Core Viewpoint - The CEO of Ant Group, Han Xinyi, emphasized that the value of token economy can only be realized when it transitions from being a speculative asset in the virtual world to a tool that addresses trust, efficiency, and cost issues in the real economy [1] Group 1: Token Economy Insights - Han Xinyi stated that the future of token economy must be deeply rooted in the real economy to truly unleash its value [1] - The current moment is described as the "dawn of the token economy," indicating a significant turning point that requires ongoing exploration [1] Group 2: Compliance and Innovation - The exploration of tokenization should balance the pursuit of value and risk prevention equally [1] - Han Xinyi highlighted that "compliance is the lifeline of innovation," indicating a strong commitment to regulatory adherence from the outset [1] - Ant Group has clearly defined its boundaries by refusing to issue virtual currencies and avoiding any form of speculation [1]

Core Insights - The report titled "Real World Token Economy 2025" emphasizes the shift from merely putting offline assets on-chain to building a comprehensive token economy ecosystem that utilizes tokens as new value carriers for more efficient value circulation and collaboration [1][2] Group 1: Tokenization and Its Implications - The report highlights that the tokenization of real-world assets (RWA) and tokenized payment settlements are crucial pillars for the development of the ecosystem, with RWA providing diverse value targets and token payments facilitating efficient circulation [1] - The concept of "everything can be tokenized" requires three preconditions: verifiable status, programmable ownership, and quantifiable value for successful scaling of assets [1] Group 2: Financial and Industrial Impact - Tokenization is seen as more of an enhancement for financial assets but is crucial for supporting real industry financing needs, indicating a shift from investment-driven to financing-driven demand in the future [1] - Ant Group's practices in the tokenization of renewable energy assets provide a reference path for the industry, injecting new vitality into low liquidity assets like real estate and industrial equipment through on-chain circulation [2] Group 3: Payment Systems and Trust Mechanisms - The tokenized payment settlement network is described as the "circulatory system" of the token economy, supporting efficient value flow, with future developments in central bank digital currencies and commercial bank tokenization expected to reshape cross-institutional and cross-border settlement systems [2] - A secure and trustworthy environment is identified as a core guarantee for the token economy, with a global regulatory framework providing legal trust and institutional foundations, emphasizing the need for institutions to build trust from three aspects: asset authenticity, identity compliance, and transaction security [2]

Core Viewpoint - Ant Group's CEO emphasizes the equal importance of exploring the value of token economy and risk prevention, stating that compliance is the lifeline of innovation [1] Group 1: Compliance and Innovation - Ant Group has clearly defined its boundaries from the beginning, stating it will not issue virtual currencies or engage in any form of speculation [1] - The company focuses on technological infrastructure to serve the industry rather than disrupt it [1] - The goal is to create new value instead of competing for existing resources [1] Group 2: Long-term Exploration - The understanding of value and risk is still insufficient, necessitating continuous long-term exploration and research [1] - The company prioritizes steady progress over the pursuit of speed and novelty [1]

Core Insights - The 2025 Inclusion Bund Conference, themed "Reshaping Innovative Growth," is taking place in Shanghai, showcasing the intersection of technology and finance with a significant turnout expected [1] - The event features a total exhibition area of 15,000 square meters, including a 10,000 square meter technology-themed exhibition and a 5,000 square meter interactive technology market, with nearly 200 innovative companies presenting over 30 cutting-edge technology products [1] Group 1: Event Overview - The Bund Conference has been held annually since 2020, supported by local financial regulatory authorities, emphasizing internationalization, professionalism, and cutting-edge developments [1] - Last year's event attracted 52,000 attendees over three days, with expectations for even higher participation this year [1] Group 2: Technological Innovations - The exhibition showcases a comprehensive ecosystem of human-machine collaboration, featuring companies from various sectors including robotics and AI [2] - Key thematic areas include "Exploring Intelligent Limits," focusing on general AI, embodied intelligence, and secure computing, and "Deepening Industrial Practices," highlighting AI applications across health, transportation, finance, and energy [2] Group 3: Financial Technology Highlights - Ant Group introduced an enterprise-level financial intelligence platform leveraging AI and blockchain for credit risk assessment and investment optimization [3] - Alipay's "AI Pay" debuted, allowing users to make purchases through natural language commands, enhancing user experience in various consumer scenarios [3] Group 4: Economic Perspectives - Ant Group's CEO emphasized the importance of grounding token economies in the real economy to unlock true value, advocating for a balanced approach to value exploration and risk management [4] - The focus on compliance as a lifeline for innovation was reiterated, with a commitment to not engage in virtual currency speculation [4] Group 5: Industry Trends - The Bund Conference is recognized as a significant platform for observing global technological advancements and the integration of technology and finance, contributing to Shanghai's status as an international financial center [6] - The event also features high-level competitions attracting participants from nearly 20 countries, highlighting the youthful and international character of the tech community [6] Group 6: Future of AI - Richard Sutton, a Turing Award winner, noted that the potential of AI is entering a new era focused on continuous learning, surpassing previous capabilities [7]

