Core Insights - The report focuses on the rise of Real-World Assets (RWA) tokenization, analyzing its concept, value, regulation, practice, and trends, highlighting its role in bridging traditional finance and the Web3.0 ecosystem [1][11][13]. Group 1: RWA Concept and Background - RWA refers to the tokenization of physical assets like real estate, bonds, and commodities using blockchain technology, enhancing asset liquidity, transparency, and accessibility [1][18]. - The emergence of RWA addresses traditional financial pain points such as low liquidity, high entry barriers, and lack of transparency, leveraging blockchain's immutable nature and smart contracts for automation [1][23][25]. - The global RWA market has surpassed hundreds of billions of dollars, with expectations for explosive growth in the coming years [13][24]. Group 2: Investment Value and Advantages - RWA significantly enhances asset liquidity and market efficiency, with tokenized real estate trading cycles averaging 47 days compared to traditional commercial real estate's 6-9 months [2][39]. - RWA improves investment accessibility and promotes financial inclusion by lowering entry barriers, allowing broader participation in high-value assets [2][39]. - The tokenization process increases transparency and security, although challenges regarding the credibility of off-chain data remain [2][39]. Group 3: RWA Asset Categories and Examples - RWA encompasses diverse asset categories, including stablecoins (e.g., USDT, USDC), private credit, U.S. Treasury bonds, real estate, commodities, intellectual property, and emerging sectors like renewable energy and agriculture [2][29][30]. - Stablecoins serve as foundational RWA, providing a stable value anchor and facilitating the integration of Web3.0 with the real economy [2][34][37]. - The tokenization of real estate allows fractional ownership, significantly reducing investment thresholds and enhancing liquidity [2][30]. Group 4: Global Regulatory Landscape - The global regulatory framework for RWA is evolving, with a focus on compliance and risk management, as seen in the U.S. GENIUS Act and the EU MiCA regulation [3][4]. - Different jurisdictions are adopting varied approaches to RWA regulation, with the U.S. and EU leading in establishing comprehensive frameworks [3][4]. - In China, RWA is in a regulatory gray area, with initiatives focusing on private chains and sectors like renewable energy and agriculture [3][4]. Group 5: Future Trends and Challenges - The RWA market is expected to grow significantly, driven by institutional participation and the increasing importance of stablecoins as a liquidity infrastructure [3][6][12]. - Emerging asset categories like computing power are gaining traction, presenting new opportunities and legal challenges [3][6][12]. - The report emphasizes the need for ongoing research into the intersection of law and technology to support the healthy development of RWA [3][6].

21世纪经济报道 记者 崔文静 实习生 张长荣 金融科技浪潮席卷全球的2025年，一场静默的革命正悄然重塑国际支付秩序。 8月1日，《稳定币条例》正式生效，首批牌照发放进入倒计时。这一变革不仅关乎香港能否巩固其全球 虚拟资产中心的地位，更牵动着人民币国际化与"去美元化"的战略棋局。 中信建投证券计算机行业首席分析师应瑛在接受21世纪经济报道专访时表示，香港稳定币与数字人民币 并非竞争关系，而是通过 "货币桥 + 链上支付" 协同构建 "去美元化" 支付网络；RWA 代币化不止是资 产融资，更将重塑全球资产定价规则；随着香港稳定币牌照发放，券商 IT 改造、虚拟资产交易等领域 将迎来确定性机会。 从金融新秩序重构到机构业务转型，再到普通投资者的配置策略，这场由稳定币掀起的变革，正悄然改 写全球金融的游戏规则。 21世纪：内地推数字人民币、香港放稳定币试点，数字人民币会借香港加速出海吗？ 应瑛：两者是互补的。香港稳定币和数字人民币货币桥，都能绕开传统的 "银行 + SWIFT"跨境支付体 系。数字人民币主要靠货币桥推进国际化，而稳定币更偏向链上场景，两者一起发力，效果会更强。 恒生电子、顶天软件等IT服务商有望迎 ...

Core Insights - A significant capital migration is occurring globally, with funds leaving the previously dominant tech sector and moving towards new value opportunities [1][3] - This shift is characterized by a broader sector rotation, with capital flowing into defensive sectors like healthcare and utilities, as well as international markets with more attractive valuations [3][4] Group 1: Market Trends - The Nasdaq index's momentum has halted, indicating a major change in investment themes [1] - Bitcoin trading volume has surged over 200% in just one month, while stablecoin liquidity has also reached new highs [4] - The demand for decentralized and censorship-resistant value storage methods is increasing, as investors seek alternatives to traditional safe-haven assets [4][6] Group 2: Political and Economic Influences - Political attacks on the independence of the Federal Reserve have undermined trust in fiat currency, leading to a shift in market perception of Bitcoin as a hedge against broader political and institutional risks [6][7] - The phenomenon of "fiscal dominance" is emerging, where monetary policy is increasingly influenced by government debt and fiscal needs [6][9] Group 3: Investment Strategies - Traditional assets are being tokenized through RWA (Real World Asset) methods, allowing for fractional ownership and attracting significant investment from traditional financial institutions [4][6] - The narrative around Bitcoin is evolving from being merely a "digital gold" to a "systemic insurance" against financial instability [7][9] - The XBIT decentralized exchange is positioned to facilitate this capital flow, offering features like instant trading and compliance access for traditional financial participants [9]