Core Insights - The article discusses the significant advancement of Real World Assets (RWA) in Hong Kong, particularly through the project by China Gas's subsidiary "Mingqi Tong," which has successfully tokenized credit from an overseas bank, marking a pivotal moment for public utilities in the RWA landscape [1][14]. Group 1: Project Overview - The RWA project by China Gas is the first institutionalized RWA example in Hong Kong's public utility sector, moving beyond financial assets to include real industry credit assets [1][14]. - This project represents a replicable industrial path under a mature regulatory framework, integrating traditional industry credit assets into blockchain financial systems [1][14]. Group 2: Asset Structure and Strategy - The project utilizes bank credit as the underlying asset, reflecting a practical approach in the early stages of industrial RWA, focusing on clear financial attributes and stable cash flows [3][11]. - The strategy emphasizes a "credit asset first, physical asset follow" approach, establishing a foundation for future large-scale tokenization of energy and infrastructure revenue rights [3][11]. Group 3: Technological Framework - The project employs Ant Group's Jovay Layer2 as its technical foundation, designed specifically for financial institutions and industry participants, ensuring stability and regulatory compliance [5][7]. - The system supports real-time synchronization of operational, financial, and cash flow data, enhancing auditability and traceability for regulatory purposes [5][8]. Group 4: Regulatory Compliance - The project operates within Hong Kong's existing financial regulatory framework, utilizing a digital asset regulatory sandbox to ensure ongoing compliance and innovation within regulatory boundaries [7][8]. - The legal structure ensures that tokenized rights are backed by traditional financial contracts, providing a solid legal foundation for the tokenized assets [8][9]. Group 5: Industry Implications - RWA introduces a new capital organization method for public utilities and infrastructure, transforming financing from a project-based to a revenue-rights-based model [11][12]. - This shift allows for diversified capital sourcing and continuous risk monitoring, enhancing the overall financing efficiency for long-term capital-intensive industries [11][12]. Group 6: Global Perspective - The project signifies a critical phase in the global RWA market, expanding from financial assets to include real industry assets, particularly in public services and infrastructure [14][15]. - It establishes a collaborative structure among industry groups, banks, technology platforms, and regulatory bodies, which may become the mainstream model for future RWA implementations [14][15].

2025 年 7 月 13 日，2025 全球 RWA & AGI 生态峰会在杭州举行。数秦科技董事长高航受邀发表题为 《RWA 的技术逻辑与最佳实践》的主题演讲，凭借 12 年区块链行业探索经验，深入剖析了真实世界资 产(RWA)通证化的技术内核、发展前景及实践案例，为行业发展带来深刻洞见，引发广泛关注。 从区块链理想主义到现实协同的成熟之路 高航在演讲中强调，RWA 通证化具有多方面重要意义：它能够显著提升资产流动性，实现全球 7x24 小 时跨境交易；可进行可信计量，建立更高效的利益分配机制；还能实现自动化合规与契约执行，并推动 基于可信底层资产的金融创新。 从市场反馈来看，众多权威投行机构同样认为RWA潜力无穷。花旗银行研报显示，目前 RWA 市场总规 模已接近 16.16 万亿美元，且潜力持续释放。另有核心总结指出，到 2030 年，全球资产代币化规模将 增长 50 倍，通证化资产预计将占到全球 GDP 的 10%，房地产、股票、债券、投资基金及专利等底层 资产的通证化都将迎来增长。 可以说，RWA已成为当前web3领域最受关注的新风口。基于此，高航首先解析了RWA的技术演化路 径，帮助与会者了解R ...

RWA: 连接传统与未来 真实世界资产（Real World Asset, RWA）是指现实世界中存在的非数字实体资产，以及与之相关的收益权、合同权益等，通过区块链 技术将其通证化，使 之能够在链上交易和流通。根据rwa，2025年6月，全球链上RWA资产总价值已突破233亿美元。 在Web3.0与传统经济加速融合的浪潮中，RWA起到了关键性的推动作用——它通过区块链通证化技术，把现实资产直接带入链上世界。 对传统金融用户 而言，RWA提供了进入链上投资、跨市场配置的便捷通道；而稳定币则进一步强化了这种连接作用，既能保证链上资产 的稳定价值，又能简化传统资产 向链上迁移的过程。对于已在Web3.0领域的投资者而言，RWA则是回归传统金融、落地现实经济的重要 抓手，通过RWA，虚拟资产能顺利切换为债券、 黄金甚至房地产等真实资产，实现财富在两个世界之间的自由流动。 打破传统投资桎梏，全民参与新道路 RWA在未来数字金融发展中扮演的角色，不只是连接现实世界资产与web3金融的桥梁。更重要的是，RWA通过资产的通证化，显著降 低了投资的门槛， 让原本难以分割和流动性不足的资产，如房地产、艺术品或私募基金等，以更灵活 ...