清华金融评论·2025-10-12 09:42Core Viewpoint - RWA (Real World Assets) represents a new paradigm in asset finance, leveraging blockchain, IoT, and AI technologies to address information asymmetry and risk issues in corporate financing, ultimately enhancing the accessibility and stability of asset financing [4][6][19]. Summary by Sections RWA Definition, Status, and Trends - RWA is defined as the conversion of ownership or income rights of real-world assets into digital tokens on the blockchain, enabling automated operations through smart contracts. The global RWA market has grown from $8.5 million in April 2020 to over $21 billion by April 2025, a growth of over 245 times, with projections of $16 trillion in asset tokenization by 2030 [4][5]. Advantages of RWA - RWA is recognized for four main advantages: asset fragmentation for retail investors, high liquidity, automation of transactions, and increased transparency through on-chain data. However, the true value of RWA lies in its ability to transform corporate financing by focusing on the underlying asset cash flows rather than merely facilitating asset fragmentation [5][6]. Traditional Corporate Financing Issues - Corporate financing faces two primary risks: information problems due to limited and often inaccurate disclosures, and risk issues stemming from the uncertainty of corporate earnings, particularly for SMEs lacking sufficient collateral [9][10]. RWA's Technological Support - RWA relies on the synergistic use of blockchain, IoT, and AI to provide real-time data collection, decentralized monitoring, and dynamic risk assessment, thereby addressing the information asymmetry prevalent in traditional financing [16][17]. RWA's Value and Theoretical Foundation - The true value of RWA is in its ability to create scalable combinations of fragmented asset cash flows and modify risk characteristics, applying Markowitz's portfolio theory to real assets. This allows for the standardization and combination of previously non-standardized cash flows, enhancing risk management and financing scalability [22][19]. RWA Asset Types - RWA can be categorized into four types: stable cash flow-generating assets, assets from companies with poor consolidated performance, fragmented cash flows within a single entity, and larger-scale combinations of cash flows from different entities [22][23]. Challenges and Risks of RWA - Despite its potential, RWA faces challenges such as the need for rigorous asset quality assessments, complex regulatory requirements, and potential operational risks related to smart contracts and data integrity [28]. Conclusion and Outlook - RWA signifies a revolutionary shift in asset finance, moving from company credit-driven models to asset credit-driven frameworks, emphasizing the importance of cash flow quality and legal compliance in fostering a sustainable RWA ecosystem [30].