随着香港《稳定币条例》于8月1日正式生效，叠加欧美稳定币相关监管政策持续加码，全球稳定币产业 的监管框架正加速成型，这一趋势推动RWA(真实世界资产)产业迈入合规驱动的爆发期。尤其值得关注 的是，8月7日全球首个真实世界资产注册登记平台在香港启动，这一里程碑事件将进一步为整个RWA 产业的发展注入加速度。 花旗银行预测，至2027年底，RWA全球市场规模有望突破1万亿美元，年均复合增速超100%;此外，波 士顿咨询集团(BCG)与ADDX联合预测，至2030年这一市场规模将达到16万亿美元，占全球GDP的 10%。 显然，RWA产业正处于即将爆发的"黄金赛道"，其未来成长空间不亚于AI及机器人产业。这也预示 着，伴随RWA产业的深化发展，未来有望涌现一批RWA核心标的，为投资者创造数十倍甚至数百倍的 投资回报。 基于此逻辑，市场已开始挖掘优质RWA企业并展开布局，而作为全球汽车诊断领域的龙头企业，元征 科技今日宣布进军RWA领域，自然成为市场关注的焦点。 8月21日，元征科技盘后公告称，基于公司在区块链和汽车数据领域的深厚积累，将结合现有业务积累 与真实世界资产(RWA)领域技术，推动设备资产化及相关RWA应 ...

维多利亚，塞舌尔, Aug. 21, 2025 (GLOBE NEWSWIRE) -- 领先的加密货币交易所、Web3 公司 Bitget 今日宣布推出业内首个 RWA（真实世界资产）指数永续合约。 这款开创性产品定于 8 月 20 日正式上线，旨在为用户带来全新的代币化传统资产交易方式。首批推出的 RWA 产品包括 TSLAUSDT (RWA)、NVDAUSDT (RWA) 和 CRCLUSDT (RWA)。 RWA 指数永续合约建立在市场上已流通的代币化股票指数组合之上。 每个指数都包含一个或多个 RWA 代币，用于追踪不同第三方发行方的价格。 例如，AAPL RWA 指数永续合约可能由多个不同第三方发行方发行的 AAPL 代币组合而成。 与现有的加密货币永续合约从多家主流加密货币交易所获取指数价格的方式类似，Bitget 的创新型 RWA 指数永续合约能够根据市场活跃度、交易量和流动性状况等可量化因素，动态增减其指数来源。 Bitget 可能会不时调整并披露指数权重。 这一机制确保了定价的灵活性与公平性。 为保障定价公平与风险管理，RWA 指数永续合约将实行 5×24 小时交易制度，周末及股市假期休市 ...

Core Viewpoint - The company, Aorede (600666), reported a revenue increase of 10.12% year-on-year for the first half of 2025, achieving 219 million yuan, and a significant turnaround in net profit to 61.39 million yuan from a loss in the previous year [1] Group 1: Financial Performance - The company achieved a net profit attributable to shareholders of 61.39 million yuan, compared to a loss of 5.28 million yuan in the same period last year [1] - The basic earnings per share were reported at 0.02 yuan [1] - The revenue composition included 104 million yuan from sapphire products and 115 million yuan from comprehensive computing services [1] Group 2: Business Operations - The company’s self-built computing cluster operated stably, efficiently meeting customer needs for large model training [1] - Aorede expanded its service scope to include fine-tuning and real-time inference for large models, targeting a broader customer base in the AI technology sector [1] - The company increased R&D investment in computing services, developing an AI dialogue app and collaborating on optimization technologies for large model inference [2] Group 3: Strategic Initiatives - The company is actively exploring financing channels, including credit from banks and new financing models like Real World Assets (RWA) to support its computing business [2] - Aorede implemented cost-reduction measures to enhance product competitiveness in the sapphire market, including equipment upgrades and management optimization [2] - The company completed the divestiture of ineffective assets and entered bankruptcy proceedings for a subsidiary, significantly improving its asset-liability structure [3]

