By September 2025, the global on-chain RWA asset scale has reached $29.52 billion, with holder accounts surpassing 310,000. Among them, RWA projects based on U.S. Treasuries, real estate, and private credit are the mainstream.

In the wave of global asset digitization, RWA (Real World Asset Tokenization) is becoming the core of a new round of fintech innovation. More and more institutions realize that how to enable the vast domestic asset scale to enter the on-chain world in a compliant and transparent manner will directly determine the development space of China's future finance and digital economy.

As blockchain technology continues to mature in the financial sector, the demand for asset on-chain integration becomes increasingly urgent. The reasons are not complicated. Traditional financial systems have inherent barriers in asset registration, circulation, and clearing, with dispersed information, lengthy processes, and high cross-institutional collaboration costs. Especially for most physical assets, debt assets, and income rights within the country, there is a lack of sufficient transparency and liquidity. Asset on-chain can allow these assets to exist in digital form, with clearer ownership, more efficient transactions, lower costs, and easier standardization, attracting a broader range of investors. For regulators, on-chain data is immutable and traceable, which also helps in real-time risk monitoring.

In practice, domestic assets entering the on-chain ecosystem also face institutional constraints. The current market generally adopts a "dual SPV" structure, where a domestic SPV holding the assets is established, and another overseas SPV responsible for issuing tokens is set up to realize "offshore mapping" of domestic assets. Although this structure considers cross-border regulation, investor protection, and trading convenience, it also introduces issues such as complex structure, high costs, and opaque ownership mapping, making it difficult for many potential assets to truly participate in RWA.

In summary, real-world asset tokenization involves converting physical assets such as real estate, commodities, artworks, and antiques into digital tokens through blockchain technology. RWA includes three elements: physical assets, tokens, and the technical bridge between physical assets and tokens. It is divided into three stages: asset preparation, issuance, and trading. Clear information on the value, ownership rights, and legal compliance of physical assets is required, and issuance and trading must meet regulatory requirements.

There are mainly three ways for ordinary people to participate in RWA: First, purchase legitimate enterprise-issued commodity tokens through compliant channels, but these RWA tokens are usually centered on "delivery rights" or "dividend rights," with modest returns, mainly as wealth management investments. However, since RWA issuance and trading are still controversial, caution is advised; second, assist professional RWA technology development companies in providing one-click issuance of RWA commodity tokens for enterprises, earning service commissions, but this is currently in a pilot compliance phase and requires caution; third, participate in the compliant construction of stablecoin and RWA issuance and ecosystem, building a complete Web3 ecosystem for industry compliance. This ecosystem construction demands high requirements in background, resources, and technology, but also offers significant opportunities.

Currently, the main opportunities for RWA are in Hong Kong and overseas. Most domestic participation involves new energy and computing power companies, focusing more on marketing effects. Overseas projects require trusted infrastructure technology, related exchange tools, and providers, representing an investment direction. However, specific projects need careful identification, with risk control as a priority to avoid falling into scam coins.

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