In the two years, HashKey has somewhat missed the mark, failing to bring high-quality assets from mainland China to RWA while also not securing robust dollar liquidity to invest in Chinese assets. OSL will not comment further.

Now, under the regulatory framework of the Hong Kong government, RWA has devolved into a game of trading between PI and institutions, which is essentially no different from brushing Alpha points on the BSC chain.

Regulatory battles are also unfolding among countries. Hong Kong offers a subsidy of HKD 2.5 million for each RWA derivative to promote compliance; Singapore's money market funds allow 24/7 redemptions to enhance efficiency; Dubai's sandbox directly lists non-standard assets. In this era of RWA exploration, which model can first fill the liquidity gap?

The global quota for bluefin tuna fishing rights as RWA is 2,530 tons. The $Tuna token offers a base yield of 4.5 – 6% per year, which can extend to food retail and pharmaceutical extraction.

Other assets to keep an eye on include health data, golden silk nanmu wood, chicken cup, concert tickets, etc……

What we need are Real Yield assets, and Real Yield comes from Real Delta. Bluefin tuna fishing rights represent Real Delta, combining imaginative potential with allure. Next, we will see if the current deflationary bull market in crypto can drive a reconstruction of the valuation paradigm in the broader RWA market.