Core Insights - The report titled "Real World Token Economy 2025" indicates that the token economy is transitioning from a niche experiment in the virtual world to a broader application in the real economy, emphasizing a return to value fundamentals [1] - The focus is on building a real-world token economy ecosystem, where tokens serve as new value carriers to achieve more efficient value circulation and collaboration [1] - The report highlights that the tokenization of real-world assets (RWA) and tokenized payment settlements are crucial pillars for the ecosystem's development [1] Summary by Sections Tokenization of Real-World Assets - The report emphasizes that the premise for "everything can be tokenized" includes three conditions: verifiable status, programmable ownership, and quantifiable value [1] - RWA has become the second fastest-growing category in the crypto market, yet most of it is still dominated by private credit and U.S. Treasury bonds, with limited real-world asset case studies [1] - The true value of tokenization lies in serving the financing needs of the real economy, shifting from investment-driven to financing-driven demand [1] Tokenization Practices and Payment Settlements - Ant Group's practices in the tokenization of new energy assets provide a reference path for the industry, injecting new vitality into low-liquidity assets like real estate and industrial equipment [3] - The tokenized payment settlement network is described as the "blood circulation system" of the token economy, efficiently supporting value circulation [3] - Future developments in central bank digital currencies and commercial bank tokenization are expected to reshape cross-institutional and cross-border settlement systems [3] Trust Mechanisms and Collaborative Development - A secure and trustworthy environment is viewed as the core guarantee for the token economy, with a global regulatory framework providing legal trust and institutional foundations [3] - Institutions are encouraged to build a trustworthy environment from three aspects: asset authenticity, compliance identity, and transaction security [3] - The report calls for collaboration among various parties: regulatory bodies to provide clear legal frameworks, tech companies to drive industry standards and innovations, and financial institutions to connect the token economy with traditional finance [3]

Core Viewpoint - The future of token economy must be deeply rooted in the real economy to truly unleash value, transitioning from a virtual world focus to addressing trust, efficiency, and cost issues in the physical economy [1]. Group 1: Token Economy and Real Economy Integration - The global scale of Web3 native assets has exceeded $3.8 trillion, but most of it remains focused on speculative trading and value storage, lacking sufficient interaction with real industries [2]. - Ant Group has been exploring the token economy, particularly through its RWA sandbox practice, aiming to anchor real value and enhance efficient circulation and value interconnection in the real economy [3]. Group 2: Technological Advancements and Applications - The current moment is seen as the "dawn" of the token economy, driven by advancements in blockchain infrastructure, AI, and IoT, which are creating more digital assets suitable for tokenization [3]. - Asset tokenization is expanding from the financial sector to broader real industries such as renewable energy and computing power, transitioning from serving on-chain investments to supporting real industry financing [3]. Group 3: Compliance and Risk Management - The exploration of tokenization should balance value exploration and risk management, with compliance being essential for innovation [4]. - Ant Group has established clear boundaries from the beginning, avoiding virtual currency issuance and speculative activities, focusing instead on technological infrastructure to serve rather than disrupt industries [4].

Core Viewpoint - The CEO of Ant Group, Han Xinyi, believes that the token economy is at a "dawn moment" and must be deeply rooted in the real economy to truly unlock its value [1][4]. Group 1: Token Economy Insights - The global Web3 native asset scale has exceeded $3.8 trillion, but most of it is still focused on speculative trading and value storage, lacking deep interaction with the real economy [4]. - If tokens remain confined to internal cycles within the virtual world, their value potential will be very limited [4]. - Ant Group has been exploring the token economy for years, particularly through recent RWA sandbox practices, aiming to anchor real value and enhance efficient circulation and value interconnection in the real economy [4]. Group 2: Technological and Application Developments - The token economy is seen as emerging, requiring ongoing exploration based on the maturity of technology, assets, and scenarios [5]. - Advances in blockchain infrastructure, AI, and IoT are creating more digital assets suitable for tokenization, while privacy computing technologies are evolving traditional trust models into digital trust mechanisms [5]. - Asset tokenization is expanding from the financial sector to broader real industries, transitioning from serving on-chain investments to supporting real industry financing [5]. Group 3: Future Growth Engines - "Asset tokenization" and "token payments" are identified as key growth engines in the Web3 space, facilitating the deep integration of the crypto economy with the real economy [5]. - These two elements are expected to merge into a new infrastructure that supports efficient value circulation in the real economy [5]. Group 4: Compliance and Risk Management - The exploration of tokenization should balance the pursuit of value and risk management equally [6]. - Compliance is viewed as the lifeline of innovation, with Ant Group focusing on technological infrastructure to create new value while clearly defining boundaries from the outset [6]. - Continuous exploration and research are emphasized as more important than merely seeking speed and novelty [6].

