Group 1: RWA Financing Model - The core of RWA financing is the tokenization of real assets through blockchain technology, enabling the creation of digital assets that can be traded on decentralized platforms [6][16] - The main processes include asset selection and evaluation, tokenization using blockchain, compliance handling, issuance and trading, and automatic profit distribution through smart contracts [6][16] - RWA financing focuses on assets with clear value or stable cash flows, such as real estate and accounts receivable [6] Group 2: Role of Digital Currencies - Digital currencies serve as payment and settlement tools, with stablecoins acting as a bridge between fiat currencies and RWA, reducing cross-border transaction costs [9] - RWA tokens can be used as collateral in DeFi protocols, enhancing their stability [9] - Governance tokens incentivize user participation through mechanisms like staking and fee discounts [9] Group 3: Development of Digital Currencies - The development of digital currencies has gone through five distinct phases, from inception in the late 1970s to the current era of strategic policies influencing their use [11] - Digital currencies are increasingly recognized for their decentralized, anonymous, and secure nature, becoming reserve assets for some central banks [13] Group 4: Stablecoins - Stablecoins emerged to address the volatility of mainstream digital currencies, providing a stable medium for transactions [14] - There are three types of stablecoins: fiat-collateralized, algorithmic, and crypto-collateralized, each serving different functions in the digital finance ecosystem [14] Group 5: Regulatory Landscape - Regulatory measures are crucial for the RWA and digital currency sectors, with increased regulation indicating higher safety but potentially fewer profit opportunities for ordinary investors [16][19] - The U.S. SEC employs a multi-faceted regulatory approach to oversee crypto assets, determining whether they fall under securities regulations [20][21] - Various global jurisdictions are developing regulatory frameworks for digital currencies, with a focus on compliance, user protection, and market integrity [24][25] Group 6: Hong Kong's Regulatory Approach - Hong Kong is at the forefront of digital currency regulation, with the Financial Management Bureau actively developing policies to manage crypto assets [25][30] - The region has implemented a sandbox approach to test the interoperability of tokenized assets and digital currencies, aiming to support market development [30][33] Group 7: Future of RWA Financing - RWA financing can utilize either tokenized financing or asset-backed lending, both relying on digital currencies for transactions [36] - The future of RWA is contingent on a healthy and regulated digital currency market, posing new challenges for traditional regulatory bodies [36]