1. Introduction: The Asset Revolution in the Value Internet Era

2. Global RWA Core Sectors and Representative Projects

   • Tokenized Government Bonds: Compliance Experiments Led by Institutions

   • Real Estate Tokenization: Liquidity Restructuring and Legal Adaptation Challenges

   • Carbon Credit Tokenization: The Compliance Game in Environmental Finance

3. Tech-Regulatory Synergy: Breakthroughs and Conflicts

   • Compliance Framework Innovation: Offshore SPVs and On-Chain Sandboxes

   • Technical Bottlenecks and Solutions

   • Liquidity Challenges and Market Fragmentation

4. RWA Legal Compliance Frameworks and Case Studies

   • Domestic Legal Challenges and Compliance Pathways

   • Hong Kong’s Sandbox Mechanism and Cross-Border Compliance

   • International Compliance Frameworks and Interoperability Challenges

5. Future Paths: Tech-Driven vs. Regulation-First

   • Tech-Driven (Singapore-Hong Kong Synergy Model)

   • Regulation-First (US, EU vs. Mainland China, Hong Kong Benchmarking Model)

   • Hybrid Path (Institution-Led Global Network)

6. RWA Market Chaos and Risk Warnings

   • "Shitcoins" and Ponzi Schemes

   • Regulatory Arbitrage and Loopholes

   • Technical Risks and Operational Pitfalls

7. Conclusion: Global Lessons from RWA Practices

   • Core Contradictions

   • Regional Ecosystem Characteristics

   • Future Strategic Directions

   • Risk Management Processes

8. Key Structure Diagram

9. References

Since 1970, when the U.S. Government National Mortgage Association (GNMA) issued the first mortgage-backed security (MBS), asset securitization has evolved into a widely adopted financial innovation tool. Under the Keynesian liquidity expansion framework, modern finance shifted focus toward converting illiquid assets into highly liquid instruments.

Blockchain technology, with its transparency and traceability, offers a perfect solution for enhancing asset liquidity. RWA (Real World Assets) emerged as a key player in digital financial innovation, tokenizing real-world assets (e.g., real estate, infrastructure, bonds, green energy facilities) into tradable on-chain tokens. Unlike traditional securitization, blockchain-based RWA provides new possibilities for global asset liquidity.

According to RWA.xyz, as of May 2025, the total market capitalization of on-chain RWA reached $22.38 billion, a 7.59% increase from the previous month, with 100,941 asset holders (up 5.33% monthly). Boston Consulting Group predicts the global RWA market could hit $16 trillion by 2030, accounting for 10% of global GDP.

However, challenges such as "shitcoins," Ponzi schemes, regulatory arbitrage, and legal violations persist. Balancing technological innovation with regulatory adaptation is crucial for sustainable growth.

Amid a global "low growth, low inflation, high debt" economic landscape, sovereign debt tokenization enhances liquidity, transparency, and cross-market efficiency.

• US & EU Markets:

  • BlackRock’s BUIDL fund (ERC-1400 standard) reduced SEC compliance costs by 30%, reaching $500M AUM in three months.

  • Goldman Sachs’ Digital Asset Platform (GS DAP) cut bond issuance time from two weeks to 48 hours, enabling near real-time settlement.

• Hong Kong:

  • HKMA’s Ensemble Sandbox facilitates tokenized interbank settlements, with pilot projects like an $800M tokenized green bond (40% cost reduction).

  • Plans to expand on-chain settlements to $1.5B in 2025.

• Mainland China:

  • No tokenized sovereign bonds yet, but progress in data asset securitization (e.g., Shenzhen Stock Exchange’s $320M data asset ABS).

  • Blockchain-based carbon trading trials by Shanghai Environment & Energy Exchange.

Tokenizing real estate faces legal hurdles in ownership rights and liquidity fragmentation.

Blockchain improves transparency in carbon markets but faces regulatory scrutiny.

• Compliance Innovations: Offshore SPVs and on-chain sandboxes.

• Technical Bottlenecks: Scalability, interoperability.

• Liquidity Challenges: Market fragmentation due to regulatory silos.

1. Tech-Driven (Singapore-Hong Kong Synergy): Focus on interoperability.

2. Regulation-First (US/EU vs. China/HK): Compliance-heavy, slow but stable.

3. Hybrid (Institution-Led Global Network): Balances innovation and oversight.

RWA’s growth hinges on balancing innovation with regulation. While challenges like market manipulation and regulatory arbitrage persist, strategic collaboration between tech and policymakers can unlock its $16T potential.

(Full report available at Web3Caff Research.)