香港積極擁抱RWA通證化浪潮，傳統機構的參與決定了RWA通證化的“加速”

通證化正在從概念走向落地，被波士頓諮詢集團稱為“資產管理的第三次革命”，預計未來五年將實現爆發式增長。

With Trump announcing the issuance of his personal meme coin $Trump on social media, global investors are once again paying attention to the crypto market. After returning to the White House, Trump may usher in a new era of US crypto regulation and push more institutions to join the wave of crypto innovation. Kara Calvert, Coinbase's US policy director, also said recently, "Trump has signaled that the United States is back and we are ready to lead the industry. What this means to other countries is to be careful, otherwise you will not be able to keep up."

隨著川普在社群媒體上宣布發行個人迷因幣$Trump，全球投資者再次關注加密貨幣市場。重返白宮後，川普或將開啟美國加密貨幣監管新時代，並推動更多機構加入加密貨幣創新浪潮。 Coinbase 美國政策總監 Kara Calvert 近日也表示，“川普已經發出信號，美國回來了，我們已經準備好領導這個行業。這對其他國家來說意味著要小心，否則你將無法保持向上。”

The participation of traditional institutions determines the “acceleration” of RWA tokenization

傳統機構的參與決定了RWA通證化的“加速”

Tokenization is moving from concept to implementation, and is called "the third revolution in asset management" by Boston Consulting Group, and is expected to achieve explosive growth in the next five years. OKG Research predicts that non-stablecoin tokenized assets will exceed US$30 billion in 2025.

通證化正在從概念走向落地，被波士頓諮詢集團稱為“資產管理的第三次革命”，預計未來五年將實現爆發式增長。 OKG Research 預測，2025 年非穩定幣代幣化資產將超過 300 億美元。

As a global financial center, Hong Kong is also actively embracing the wave of RWA tokenization. The Chief Executive's Policy Address in 2024 proposed promoting RWA tokenization and the construction of a digital currency ecosystem, and the Hong Kong Monetary Authority also launched the "Digital Bond Funding Program" to encourage the capital market to adopt tokenization technology. These measures show that Hong Kong hopes to reshape its financial competitiveness through tokenization and take the initiative in future competition.

作為全球金融中心，香港也積極擁抱RWA代幣化浪潮。 2024年行政長官施政報告提出推動RWA代幣化和數位貨幣生態建設，香港金管局也推出“數位債券融資計畫”，鼓勵資本市場採用代幣化技術。這些舉措表明，香港希望透過通證化重塑金融競爭力，在未來的競爭中佔據主動。

However, the main force driving global tokenization innovation still comes from the United States. Traditional American institutions represented by Wall Street are using tokenization to accelerate the on-chain movement of traditional financial assets and businesses while allowing traditional funds to flow to the chain through the Bitcoin spot ETF channel. Institutions such as BlackRock, Goldman Sachs, and JPMorgan Chase are setting off the first wave of tokenization and will radiate their influence around the world. BlackRock's U.S. debt tokenization fund BUIDL has a scale of more than US$630 million, and JPMorgan Chase is also leading the tokenization of traditional assets such as U.S. Treasury bonds and money funds through the Onyx platform.

然而，推動全球通證化創新的主要力量仍來自美國。以華爾街為代表的美國傳統機構正在利用通證化加速傳統金融資產和業務的鏈上流動，同時讓傳統資金透過比特幣現貨ETF通道流向鏈上。貝萊德、高盛、摩根大通等機構正在掀起第一波代幣化浪潮，並將其影響力輻射到全球。貝萊德旗下的美國債務代幣化基金BUIDL規模超過6.3億美元，摩根大通也透過Onyx平台引領美國公債、貨幣基金等傳統資產的代幣化。

In contrast, Hong Kong has not yet seen any institutions or projects with global influence in the field of tokenization. Although Hong Kong has been active in promoting tokenization policies, compared with the United States, where innovation is led by leading financial institutions, Hong Kong's traditional financial institutions have relatively low participation and remain cautious about the Web3 industry, more in a "wait-and-see" state. This has prevented Hong Kong from fully realizing its potential in tokenization innovation despite its rich financial resources.