Core Insights - RWA (Real World Assets) represents a new asset form that connects physical assets with the digital economy through blockchain technology, enhancing efficiency and transparency in asset transactions [1][2][7] - RWA serves as a digital twin of physical assets, allowing for the binding of asset ownership and value to traceable tokens on the blockchain, thus facilitating instantaneous ownership transfer without intermediaries [2][3] - The implementation of RWA relies heavily on blockchain technology, utilizing smart contracts for automated processes and oracles for real-time data synchronization [3][4] Group 1: Definition and Essence of RWA - RWA is defined as the digital representation of physical assets, enabling their integration into the digital economy [2] - The core difference between RWA and traditional assets lies in the transaction process, where RWA transactions are executed via smart contracts, making them faster and more secure [2] - RWA encompasses a wide range of asset types, including real estate, financial assets, and intellectual property, each with varying degrees of tokenization complexity [2] Group 2: Technological Support for RWA - Blockchain platforms such as Ethereum and Hyperledger provide the foundational infrastructure for RWA, with different consensus mechanisms ensuring transaction security [3] - Smart contracts act as the automation engine for RWA, allowing for predefined rules regarding revenue distribution and ownership transfer [3] - Cross-chain technology enhances the liquidity of RWA by enabling asset movement across different blockchain networks [3] Group 3: Industry Applications of RWA - In real estate, RWA facilitates fractional investment, allowing investors to purchase shares in high-value properties with lower capital [4] - RWA is pivotal in supply chain finance, enabling small and medium enterprises to convert receivables into RWA for quicker financing [4] - The green energy sector benefits from RWA by tracking data related to energy production and carbon credits, thus enhancing investment transparency [4][5] Group 4: Global Perspective and Future Outlook - Regulatory attitudes towards RWA vary globally, with the U.S. integrating it into securities law, while the EU offers more flexible regulations for non-security RWA [6] - The future of RWA is expected to expand with the integration of AI for asset valuation and the exploration of RWA in education and healthcare sectors [6][7] - RWA is positioned as a complement to traditional finance, aiming to create a more efficient and inclusive value flow network [7]

Core Viewpoint - The implementation of the "Stablecoin Regulation" in Hong Kong has made stablecoins a hot topic, while Real World Assets (RWA) are attracting participation from various industries [1] Group 1: RWA and Blockchain Technology - RWA refers to the tokenization of real-world assets using blockchain technology, enabling trading and circulation on the blockchain [1] - RWA addresses pain points in the traditional financial system, such as liquidity issues, financing efficiency, trust in data, and cross-border investment barriers [1][3] - RWA connects the crypto market with actual underlying asset markets, providing diverse investment and financing tools, thus enhancing asset ownership transfer and transaction efficiency [6] Group 2: Automotive Industry and Data Monetization - The automotive industry generates vast amounts of data, but there has been no consensus on how to monetize this data [3] - RWA serves as a bridge for commercializing automotive data assets, ensuring data authenticity and facilitating investment processes beyond traditional banking and equity financing [3] - The data generated by smart connected vehicles is categorized into three types: environmental perception data, in-vehicle perception data, and data from vehicle-to-cloud and vehicle-to-vehicle interactions [7][8] Group 3: Market Potential and Future Outlook - The global on-chain RWA asset value is projected to exceed $23.3 billion by June 2025, with expectations of exponential market expansion [7] - BlackRock predicts that the RWA tokenization market could reach $16 trillion by 2030, representing 1% to 10% of the global asset management scale [7] - The automotive data commercialization process is divided into three stages: data on-chain, asset RWA tokenization, and international operations based on stablecoins [8] Group 4: Strategic Transformation and Revenue Generation - The company plans to transition from an "automotive data asset operator" to an "RWA digital financial service provider," leveraging RWA services to transform smart connected vehicles from consumer goods to investment tools [8][10] - By promoting the sharing of idle private cars for rental and operational scenarios, the company aims to enhance owner revenue and reduce fixed asset purchases for rental companies, generating substantial excess returns [10]

Core Viewpoint - The company is actively constructing a Web3 exchange ecosystem centered around high-tech medical innovation assets, aiming to enhance liquidity, financing efficiency, and accessibility in the global medical innovation drug market [1][2]. Group 1: Strategic Developments - The company has established a wholly-owned subsidiary in New York, IVD GROUP INC., which will serve as the core operational entity for advancing the IVDNewCo Exchange strategy in the U.S. [1][2] - The subsidiary has officially initiated the application process for a stablecoin license with relevant U.S. regulatory bodies, demonstrating the company's commitment to global compliance and proactive strategy execution [2][3]. - The IVDNewCo Exchange ecosystem plan will be implemented in the U.S., including the creation of a tokenization platform for real-world assets based on medical innovation drug assets and establishing compliant financial infrastructure for the issuance, trading, and clearing of the IVDD stablecoin [2][3]. Group 2: Market Positioning - The company aims to become the first compliant trading platform focused on medical innovation drug RWA, leveraging its commercial network covering 1,674 tertiary hospitals in China and its capability to acquire quality NewCo assets globally [3]. - The strategic acceleration in the U.S. marks the transition of the company's "NewCo + RWA + stablecoin" strategy into a phase of large-scale implementation, positioning it to participate in the trillion-dollar compliant stablecoin market [3].

