According to the Zhitong Finance APP, Dongfang Securities released a research report stating that RWA (Real World Assets) transforms physical assets into on-chain digital assets through blockchain technology, representing an innovative transformation in the fintech sector, and is expected to usher in leapfrog development. The bank recommends that investors pay attention to areas such as blockchain + fintech, payment solution providers, and RWA issuers.
<h2>The main points of Dongfang Securities are as follows:</h2>
RWA: Opening up a trillion-level asset digitalization channel between the physical and on-chain
RWA uses blockchain technology to convert real-world assets such as real estate, bonds, equity, commodities, and artworks into divisible and tradable on-chain tokens. By leveraging the interoperability of a global blockchain network, it brings more liquidity to physical assets, thereby addressing pain points such as difficulties in asset confirmation, poor liquidity, and high thresholds, while reducing transaction and financing costs. As of June 2025, the global RWA asset scale is projected to reach USD 24.5 billion, with U.S. Treasury bonds and private credit accounting for the highest proportion. It is expected that by 2030, the market size will exceed USD 16 trillion, becoming a core track for the integration of traditional finance and the crypto world.
The mapping of RWA on-chain goes through five steps, racing globally to build a compliant RWA hub
RWA typically goes through five steps: asset due diligence, compliance framework, on-chain technology implementation, token issuance, and ongoing governance, to transfer off-chain assets to the blockchain through tokenization, thus enabling off-chain asset collateral loans and on-chain trading. Globally, various countries and regions are introducing RWA-related regulatory frameworks, with Hong Kong and Singapore leading with sandbox models, the U.S. SEC strictly adhering to securities laws, the EU MiCA establishing unified standards, and Dubai offering low taxes and flexibility, all aiming to create a compliant RWA hub locally.
Asset landscape expansion, RWA moves towards the &#34;everything can be tokenized&#34; era
From the perspective of RWA anchored assets, they can be divided into three main categories: cash flow, equity, and non-cash flow. Currently, credit and U.S. Treasury bond RWAs lead in scale, followed closely by real estate, stocks, and commodities. Recently, the regulatory sandbox model in Hong Kong has spurred cases in new energy and retail funds; meanwhile, Europe and the U.S. are accelerating the tokenization of U.S. stocks and planning to expand to unlisted unicorns. Additionally, emerging assets such as computing power, carbon credits, and data are taking over, as RWA transitions from &#34;hundred billion trials&#34; to the trillion-dollar blue ocean of &#34;everything can be tokenized.&#34;
The RWA full-chain collaborative ecosystem takes shape, with various entities fully engaged
The RWA industry chain consists of six roles: asset parties, technology parties, platform parties, compliance custodians, investors, and supporting service providers, working in a closed-loop collaboration. Ant Group's &#34;two chains and one bridge&#34; provides asset chains, capital chains, and cross-chain bridges, with Langxin and Xiexin New Energy being the first to land; Hundsun, KINGDOM, and Forms Syntron are supporting licensed financial institutions in entering the digital asset market; licensed exchanges such as HashKey and OSL are building on-chain asset trading hubs; Hainan Huatie, with CNY 26 billion in on-chain equipment assets, is collaborating with the RWA Research Institute to layout new blue oceans such as computing power. Domestic RWA industry participants are providing a &#34;compliance + technology + scenario&#34; full-stack solution, offering comprehensive support for the development and growth of the RWA industry
RWA is not just the on-chainization of ABS, but the core track of digital financial transformation
Some investors believe that RWA is merely the combination of Asset-Backed Securities (ABS) and blockchain, but the bank believes that the inherent decentralization, data immutability, transparency, and smart contract mechanisms of blockchain enable RWA to change the monetization model and depth of physical assets, and the tokens generated also have the potential for &#34;refinancialization.&#34; At the same time, through models such as smart contracts, RWA can transform the traditional emphasis on ownership in business into dynamic participation in value flow, thus having the potential to change real-world business models and value distribution methods. Therefore, RWA may have disruptive impacts in the future.
Risk Warning
Regulatory policy risks; technical vulnerabilities and security risks

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Dongfang Securities released a research report, pointing out that RWA (Risk-Weighted Assets) transforms physical assets into digital assets through blockchain technology, promoting financial technology innovation. It is recommended that investors pay attention to blockchain + financial technology, payment solution providers, and RWA issuers. It is expected that by 2030, the global RWA market size will exceed USD 16 trillion, becoming the core track for the integration of traditional finance and the crypto world. Countries are actively establishing RWA regulatory frameworks to promote the construction of compliant RWA hubs

Dongfang Securities: RWA opens up a trillion-level asset digitalization channel, with blockchain + financial technology becoming the core track