Core Insights - The report "Real World Token Economy 2025" by Ant Group highlights the transition of token economy from niche experiments in the virtual world to serving the real economy, emphasizing a return to value fundamentals [1] - The focus is on building a real-world token economy ecosystem, where tokens serve as new value carriers to achieve more efficient value circulation and collaboration [1] - The report identifies Real World Asset (RWA) tokenization and tokenized payment settlement as crucial pillars for ecosystem development, with RWA providing diverse value targets and token payments facilitating efficient circulation [1] RWA Development - The report stresses that the premise for "everything can be tokenized" includes three conditions: verifiable status, programmable ownership, and quantifiable value [1] - RWA has become the second fastest-growing category in the crypto market, yet most of it is dominated by private credit and U.S. Treasury bonds, with limited real-world asset tokenization cases [1] - The true value of tokenization lies in serving the financing needs of the real economy, shifting from investment-driven to financing-driven demand [1] Tokenization Practices - Ant Group's practices in the tokenization of renewable energy assets provide a reference path for the industry, injecting new vitality into low liquidity assets like real estate and industrial equipment [3] - The tokenized payment settlement network is described as the "circulatory system" of the token economy, supporting efficient value flow [3] - Future developments in central bank digital currencies and commercial bank tokenization are expected to reshape cross-institutional and cross-border settlement systems [3] Trust Mechanisms - A secure and trustworthy environment is viewed as the core guarantee of the token economy, with a global regulatory framework providing legal trust and institutional foundation [3] - Institutions are encouraged to build a trustworthy environment from three aspects: asset authenticity, identity compliance, and transaction security [3] - The report calls for collaboration among various parties: regulators to provide clear legal frameworks, tech companies to drive industry standards and innovations, and financial institutions to connect the token economy with traditional finance [3]

Core Insights - The report titled "Real World Token Economy 2025" indicates that the token economy is transitioning from a niche experiment in the virtual world to a broader application in the real economy, returning to its value origins [1] - The focus is on building a real-world token economy ecosystem where tokens serve as new value carriers, facilitating more efficient value circulation and collaboration [1] - The report emphasizes that the tokenization of real-world assets (RWA) and tokenized payment settlements are crucial pillars for ecosystem development [1] Group 1: Tokenization of Real-World Assets - The report highlights that the premise for "everything can be tokenized" includes three conditions: verifiable status, programmable ownership, and quantifiable value [1] - RWA has become the second fastest-growing category in the crypto market, yet most are still dominated by private credit and U.S. Treasury bonds, with limited cases in industrial assets [1] - The true value of tokenization lies in serving the financing needs of the real economy, shifting from investment-driven to financing-driven demand [1] Group 2: Practical Applications and Innovations - Ant Group's practices in the tokenization of renewable energy assets provide a reference path for the industry, injecting new vitality into low-liquidity assets like real estate and industrial equipment [3] - The tokenized payment settlement network is described as the "blood circulation system" of the token economy, supporting efficient value flow [3] - Future developments in central bank digital currencies and tokenization by commercial banks are expected to reshape cross-institutional and cross-border settlement systems [3] Group 3: Trust Mechanisms and Regulatory Framework - A secure and trustworthy environment is viewed as the core guarantee for the token economy, with a global regulatory framework providing legal trust and institutional foundation [4] - Institutions are encouraged to build a trustworthy environment from three aspects: asset authenticity, identity compliance, and transaction security [4] Group 4: Collaborative Development - The report calls for collaboration among various parties: regulatory bodies to provide clear legal frameworks, technology companies to drive industry standards and innovative solutions, and financial institutions to connect the token economy with traditional finance [5] - Such collaboration is essential for the safe and effective empowerment of the real economy through tokenization, opening new chapters for digital asset applications in the real world [5]

Core Insights - The future of token economy must be rooted in the real economy to truly release value [1] - The global Web3 native asset scale has exceeded $3.8 trillion, but most of it is still focused on speculative trading and value storage, lacking deep interaction with the real industry [1] - Ant Group has been exploring the token economy, particularly through RWA sandbox practices, aiming to leverage technology to enhance efficient circulation and value interconnection in the real economy [1] Group 1 - Asset tokenization and token payments are key growth engines in the Web3 space, acting as a bridge to integrate the crypto economy with the real economy [2] - The exploration of tokenization should balance value exploration and risk prevention, with compliance being essential for innovation [2] - Ant Group has clearly defined its boundaries from the beginning, refusing to issue virtual currencies or engage in speculation, focusing instead on technological infrastructure to serve rather than disrupt industries [2]