1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - RWA bonds, as a key product integrating "real - asset credit anchoring" and "blockchain technology enabling", are reshaping the operation logic of the traditional debt - financing market. The report comprehensively analyzes RWA bonds from multiple aspects such as core definition, operation mechanism, comparison with traditional bonds and ABS, global policy environment and regulatory framework, typical cases, and investor participation paths [12]. 3. Summary by Directory 3.1 RWA Bond Core Definition - **Concept Definition**: RWA bonds are standardized debt - financing tools that tokenize the creditor's rights of real - world assets with stable cash flows through blockchain technology. They have "dual - anchoring" features, anchoring both the cash flows of underlying assets and the income - distribution rules of smart contracts, and are classified as "security tokens" subject to securities regulations [13][14]. - **Underlying Asset Types and Characteristics**: There are three types of underlying assets. Financial assets, including accounts receivable, corporate loans, and national debts, are the mainstream with stable cash flows and low verification difficulty. Physical assets, such as real estate, infrastructure, and charging piles, have anti - inflation properties but long valuation periods and poor liquidity. Equity assets, like carbon - emission rights and intellectual property rights, are scarce and suitable for long - term allocation [15][16]. 3.2 RWA Bond Operation Mechanism - **Asset Confirmation and Pooling**: For non - standardized assets, asset confirmation uses the multi - node consensus of the alliance chain to generate "on - chain ownership certificates", and then packs the assets into an asset pool. For standardized financial assets, the issuer purchases the underlying assets through a licensed custodian, and the custodian issues a legal holding certificate, which is then uploaded to the chain [19][21]. - **Chain Mapping and Token Generation**: Non - standardized assets need to disassemble the asset - pool rights and interests into "on - chain quantifiable units" and associate them with on - chain ownership certificates, and then issue standardized security tokens. Standardized financial assets can be directly mapped by unit, and the token generation often uses a highly compatible general standard [22][25]. - **Trading, Circulation, and Settlement**: Non - standardized assets can be traded on compliant centralized exchanges or decentralized exchanges (DEX) with a KYC check. The settlement cycle is instant, and the T + 0 arrival is achieved. Standardized financial assets are traded on Layer2 DEX and licensed centralized exchanges, and the smart contract realizes instant "token - funds" transfer [26][30]. - **Income Distribution and Asset Monitoring**: For non - standardized assets, the income is distributed through IoT devices to collect data and smart contracts to execute the distribution rules. Asset monitoring uses IoT devices to collect data and establish an early - warning mechanism. Standardized financial assets have a simpler income - distribution process, and the asset monitoring focuses on price and ownership risks [31][34]. 3.3 Comparison with Traditional Bonds and ABS - **Compared with ABS**: RWA bonds are more efficient and intelligent. They change from an "off - line manual - driven" model to an "on - chain algorithm - driven" model, with a more transparent process, lower participation thresholds, and better risk control [37][38]. - **Multi - Dimensional Comparison**: In terms of technical foundation, asset scope, liquidity, regulatory framework, investor threshold, information transparency, and issuance cost, RWA bonds, traditional bonds, and ABS have significant differences. RWA bonds have a wider asset scope, higher liquidity, and lower investor thresholds [44][45]. 