RWA (Real World Assets, tokenization of real-world assets), as one of the hottest concepts in the current crypto world, is attracting increasing attention from capital and entrepreneurs. It is regarded by many as the next explosive growth point in the blockchain industry after DeFi, NFT, and AI, and has even been dubbed the "trillion-dollar track." But for RWA riding the hype, is it a genuine value opportunity or just another over-packaged bubble? Can it truly bring sustainable returns to participants?
To answer this question, we first need to understand the background behind the rise of RWA. From the DeFi summer to the NFT boom, from the Web3 narrative to the explosion of AI concepts, the crypto industry has always relied on "consensus" for momentum—and now, the focus of consensus is shifting to the tokenization of real-world assets. With traditional financial giants like BlackRock, Goldman Sachs, and J.P. Morgan entering the space, RWA is no longer just a niche experiment within the crypto-native circle but is gradually becoming a key bridge connecting traditional finance and the digital currency world.
RWA refers to the conversion of physical or financial assets from the real world into digital tokens through blockchain technology, thereby achieving asset fractionalization, high liquidity, and global trading. Its advantages are significant: for example, it can lower the investment threshold for high-value assets, enhance transaction transparency, shorten settlement cycles, and enable 7×24 global market pricing. Especially against the backdrop of global liquidity tightening and insufficient internal demand in the crypto market, RWA is seen as an important path to introduce traditional capital and users to the industry.
From a global perspective, overseas RWA projects mostly focus on financial assets, such as U.S. Treasury bonds, money market funds, and private credit. According to data from rwa.xyz, the total scale of on-chain RWA has exceeded $28 billion, with tokenized private credit, Treasury bonds, and precious metals dominating. Products like BlackRock's BUIDL fund and Franklin Templeton's BENJI are rapidly expanding, showing institutions' high level of trust in such assets.
In China, however, the development path of RWA emphasizes "industrial empowerment," with projects mostly centered around the real economy, such as new energy charging piles, photovoltaic power stations, real estate, agricultural products, and cultural assets. For example, the charging pile asset token issued by Longshine Group in collaboration with AntChain and the photovoltaic project by GCL Energy are typical cases of domestic RWA implementation. Unlike the public chain-dominated issuance methods overseas, domestic projects mostly rely on consortium chains to build compliance frameworks, making cross-border capital flows and legal structure design more complex.
Despite its great potential, the challenges facing RWA cannot be ignored. First, not all assets are suitable for tokenization. High-quality RWA assets need to have stable returns, clear legal ownership, and verifiable data. Treasury bonds have become mainstream precisely because of their high liquidity and regulatory certainty. In contrast, many so-called "RWA projects" merely package illiquid or high-risk assets on-chain without addressing fundamental value issues.
Second, the barrier to issuing RWA is extremely high, especially in terms of compliance and technology. Taking Hong Kong's RWA issuance as an example, companies need to go through a series of complex processes, including asset screening, SPV establishment, license applications, and sandbox testing, which often take more than six months, with total costs potentially reaching RMB 3–6 million. Beyond the issuance stage, maintaining subsequent liquidity is also a major challenge. Although most RWA tokens have large market capitalizations, the number of holding addresses is scarce, and trading activity is low. Liquidity remains highly concentrated in the hands of issuers and a few institutions, far from achieving true "mass adoption" and "high circulation."
More notably, many cases in the current market tout the RWA label while actually blurring compliance boundaries. Some projects obscure securities attributes through digital collectibles or profit-right certificates, with insufficient information disclosure and chaotic ownership structures, posing significant regulatory risks. Although such projects may gain attention in the short term due to market hype, they are not only unsustainable in the long run but may also damage the credibility of the entire RWA industry.
Therefore, whether RWA can truly make money is not a black-and-white answer. For institutions with truly high-quality assets, willing to make long-term investments and comply with regulatory requirements, RWA is undoubtedly a promising direction that can help businesses broaden financing channels, improve asset efficiency, and reach global markets. However, if the goal is to create something out of nothing through concept hype or even raise funds by packaging low-quality assets, it will likely face the dual risks of market elimination and regulatory scrutiny.
Looking ahead, the development of RWA still requires continuous improvement in technological infrastructure, service ecosystems, market structures, and regulatory collaboration. With the emergence of professional issuance platforms, trials of cross-border sandbox mechanisms (such as Hong Kong's Ensemble project), and exploration of DeFi integration models, the liquidity and practicality of RWA are expected to improve. As predicted by Boston Consulting Group, the scale of tokenized assets may exceed $16 trillion by 2030—a tempting figure, but one destined only for those who respect the essence of finance, are willing to follow the right path, and possess long-term patience.
In summary, RWA is neither a magic trick to turn stone into gold nor a worthless bubble. It is an attempt at deep integration of technology, finance, and regulation, and its path is destined to be both bright and曲折 (twisting). For institutions and individuals truly wanting to participate, understanding the essence of assets, identifying compliant paths, and recognizing market risks may be the first step toward making rational decisions.
