Core Viewpoint - The article discusses the rising trend of Real World Assets (RWA) tokenization in the Greater Bay Area, highlighting its potential benefits and challenges for companies seeking to leverage this new financing model [4][5]. Group 1: RWA Tokenization Overview - RWA refers to the tokenization of real-world assets into tradable digital asset certificates using blockchain technology, with over 13 institutions exploring this model in the past two years [4][7]. - Companies are increasingly interested in RWA not just for financing but also for brand exposure and potential stock price enhancement [4][13]. Group 2: Recent Developments and Case Studies - Since 2024, notable companies like Langxin Group and Huaxia Fund have successfully issued RWA projects, with underlying assets including funds, bonds, and real estate [7][8]. - The total market value of global on-chain RWA assets surpassed $25 billion by July 2025, with projections suggesting the market could exceed $10 trillion by 2030 [9]. Group 3: Challenges and Risks - The costs associated with issuing RWA projects in Hong Kong can be high, often exceeding HKD 2.5 million, which may deter some companies from pursuing this route [11][12]. - Not all assets are suitable for RWA; successful tokenization requires stable cash flows, clear legal rights, and verifiable off-chain data [18][19]. Group 4: Regulatory Environment - The regulatory landscape for RWA is still evolving, with a need for clear classification and compliance pathways based on asset characteristics [19][20]. - There are concerns about systemic risks if transparency and custodial measures are not adequately enforced [20][21]. Group 5: Future Prospects - RWA could provide a new avenue for Chinese companies to return to the Hong Kong market, offering a more flexible and faster alternative to traditional secondary listings [24][25]. - The development of RWA is expected to align with economic trends, with potential breakthroughs in cross-border financial products and limited trials for equity assets [25].

"股票代币化交易其实就是把美股这种传统证券，通过区块链技术变成可拆分、可在链上交易的代币， 本质是让股票资产更灵活地适配去中心化交易场景。用户在平台上用稳定币购买美股代币，平台通过托 管在富达的资金池同步购买对应数量的美股。与传统的美股交易相比，代币化的美股交易更简单，也更 有可拓展性。用户可以在钱包里自己持有对应价值的代币，而不是只能在券商托管。"9月18日，已完成 SEC STO备案的海外平台MyStonksCMO胡建林接受《华夏时报》记者书面采访时表示。 "SEC必须全面审视我们的市场从链下向链上迁移所带来的潜在益处和风险，我已指示委员会工作人员 更新过时的机构规则，以释放链上软件系统在证券市场的潜力。"彼时，SEC主席保罗·阿特金斯在解释 宣布这一计划的目的时称。 本报（chinatimes.net.cn）记者胡金华 上海报道 9月17日晚间美联储确认降息25个基点，将全球目光聚焦到美元资本下一步的流动方向。与此同时，为 了防止资金从高位的美股市场流出，SEC（美国证券交易委员会）祭出"新杀器"，准备四季度在纳斯达 启动股票代币化交易机制，让市场投资者以代币购买可拆分的美股，进而锁住市场流动性。 日前 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call discusses the future of tokenization in the U.S. stock market, particularly focusing on Real World Assets (RWA) and the role of platforms like Robinhood in this emerging market [1][3][4]. Core Insights and Arguments - The RWA market is projected to reach $186 billion in 2024, with stablecoins accounting for approximately 94% of this market [1][7]. - The equity token market, while currently small at under $400 million, shows significant growth potential driven by platforms like Robinhood [3][7]. - Robinhood's innovative business model includes "payment for order flow," allowing it to sell customer orders to market makers for execution, generating revenue from rebates [22][24]. - The company aims to become a "one-stop investment platform," offering a diverse range of products including traditional stocks, options, cryptocurrencies, and equity tokens [3][19]. Robinhood's Product Offerings - Recently, Robinhood launched equity token products covering over 200 U.S. stocks and ETFs, allowing for 24/5 trading [6][19]. - The platform has introduced perpetual contracts and staking products, expanding its offerings in the cryptocurrency space [1][18]. - Robinhood's equity tokens reflect stock prices but do not confer shareholder rights, functioning as derivative contracts [12][14]. Market Dynamics and Competition - Other platforms supporting equity token trading include Kraken, Coinbase, and Back Finance, each with different operational models and regulatory statuses [9][10]. - The global RWA market is expected to grow at a compound annual growth rate (CAGR) of approximately 53%, reaching $18.9 trillion by 2033 [7][18]. Regulatory Environment - The regulatory landscape for equity tokenization is evolving, with Robinhood seeking approval from the SEC to expand its offerings in the U.S. market [16][21]. - Hong Kong is actively promoting digital asset development, having issued its first government green bond and planning further digital bond issuances [5][17]. Financial Performance and Growth Strategy - In Q1, Robinhood's revenue structure showed that trading income accounted for 63% of total revenue, with cryptocurrency trading contributing 27% [22][23]. - The company aims to dominate the active trader market by offering a wider range of derivative products and enhancing user experience on mobile and web platforms [28]. - Robinhood's long-term vision includes building a global financial ecosystem targeting younger investors, particularly millennials and Gen Z [30]. Additional Insights - The company plans to allow users to migrate assets to personal wallets or other DeFi protocols in the future, enhancing the flexibility of its offerings [13][20]. - Robinhood's stock price has seen significant fluctuations, with a notable rebound in 2024, driven by increased trading activity in both the stock and cryptocurrency markets [25][26].