3.4 Global RWA Bond Policy Environment and Regulatory Framework - **United States**: It is the largest RWA bond market globally. After experiencing the technology - exploration period, institutional - trial period, and explosive - growth period, it has achieved significant market - scale growth. The passage of the CLARITY Act has established a dynamic regulatory framework, and technological infrastructure improvements and institutional capital inflows have also promoted market development [48][50]. - **Europe**: It has developed from infrastructure pilots to a unified framework under MiCA. After the phased and full implementation of MiCA, it has eliminated the regulatory differences among countries, and technological improvements have also met institutional requirements [51][54]. - **China**: It features a dual - track pattern of cautious piloting in the Chinese mainland (excluding Hong Kong, Macao, and Taiwan) and international linkage in Hong Kong. Through rule recognition, asset interconnection, and technological interconnection, a cross - border compliance closed - loop has been formed [55][58]. 3.5 RWA Typical Cases - **Shenzhen Futian RWA Digital Bond**: Issued in 2025 with a scale of 500 million yuan and a coupon rate of 2.62%, it is the world's first public - offering RWA bond, listed on both the Macau Stock Exchange and the Shenzhen Stock Exchange, with the underlying assets being the income rights of charging piles and office buildings [60]. - **Langxin Group Charging Pile RWA**: Issued in 2024 with a scale of 100 million yuan, it is the first new - energy RWA in China, anchoring the income rights of 9000 charging piles [63]. - **GCL - New Energy Photovoltaic Power Station RWA**: Issued in 2024 with a scale of 200 million yuan, it anchors the income rights of an 82MW photovoltaic power station and bundles carbon - reduction benefits [64]. 3.6 RWA Bond Investor Participation Paths and Thresholds - **Primary Market Subscription**: Chinese mainland (excluding Hong Kong, Macao, and Taiwan) institutional investors can subscribe through direct connection with overseas licensed underwriting institutions or indirect participation through domestic QDII products [68]. - **Secondary Market Trading**: They can trade through the Hong Kong MOX, the Shenzhen Stock Exchange Cross - border Connect, or licensed digital exchanges, with different trading objects and risk levels for each channel [69][70].

Investment Rating - The report suggests a positive outlook on the RWA (Real World Assets) sector, indicating significant potential for growth and investment opportunities in the tokenization of real estate and other assets [5][12]. Core Insights - RWA represents an upgrade of asset securitization through blockchain technology, allowing for the tokenization of both tangible and intangible assets, thus enhancing liquidity and providing new financing channels [12][13]. - The global on-chain RWA market reached approximately $26.65 billion as of August 26, 2025, with private credit and U.S. Treasury bonds being the primary assets tokenized [5][10]. - The report emphasizes that the real estate sector is poised to become a key application area for RWA, driven by its inherent asset value retention and expected cash flow [5][12]. Summary by Sections 1. Definition and Advantages of RWA - RWA allows for the tokenization of real-world assets, breaking down investment barriers and enhancing liquidity [12][17]. - The advantages of RWA include increased asset liquidity, lower investment thresholds, and enhanced transaction transparency [17][19]. 2. Development History and Market Scale - RWA has evolved from concept to market realization since 2017, entering a rapid expansion phase since 2023 [5][10]. - The total scale of global on-chain RWA has surpassed $26.65 billion, with significant growth in issuance volumes [10][12]. 3. Issuance Process and Regulatory Environment - The RWA issuance process involves asset selection, on-chain integration, issuance and trading, and ongoing management [5][18]. - Regulatory frameworks vary globally, with strict regulations in Europe and the U.S., while regions like Hong Kong adopt more flexible approaches [5][18]. 4. Tokenization of Real Estate - The report highlights the potential of RWA in real estate, suggesting it could reshape investment logic and open new financing avenues [5][12]. - Case studies, such as the tokenization of a commercial property in Hong Kong, illustrate the practical applications and benefits of RWA in real estate [5][12]. 5. Investment Recommendations - The report recommends focusing on companies with substantial real estate holdings that can leverage RWA projects to enhance liquidity and asset valuation [5][12]. - Companies with regulatory advantages are also highlighted as potential leaders in the RWA space [5][12].