相較之下，香港在通證化領域尚未出現具有全球影響力的機構或計畫。儘管香港一直在積極推動代幣化政策，但與由領先金融機構主導創新的美國相比，香港傳統金融機構參與度相對較低，對Web3行業保持謹慎態度，更多處於“觀望”狀態。參見”狀態。儘管香港擁有豐富的金融資源，但這仍阻礙了香港充分發揮其代幣化創新的潛力。

The conservative attitude of traditional institutions in Hong Kong towards tokenization is mainly due to compliance requirements. Compliance is necessary, but it should not be an obstacle to innovation. The core of tokenization lies not only in technical implementation, but also in institutional participation. The participation of traditional institutions will largely determine the early prosperity of the tokenization market. Although the stock tokenization plan recently proposed by Coinbase in the United States is still in the strategic planning stage, once successful, it may be quickly replicated and even create a "Nasdaq on the chain", injecting huge increments into the tokenization market. This also shows that only when more resource-rich institutions actively participate can the tokenization market develop faster.

香港傳統機構對通證化的保守態度主要是出於合規要求。合規是必要的，但不應該成為創新的障礙。通證化的核心不僅在於技術實現，更在於機構參與。傳統機構的參與將很大程度上決定通證化市場的早期繁榮。儘管美國Coinbase最近提出的股票代幣化計劃還處於戰略規劃階段，但一旦成功，可能會迅速複製，甚至打造“鏈上納斯達克”，為代幣化市場注入巨大增量。這也說明，只有更多資源豐富的機構積極參與，通證化市場才能更快發展。

In the short term, when the existing model cannot be changed, Hong Kong should adopt a more open tokenization sandbox mechanism to attract more traditional institutions to participate and carry out cutting-edge practices with innovation and market potential. At the same time, in order to avoid the fragmentation of the sandbox, Hong Kong can include relevant explorations such as stablecoins and DLT in the sandbox for joint pilots; and encourage more institutions to freely explore tokenization applications according to their own endowments. Whether it is tokenized funds and stocks, or other assets, as long as they are willing and able, they can conduct small-scale pilots in the sandbox, summarize experiences in the exploration, and gradually enhance the willingness and ability of institutions to innovate in the field of tokenization.

短期來看，在現有模式無法改變的情況下，香港應採取更開放的通證化沙盒機制，吸引更多傳統機構參與，並進行具有創新性和市場潛力的前沿實踐。同時，為了避免沙盒的分散化，香港可以將穩定幣、DLT等相關探索納入沙盒中進行聯合試點；並鼓勵更多機構根據自身禀賦自由探索通證化應用。無論是代幣化基金和股票，或是其他資產，只要有意願、有能力，都可以在沙盒中進行小規模試點，在探索中總結經驗，逐步增強機構創新的意願和能力。 。

Only when more institutions with resources and assets actively participate in tokenization innovation can Hong Kong take more initiative in the transformation and avoid being quickly left behind in the competition with the United States.

只有更多有資源、有資產的機構積極參與通證化創新，香港才能在轉型中佔據更多主動，避免在與美國的競爭中迅速落後。

Only by focusing on standardized financial assets can the RWA market be expanded

聚焦標準化金融資產，才能拓展RWA市場

In addition to stimulating market innovation, Hong Kong also needs to further clarify its development focus at the tokenized asset level. Global tokenization exploration is mainly focused on standardized financial assets. Although Hong Kong has previously explored the tokenization of funds and bonds, the most popular focus at present is on the tokenization of non-financial assets such as new energy and agricultural products. Although these explorations are conducive to the long-term development of the tokenized ecosystem, it is difficult to establish market advantages in the short term.

除了刺激市場創新，香港也需要進一步明確其在代幣化資產層面的發展重點。全球通證化探索主要集中在標準化金融資產。儘管香港先前已探索基金、債券的通證化，但目前最受關注的焦點是新能源、農產品等非金融資產的通證化。雖然這些探索有利於通證化生態系統的長期發展，但短期內很難建立市場優勢。

As OKG Research has previously pointed out, there will be a significant time

正如 OKG Research 之前指出的那樣，將會有一個重要的時間