The proportion of digital tokenized assets in the total market capitalization of global stocks and bonds is currently negligible—only 0.01%. This number seems small, but it hides enormous potential. The industry predicts that this number could rise 100 times in the future; what is the logic behind this?

The challenges faced by traditional financial assets are very real: they are large in scale but have severe liquidity shortages, complex trading structures with extremely high barriers to entry, and expensive cross-regional settlement costs. Many quality assets are thus lying dormant in the vaults of local institutions, in a state of idleness.

The emergence of RWA (Real World Asset tokenization) has changed the situation. It acts as an efficiency tool, seemingly simple yet profound in what it accomplishes. Looking back at history, ETFs simplified the asset allocation process, the internet broke the information monopoly enabling low-cost replication, and stablecoins moved traditional dollars into a 24/7 global network. RWA is essentially a continuation of this series of innovations.

When fine-grained segmentation, second-level settlement, and zero-threshold participation become the new normal, the migration of traditional assets onto the chain is just a matter of time. The real highlight is: who will be the first to complete the infrastructure layout, and the regulatory stance on the RWA track next year will directly determine who will be the ultimate winner.