Group 1: Core Insights - BlackRock's BUIDL fund has seen an 860% growth over the past 18 months, highlighting the increasing interest in tokenized real-world assets and the evolving regulatory landscape [1] - The U.S. SEC's approval of frameworks for tokenized securities and the European Union's supportive regulations have facilitated broader adoption of tokenized assets [2] - BUIDL is domiciled in the British Virgin Islands, a preferred hub for tokenized funds, indicating a rising demand for compliant infrastructure [3] Group 2: Market Dynamics - BUIDL's expansion across seven blockchains, including Ethereum and Solana, coincides with a 40% rise in cross-chain interoperability solutions this year, enhancing accessibility [4] - The stablecoin market has surpassed a market capitalization of $230 billion, with BUIDL being integrated into various stablecoins, reflecting a shift towards yield-generating reserves [4][5] - The stabilization of U.S. Treasury yields at 4.2% has increased the appeal of low-risk assets, further driving interest in BUIDL [5] Group 3: Institutional Trends - Investments in DeFi from traditional players have risen by 25% this year, with BUIDL's structure offering a safe haven amid tightening monetary policies [6] - Following a major tokenized fund scandal in 2024, regulatory scrutiny has intensified, emphasizing the importance of compliance, which Securitize addresses with its DS Protocol [7] - BUIDL targets ultra-high-net-worth individuals with a minimum investment of 5 million USDC, distributing $70.89 million in monthly yields [8] Group 4: Future Outlook - The partnership between BlackRock and Securitize represents a growing collaboration between traditional asset managers and tech firms, which has surged by 30% since 2023 [8] - The market for tokenized assets is projected to reach $10 trillion by 2030, positioning BUIDL as a key player in this evolving landscape [8] - Securitize's SEC registration as a broker-dealer has reportedly supported a 20% increase in blockchain-based financial products launched this year [9]

Market Activity - Ethereum (ETH) shows strong market vitality with significant on-chain transactions and institutional investors increasing their holdings [1][2] - A dormant Ethereum ICO participant recently made a small test transaction, achieving a return on investment of 15,484 times, highlighting Ethereum's long-term value potential [2] - In the past two days, five new wallet addresses purchased a total of 19,332 ETH, valued at approximately $92 million, indicating new capital entering the market [2] - Bitmine invested $45 million to acquire 9,613 ETH, raising its total holdings to $7 billion, reflecting institutional confidence in Ethereum's long-term value [2] Ecosystem Development - The acquisition of Stargate by LayerZero, valued at $110 million, received 95% community support, enhancing cross-chain liquidity infrastructure [3] - The Ethereum Foundation is advancing its "trillion-dollar security" initiative, focusing on improving wallet user experience and security standards [3] - The initiative aims to address common risks like blind signing and promote wallet security standards, paving the way for broader adoption [3] Regulatory Environment - BlackRock's BUIDL fund has grown to $2.387 billion, with 88 institutional investors, indicating traditional financial giants' deep involvement in the RWA (real-world asset) tokenization space [5] - The evolving tax policy environment for cryptocurrencies in the U.S. is a significant factor affecting market dynamics, with 62% of Americans expecting rising unemployment rates, which may influence Federal Reserve monetary policy [6] Security Challenges - A recent Bitcoin scam in the UK, involving $2.8 million, underscores the importance of asset security and the risks associated with sharing recovery phrases [8] - Decentralized exchanges like XBIT.Exchange offer a solution by allowing users to maintain control over their assets through smart contracts, avoiding reliance on central servers [8] - XBIT's architecture mitigates common risks associated with centralized exchanges, ensuring transparent and immutable transaction records while reducing trading costs [8][9] User Empowerment - The value of decentralized trading platforms is increasingly recognized by users, providing a trustless, user-driven trading experience [9] - Users can enjoy the transparency and security of blockchain technology while maintaining complete control over their assets in any market environment [9]

