Report Summary 1) Report Industry Investment Rating - Not provided in the given content 2) Core Viewpoints of the Report - RWA, which digitizes real - world assets through blockchain tokenization, is a significant development at the intersection of fintech and capital markets. It enhances asset liquidity, reduces transaction costs, and promotes financial inclusiveness. It has entered a rapid expansion phase globally and is expected to become an important part of the global financial market in the next decade [1][4][16] - Despite its rapid growth, RWA's healthy development depends on the improvement of regulatory systems, risk management of underlying assets, and continuous guarantee of technical security [16] 3) Summary by Relevant Sections Introduction - RWA is a frontier direction where fintech and capital markets meet. It maps illiquid and high - barrier assets onto the blockchain, providing new investment and financing paths and showing a large - scale development trend [4] RWA's Basic Principles - RWA refers to digitizing real - world physical or financial assets and putting them on the blockchain through tokenization for decentralized ownership, transfer, and trading. Its core is asset tokenization, connecting traditional finance and decentralized finance and enhancing asset efficiency and inclusiveness [5] - RWA significantly improves asset liquidity by allowing fragmented ownership and 24/7 global trading, reducing entry barriers and stimulating secondary - market activity. It also has transparency and security advantages through distributed ledger technology and promotes financial inclusiveness, especially in emerging markets [6] RWA's Development Status - As of August 2025, the global RWA asset total (excluding stablecoins) is $26.7 billion, with over 300,000 asset holders and more than 250 asset issuers. The main underlying assets are private credit, US Treasuries, and commodities. The market has grown by over 50% compared to the same period in 2024, and is expected to expand further this year. BCG predicts it could exceed $16 trillion by 2030, about 10% of global GDP [7][9] - In terms of regulation, the US leads in practice, Europe has a unified regulatory framework with the MiCA Act, and Asian countries like Singapore, Japan, and South Korea are actively piloting. China Hong Kong has launched an RWA regulatory sandbox. However, RWA faces challenges such as regulatory compliance, asset credit risks, and technical security issues [12] Conclusion and Outlook - RWA is changing the asset - allocation landscape. It has entered a rapid expansion phase globally and is expected to be an important part of the global financial market in the next decade. In the future, it can provide a low - threshold way for Chinese residents to participate in alternative assets, and Hong Kong's pilot may gradually develop in areas such as securities, green RWA, and trade and supply - chain finance [16]