Group 1 - The core concept of Real World Assets (RWA) is the tokenization of physical assets through blockchain technology, enabling their trading, fractionalization, and liquidity [2][3] - The global RWA market is projected to reach $16 trillion by 2030, indicating a significant shift in asset allocation for investors [1][11] - RWA can transform traditionally illiquid assets into easily tradable digital tokens, lowering investment barriers and providing stable returns linked to real-world economies [9][12] Group 2 - As of June 2025, the total global RWA asset value, excluding stablecoins, is expected to reach $25.5 billion, with private credit, U.S. Treasury bonds, and commodities being the dominant sectors [6][8] - The largest single RWA project is BlackRock's BUIDL, with a market value exceeding $2.8 billion [8] - RWA projects are primarily issued on Ethereum, which holds a market share of 58.2% [11] Group 3 - The development of RWA has evolved through several phases: conceptual exploration (2016-2018), infrastructure building (2019-2021), financial institution involvement (2022-2023), and application expansion (2024-present) [12][13][16] - The tokenization of various asset classes, including real estate and energy, is gaining traction, with platforms like RealT allowing investments starting from $50 [16][23] Group 4 - In China, particularly Hong Kong, RWA development is driven by policy and industry applications, with a focus on green assets and technology [19][20] - The Hong Kong Monetary Authority has established a regulatory framework to support RWA projects, including the introduction of stablecoin regulations [19] Group 5 - Emerging sectors such as AI computing power, carbon assets, and agricultural assets are exploring RWA pathways, indicating significant future potential [18][23] - The integration of decentralized identity systems and new token standards is essential for the compliance and infrastructure of the RWA ecosystem [25][28]

- The report focuses on the application scenarios of stablecoins, including DeFi, local payments, cross-border settlements, and Real World Assets (RWA), analyzing their full circulation processes and loss-profit dynamics[3][4][25] - Stablecoins are categorized into three types: fiat-backed stablecoins (e.g., USDT, USDC), crypto-collateralized stablecoins (e.g., DAI), and algorithmic stablecoins, each with distinct mechanisms for maintaining value stability[11][12] - USDC's core business model is built on compliance and transparency, supported by reserves in cash and short-term U.S. Treasury bills, and strategic partnerships with regulated crypto exchanges like Coinbase[15][16][17] - USDC demonstrates efficiency improvements across four key scenarios: DeFi transactions, local and cross-border payments, and RWA investments, significantly reducing costs and transaction times compared to traditional systems[18][19][25][45] - DeFi applications of stablecoins include borrowing/lending protocols, liquidity pools in decentralized exchanges (DEXs), derivatives markets, and serving as a safe haven during market volatility[25][33][34] - Local payment systems integrate stablecoins into existing networks like Visa, enabling T+0 settlements and reducing merchant fees to 0.3%-0.7%, compared to traditional rates of 2%-3%[35][38][41] - Cross-border settlements using stablecoins bypass SWIFT systems, achieving near-instant transactions with fees below 1%, compared to traditional costs of 3%-6%[42][45][48] - RWA tokenization leverages stablecoins for efficient fund subscription, automated yield distribution, and 24/7 liquidity, reducing transaction costs and enhancing accessibility[49][55][58] - The stablecoin market is dominated by USD-backed assets, with USDT leading at $1606 billion and USDC rapidly growing to $620 billion, driven by compliance and transparency[66][68][73] - USDC is positioned as the "compliance-first" choice across multiple scenarios, while USDT dominates offshore and less-regulated markets, facing challenges in transparency and auditability[75][76] - Bank-issued stablecoins target B2B wholesale clearing, while tech giants like PayPal leverage native user bases for retail payments, constrained by regulatory limits[77][78] - CBDCs are designed as government-operated RTGS systems, focusing on cross-border applications through projects like m-Bridge[79][80] - The stablecoin ecosystem is reshaping traditional financial intermediaries, benefiting end-users and digital infrastructure providers while challenging legacy systems like SWIFT and correspondent banks[63][72][73]