Core Insights - The global fund tokenization market is experiencing explosive growth, with major Wall Street firms entering this emerging field [1] - Goldman Sachs reports that the asset management scale of tokenized assets reached $23 billion in the first half of the year, a 260% increase since January [1] - By 2030, tokenized funds are expected to account for 1% of global asset management, exceeding $600 billion [1] Group 1: Tokenized Money Market Funds - Tokenized money market funds are leading the innovation wave, with over 335 types of tokenized physical asset products currently operating on-chain [2] - BlackRock's BUIDL fund, in collaboration with Securitize, has surpassed $2.9 billion in assets under management, becoming the largest tokenized money market fund globally [2] - The participation of major institutions indicates a growing market demand for blockchain-native liquidity [2] Group 2: Alternative Assets and Private Equity - Tokenization of private equity and alternative assets is gaining attention, with the market projected to expand from $40 billion in 2023 to $317 billion by 2028 [3] - A PwC survey indicates that 54% of institutional investors prefer private equity as their choice for tokenized alternative investments [3] - Apollo's diversified credit fund offers tokenized private credit strategies, providing compliant investment opportunities for qualified institutions [3] Group 3: Milestones in Tokenized Money Market Funds - The collaboration between Goldman Sachs and BNY Mellon marks a significant milestone for tokenized money market funds in the U.S. [6] - This solution allows U.S. fund management companies to subscribe to money market fund shares through BNY Mellon's LiquidityDirect platform, utilizing Goldman Sachs' blockchain-based GS DAP platform [6] - The potential of tokenized funds can alleviate friction in collateral management, enhancing the value of asset classes [6] Group 4: Regulatory Environment - Global regulatory bodies are generally adopting a positive stance towards fund tokenization, creating favorable conditions for market development [7] - The Hong Kong Securities and Futures Commission approved the world's first tokenized money market ETF in April 2025, indicating strong interest in interoperable token formats [7] - The UK's 2023 fund tokenization implementation blueprint aims to improve market efficiency and transparency, with the Financial Conduct Authority supporting industry efforts [7]

Core Insights - The report focuses on the development of Real-World Assets (RWA), highlighting their definition, investment value, global regulatory framework, development path in mainland China, and future trends [1][2][17]. Group 1: RWA Definition and Background - RWA refers to the process of converting physical or traditional financial assets into digital tokens using blockchain technology, aiming to enhance liquidity, transparency, and accessibility of assets [23][29]. - The rise of RWA addresses long-standing pain points in traditional finance, such as insufficient asset liquidity and low transparency, with blockchain technology providing a solution [29][30]. - Traditional financial institutions are increasingly investing in RWA, validating its strategic importance and accelerating its development [32][33]. Group 2: Investment Value and Advantages of RWA - RWA significantly enhances asset liquidity and market efficiency, allowing traditionally illiquid assets to be tokenized and traded, thus broadening the potential buyer base [48][49]. - The tokenization process reduces transaction costs and settlement times, with examples showing that the average holding period for real estate tokens is only 47 days compared to 6-9 months for traditional commercial real estate [49]. - RWA provides increased accessibility to investments, lowering barriers for retail investors to participate in high-value assets [2][48]. Group 3: Global Regulatory Framework - Major jurisdictions are actively constructing regulatory frameworks for RWA, with organizations like FSB and BCBS proposing relevant principles [2][3]. - The U.S. has introduced the GENIUS Act to regulate stablecoins, while the EU's MiCA regulation has come into full effect [2][3]. - Hong Kong has upgraded its digital asset policies, launching the LEAP framework and stablecoin regulations [2][3]. Group 4: Unique Development Path in Mainland China - The development of RWA in mainland China is characterized by a "gray area" in regulation, with policies like the "9.4 announcement" imposing certain restrictions [2][4]. - RWA projects in China focus on sectors like renewable energy and agriculture, utilizing a "blockchain + IoT" model [2][4]. - The concept of Real Data Assets (RDA) has been proposed to promote the value of data elements, although challenges in compliance, technology, and market remain [2][4]. Group 5: Future Trends and Challenges - The global RWA market is expected to continue growing, with institutional participation accelerating and stablecoins playing a central role [2][6]. - Emerging asset classes, such as computing power, show potential but face legal and regulatory challenges [2][6]. - The need for international collaboration and standardization is emphasized to address legal and regulatory challenges in the RWA space [2][6].

