According to ChainCatcher, recent reports from Caixin show that the overseas RWA (Real World Assets) issuance market has shown significant activity, but there are multiple hidden concerns behind this boom. In-depth investigations by Caixin reveal that the current RWA market mainly faces three major challenges: uneven quality of underlying assets, disputes over transaction structures and pricing mechanisms, and irregularities in cross-border capital flow operations.
In terms of domestic RWA practices, the 'domestic assets - Hong Kong confirmation - global circulation' model pioneered by Ant Digital Technology has become an industry reference paradigm. It is noteworthy that, according to the strict requirements of Hong Kong financial regulatory authorities, such products are currently only open to institutional and professional investors, and secondary market trading is explicitly prohibited.
Insiders say that in terms of underlying assets, the Hong Kong Monetary Authority encourages RWA cases such as new energy and shipping finance, but does not support real estate projects. Investors are mainly private equity, family offices, and wealth management institutions in Hong Kong. 'International capital is relatively scarce, and Chinese investors find it easier to understand these projects.' According to Caixin, many current RWA projects can only raise limited funds, but due to the fast issuance process and low threshold for RWA, many enterprises are hoping to create a 'linkage between currencies and stocks'.