Core Viewpoint - The global digital asset wave is expanding from the financial sector to the broader real economy, with RWA Group launching the world's first RWA trading platform focused on non-financial assets, utilizing blockchain technology to address compliance, efficiency, and global circulation challenges [1][3]. Group 1: Market Challenges and Solutions - Despite the growing RWA market, the digitization of non-financial assets faces challenges such as insufficient liquidity, lack of compliance standards, and fragmented technical protocols [3]. - Traditional trading models rely on offline channels, leading to severe information asymmetry that hampers asset circulation efficiency [3]. - RWA.ltd proposes a comprehensive solution combining technology, compliance, and scenarios to build a new infrastructure for non-financial asset digitization [3]. Group 2: Technological and Commercial Innovations - The platform adopts the ERC-3643 protocol as its core standard, providing reliable technical support for the lifecycle management of on-chain assets due to its security and built-in identity verification mechanisms [3]. - RWA.ltd innovates in its settlement system by integrating various mainstream offshore RMB stablecoins, allowing users to price and settle transactions in RMB stablecoins, addressing currency exchange issues in cross-border transactions [3][4]. Group 3: Business Model and Ecosystem - The platform combines "RWA Exchange + E-commerce" to create a closed-loop ecosystem for asset issuance, trading, and physical delivery, enabling tokenized financing of physical assets [4]. - This model has been implemented in the Greater Bay Area, facilitating financing through RWA issuance and purchasing machinery for leasing to factories, effectively alleviating traditional financing pain points [4]. Group 4: Compliance and Global Strategy - RWA.ltd emphasizes a robust compliance strategy, with operations overseen by the Hong Kong International New Economy Research Institute and RWA Group to meet regulatory requirements across multiple jurisdictions [4][5]. - The platform has obtained the US MSB license and SEC filing for RWA projects, with plans to apply for operational licenses in financial hubs like Hong Kong, Dubai, and Kazakhstan [4][5]. Group 5: Future Vision - RWA.ltd aims to be more than just a trading platform, aspiring to become an efficient bridge for the globalization of Chinese assets, focusing on supporting the RWA process for high-quality non-financial assets [5]. - The platform plans to introduce a "coin-stock linkage" mechanism to explore deep integration between the crypto asset market and traditional finance, creating diversified value discovery paths for enterprises and investors [5].

Summary of Stablecoin Market Report Industry Overview - The global stablecoin market has reached a size of $250 billion, primarily used for cryptocurrency trading, with future growth expected in cross-border payments and trade, significantly reducing costs and enabling real-time transactions [1][4] Key Companies and Developments - Major companies such as Meta, Walmart, Amazon, and Shopify are actively exploring stablecoin payment options, indicating a trend towards broader adoption as legal frameworks improve [1][5][6] - The implementation of regulatory frameworks, such as the EU's "Crypto Asset Market Regulation" and Hong Kong's "Stablecoin Ordinance," is expected to facilitate further market entry by companies [1][7] Market Dynamics - USDT dominates the market with a valuation of $160 billion, accounting for 62.5% of the market share, while USDC follows with over $60 billion, representing 24% of the market [1][8] - USDT's flexible reserve system and strong profitability contrast with USDC's higher compliance but lower profitability [8][12] Future Projections - Standard Chartered predicts the global stablecoin market will grow to $2 trillion in the next three years, with other institutions forecasting a potential market size of $3-4 trillion in 5-10 years, driven by cross-border payment scenarios [1][9] Technological Support - Blockchain technologies like Ripple and Solana are increasingly supported for their high-frequency trading capabilities, serving as crucial links between the crypto market and traditional finance [1][10] Investment Opportunities - Investment directions in the stablecoin market include: 1. Issuance side: Companies like Ant Group may apply for stablecoin licenses following Hong Kong's regulations [2][15] 2. Trading platforms: Independent trading platforms in Hong Kong [2][15] 3. Payment solutions: Stablecoin payments in cross-border trade and retail [2][15] 4. Financial IT: Companies providing banking and securities IT solutions [2][15][16] 5. Equity-related companies: Companies associated with Ant Chain and JD Chain [2][15][16] 6. Real World Assets (RWA): Tokenized stocks and other assets [2][16] Regulatory Landscape - The regulatory environment is evolving, with the US "Genius Act" imposing stricter requirements on stablecoin issuers, including full reserve backing and transparency [1][7] Impact on Global Finance - The development of stablecoins may promote the internationalization of currencies like the Hong Kong dollar and the Chinese yuan, potentially challenging the dominance of the US dollar [1][17]