Core Insights - The global financial landscape in 2025 is characterized by intense competition over stablecoins, driven by regulatory developments and the involvement of major financial and tech players [3][8][21] - Stablecoins, once seen as a niche product, are now central to discussions about monetary power and financial market restructuring, with significant profit potential for issuers [4][6][22] Regulatory Developments - The U.S. Senate passed the "GENIUS Act" on June 17, 2025, establishing strict regulations for stablecoins, including a 100% reserve requirement and mandatory transparency [10][11] - The EU's MiCA regulation, effective December 30, 2024, imposes stringent requirements on stablecoins, including a 1:1 liquidity reserve and banning algorithmic stablecoins [12] - Hong Kong's "Stablecoin Ordinance" came into effect on May 30, 2025, marking the beginning of licensed operations for stablecoin issuers [13] Market Dynamics - Major financial institutions like JPMorgan and BlackRock are actively entering the stablecoin market, with JPMorgan's blockchain platform processing over $20 billion daily and BlackRock's BUIDL fund capturing 40% of the tokenized U.S. Treasury market [15] - Tech giants such as JD.com and Ant Group are also positioning themselves in the stablecoin space, aiming to reduce cross-border payment costs significantly [16] - The involvement of political figures, such as the Trump family launching a stablecoin, adds a new dimension to the competitive landscape [17] Financial Implications - The stablecoin market is projected to generate substantial profits, with Tether's market cap at $155.7 billion and a net profit of $13 billion in 2024, indicating its significant role in the U.S. Treasury market [6] - The total transaction volume of stablecoins surpassed $27.6 trillion in 2024, exceeding that of Visa and Mastercard combined, highlighting their growing importance in global payments [19][20] Future Outlook - The evolution of stablecoins is seen as a potential revolution in payment systems and asset tokenization, with implications for various asset classes [21] - The competitive landscape is expected to intensify as demand for stablecoins grows, driven by their utility in facilitating transactions and their role as a bridge between fiat and cryptocurrencies [23]

Core Insights - The core concept of RWA (Real World Assets) is to utilize blockchain technology for asset ownership verification and fragmentation, enabling high-value assets like commercial real estate to be divided into multiple token units [1] Group 1: Technological Implementation - The implementation involves three key stages [2] - Tokenization of assets allows for fractional ownership, significantly lowering investment thresholds, as seen with platforms like RealT and Maecenas [1][3] - The tokenization of carbon credits by Toucan Protocol has reduced trading costs by 82% and increased market liquidity by 12 times [4] - Goldman Sachs and Coinbase's collaboration on tokenized treasury funds has shown a 300% increase in turnover rates for institutional investors [5] - The TradeLens platform by Maersk and IBM has reduced trade financing processing time from 7 days to 15 minutes, improving capital utilization by 65% [5] Group 2: Market Dynamics - The democratization of alternative investments is exemplified by Maecenas, which has lowered the investment threshold for high-value art pieces from millions to hundreds of dollars [3] - Traditional financial giants like BlackRock and Morgan Stanley are entering the RWA space, with BlackRock's BUIDL fund managing over $5 billion [7] - Regulatory frameworks are evolving, with the EU's MiCA legislation and Singapore's Project Guardian establishing standards for tokenized assets [8] Group 3: Ecosystem Innovations - The Decentraland platform is exploring virtual real estate collateralized lending, enhancing the utility value of digital assets by three times [9] - Legal structures are being established to protect token holders' rights and ensure asset risk isolation through special purpose vehicles (SPVs) [10] - The value anchoring mechanism using Chainlink oracles for real-time asset valuation updates is being implemented [10] Group 4: Future Outlook - The true value of RWA extends beyond technology, fundamentally reshaping asset allocation logic and breaking traditional financial market constraints [12] - PwC predicts that by the 2030s, the market for tokenized assets will exceed $16 trillion, representing 14% of global GDP [12]