香港积极拥抱RWA通证化浪潮，传统机构的参与决定了RWA通证化的“加速”

通证化正在从概念走向落地，被波士顿咨询集团称为“资产管理的第三次革命”，预计未来五年将实现爆发式增长。

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."

随着特朗普在社交媒体上宣布发行个人模因币$Trump，全球投资者再次关注加密货币市场。重返白宫后，特朗普或将开启美国加密货币监管新时代，并推动更多机构加入加密货币创新浪潮。 Coinbase 美国政策总监 Kara Calvert 近日也表示，“特朗普已经发出信号，美国回来了，我们已经准备好领导这个行业。这对其他国家来说意味着要小心，否则你将无法保持向上。”

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

传统机构的参与决定了RWA通证化的“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.

通证化正在从概念走向落地，被波士顿咨询集团称为“资产管理的第三次革命”，预计未来五年将实现爆发式增长。 OKG Research 预测，2025 年非稳定币代币化资产将超过 300 亿美元。

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.

作为全球金融中心，香港也在积极拥抱RWA代币化浪潮。 2024年行政长官施政报告提出推动RWA代币化和数字货币生态建设，香港金管局也推出“数字债券融资计划”，鼓励资本市场采用代币化技术。这些举措表明，香港希望通过通证化重塑金融竞争力，在未来的竞争中占据主动。

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，推动全球通证化创新的主要力量仍然来自美国。以华尔街为代表的美国传统机构正在利用通证化加速传统金融资产和业务的链上流动，同时让传统资金通过比特币现货ETF通道流向链上。贝莱德、高盛、摩根大通等机构正在掀起第一波代币化浪潮，并将其影响力辐射到全球。贝莱德旗下的美国债务代币化基金BUIDL规模超过6.3亿美元，摩根大通也在通过Onyx平台引领美国国债、货币基金等传统资产的代币化。

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.

相比之下，香港在通证化领域尚未出现具有全球影响力的机构或项目。尽管香港一直在积极推动代币化政策，但与由领先金融机构主导创新的美国相比，香港传统金融机构参与度相对较低，对Web3行业保持谨慎态度，更多处于“观望”状态。 -参见”状态。尽管香港拥有丰富的金融资源，但这仍然阻碍了香港充分发挥其代币化创新的潜力。

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.

香港传统机构对通证化的保守态度主要是出于合规要求。合规是必要的，但不应该成为创新的障碍。通证化的核心不仅在于技术实现，更在于机构参与。传统机构的参与将很大程度上决定通证化市场的早期繁荣。尽管美国Coinbase最近提出的股票代币化计划还处于战略规划阶段，但一旦成功，可能会迅速复制，甚至打造“链上纳斯达克”，为代币化市场注入巨大增量。这也说明，只有更多资源丰富的机构积极参与，通证化市场才能更快发展。

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.

短期来看，在现有模式无法改变的情况下，香港应采取更加开放的通证化沙盒机制，吸引更多传统机构参与，开展具有创新性和市场潜力的前沿实践。同时，为了避免沙盒的碎片化，香港可以将稳定币、DLT等相关探索纳入沙盒中进行联合试点；并鼓励更多机构根据自身禀赋自由探索通证化应用。无论是代币化基金和股票，还是其他资产，只要有意愿、有能力，都可以在沙盒中进行小规模试点，在探索中总结经验，逐步增强机构创新的意愿和能力。代币化领域。

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.

只有更多有资源、有资产的机构积极参与通证化创新，香港才能在转型中占据更多主动，避免在与美国的竞争中迅速落后。

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

聚焦标准化金融资产，才能拓展RWA市场

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.

除了刺激市场创新，香港还需要进一步明确其在代币化资产层面的发展重点。全球通证化探索主要集中在标准化金融资产。尽管香港此前已探索过基金、债券的通证化，但目前最受关注的焦点是新能源、农产品等非金融资产的通证化。虽然这些探索有利于通证化生态系统的长期发展，但短期内很难建立市场优势。

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

正如 OKG Research 之前指出的那样，将会有一个重要的时间