In-depth analysis of policy dividends in the Asian crypto market: structural opportunities under interest rate cuts, ETF expansion, and the rise of RWA.
1. Policy spring breeze: Institutional breakthroughs spur capital dividends
1. China's interest rate cuts release trillions in liquidity
In March 2025, the People's Bank of China announced interest rate cuts, releasing over a trillion yuan in liquidity to stimulate the recovery of the real economy. Historical data shows that the Chinese yuan's easing cycle often has a negative correlation with the prices of crypto assets (like BTC, ETH). Currently, the P/E ratio of ETH (28 times) and the P/S ratio of SOL (<5 times) are at undervalued levels, attracting institutional funds to accelerate their positions.
2. Hong Kong's 'ASPIRe' roadmap: Breaking the ice for virtual asset ETFs
The Hong Kong Securities and Futures Commission has launched the 'ASPIRe' strategy with five pillars, first allowing professional investors to trade virtual asset derivatives and plans to incorporate spot ETFs. Policy highlights include:
Liquidity upgrade: May attract over $5 billion in incremental funds through compliant channels to allocate to ETH, SOL, and other targets this year;
Product innovation: RWA-based yield ETFs and staking derivatives (like sETH securitization) may become new focal points.
3. Singapore's stablecoin 'settlement hegemony' takes shape
The Monetary Authority of Singapore (MAS) has established the world's first legal framework for stablecoins through the (Payment Services Act), with compliant stablecoins like XSGD seeing a quarterly growth of 217% in cross-border settlement volumes. Its advantages include:
Controlled risk: 100% of reserves anchored to the Singapore dollar or G10 currencies, preventing Terra-style crashes;
Scenario penetration: Collaborating with Grab to achieve seamless retail payments, covering 85% of cross-border B2B settlements in Southeast Asia.
2. Capital flows: undervalued assets and the Davis Double Play of RWA
1. Mainstream coin technology upgrades drive valuation recovery
ETH: After the Dencun upgrade, gas fees dropped to $0.001, with Layer 2 locked amounts exceeding $10 billion and staking annualized returns of 5.2% attracting institutional holdings to rise to 14.5%;
SOL: The Firedancer upgrade raises TPS to 650,000, with ecological TVL increasing by 38% quarterly and futures ETF expectations driving market makers to stockpile.
2. RWA track explosion: Connecting trillion-dollar traditional assets
The market size for tokenized real-world assets (RWA) has surpassed $65 billion and may reach $500 billion by 2025, with key breakthrough points including:
Cross-border securitization: Ant Group and Xiexin Energy Technology issue green electricity revenue rights RWA, with an annualized return of 9.8%;
Tokenization of US bonds: BlackRock's on-chain US bond ETF absorbs $3.5 billion, with an annualized yield spread of 3.5%.
3. Stablecoins reshaping the Asian payment system
Local stablecoins like Singapore's XSGD and Indonesia's IDRT reduce dependence on the US dollar, with XSGD transaction fees 90% lower than SWIFT, becoming new infrastructure for cross-border settlements in Southeast Asia.
3. Risks and strategies: Balancing offense and defense to seize the era's dividends
1. Short-term volatility risk
Leverage liquidation: The market's average leverage ratio exceeds 520%; if ETH falls below $1,950, it may trigger a chain liquidation.
Policy disturbance: Delayed interest rate cuts by the Federal Reserve may cause BTC to retract to $83,000, suppressing altcoin trends.
2. Long-term allocation strategy
Core + satellite portfolio: BTC and ETH make up 60%, SOL and leading RWA assets 30%, leaving 10% cash to hedge against black swan events;
Cross-market hedging: Holding XSGD stablecoins to avoid exchange rate risks, paired with gold and RWA bonds for negative correlation allocation.
Conclusion: Asia is becoming the core battlefield for institutional innovation and capital aggregation in the crypto market. From liquidity overflow in China, the breakthrough of ETFs in Hong Kong, to the hegemony of stablecoins in Singapore, under the resonance of policy dividends and technological innovation, undervalued mainstream coins and RWA tracks will become the mainline for capital competition. Investors need to closely align with the threefold logic of 'policy certainty, fundamental repair, undervalued valuation' to capture timely opportunities amidst volatility.
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