking physical assets with digital assets, facilitating the digital transformation of the real economy and innovation in financial services. It highlights Hong Kong's pioneering role in RWA practices, creating opportunities for mainland Chinese enterprises to utilize offshore financial centers for RWA token issuance [4][10]. Summary by Sections RWA Overview - RWA represents a new asset form that connects tangible and intangible assets from the real world to the digital realm through blockchain technology, enabling more transparent, efficient, and secure asset management and transactions in the digital economy [4][6]. Advantages of RWA - Transparency and Trust: RWA ensures asset authenticity and compliance, enhancing investor confidence through real-time tracking of asset operations and returns via blockchain technology [7]. - Liquidity Improvement: RWA tokens can be traded globally, overcoming geographical and procedural limitations, thus significantly enhancing asset liquidity and market participation [7]. - Cost Reduction: By minimizing intermediary roles and automating processes, RWA reduces transaction costs and increases financing efficiency [7]. - Risk Management: RWA leverages blockchain's characteristics for real-time data recording, improving risk assessment and management through smart contracts [8]. Disadvantages of RWA - Regulatory Gaps: The legal framework surrounding RWA is still developing, leading to potential disputes regarding asset ownership and transaction rules [9]. - Technical Risks: RWA's reliance on blockchain and smart contracts introduces security vulnerabilities, including potential network attacks and coding errors [9]. - Valuation Challenges: The diversity of RWA types complicates standardized valuation methods, making accurate asset pricing difficult [9]. - Market Awareness: RWA's recognition and acceptance in financial markets remain low, which may hinder market depth and trading activity [9]. Case Studies - RWA in Renewable Energy: Companies like Langxin Group and Xiexin Energy are utilizing RWA tokens for financing renewable energy projects, enhancing asset management efficiency and reducing operational risks [11][12]. - Agricultural RWA Model: The Malu Grape project explores RWA financing through agricultural data assets, ensuring transparency and traceability while complying with existing regulations [13][15].
RWA：数实融合时代下数字金融的创新探索与实践｜金融与科技
清华金融评论·2025-08-21 09:32