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 report by Ant Group's research institute presents a systematic path for the tokenization of real-world assets (RWA), suggesting that this could lead to a new economic era where assets can be tokenized and traded in real-time [1] - The three core pillars of this transformation are the tokenization of real-world assets, tokenized payment settlements, and a secure and trustworthy environment [1] Group 1: Current Market Landscape - The RWA market has reached a size of $24 billion as of July 2025, with nearly 90% concentrated in financial assets like private credit and U.S. Treasury bonds, indicating a structural imbalance [2] - The true potential of tokenization lies in addressing the financing needs of real industries, particularly small and medium-sized enterprises facing high financing costs [2] Group 2: Challenges in Tokenization - The tokenization process faces challenges such as verifying asset status, legal ownership issues, and the lack of standardized models for cash flow prediction and value assessment [2][3] - The report highlights that the core value of asset tokenization is "trust penetration," allowing financing decisions to be based on asset performance rather than the credit of the entity [3] Group 3: Payment Ecosystem Development - A three-tiered payment ecosystem is emerging, consisting of central bank digital currencies (CBDC), deposit tokens, and stablecoins, with stablecoins reaching a total market value of $266.6 billion by July 2025 [4][5] - The report emphasizes the need for a connected payment network to enhance the efficiency of fund flows across different systems [6] Group 4: Trust Mechanisms and Technology - The transition from virtual to real-world applications of token economies is hindered by trust mechanisms that still rely heavily on centralized entities [7] - Future solutions are expected to focus on technology-driven native trust, utilizing digital identities and zero-knowledge proofs to enhance privacy and compliance [8] Group 5: Ecosystem Collaboration and Value Consensus - Successful implementation of tokenization requires collaboration among industry players, financial institutions, regulatory bodies, and technology companies [9] - The report raises questions about the need for legal frameworks and ethical standards as tokenization redefines ownership, usage, and profit rights [10]