#RWA与代币化资产 After observing this wave of RWA, honestly, I have mixed feelings. On one hand, DTCC received a no-action letter from the SEC, Hong Kong is pushing regulatory sandboxes, and Pakistan is tokenizing $2 billion worth of assets—these are real infrastructure developments, not just empty talk. Ondo's tokenized securities platform has surpassed $400 million in TVL, and Huaxia Fund is launching Asia's first tokenized money market fund on Solana. These projects have demonstrated actual application.

But I must warn: this is the next track that is easily exploited. Look at Tether planning to raise $20 billion and considering equity tokenization—sounds impressive, but think about how many projects claim to be "asset-backed" but are actually just repackaging to scam retail investors? I've seen too many projects claiming "real asset backing" that end up running away.

The core risk of RWA lies here: tokenization ≠ true ownership. The tokens you hold are only valuable if the regulatory framework is sufficiently robust and the custodian is trustworthy. Projects in Hong Kong and the US are relatively credible, but don’t be blinded by FOMO into touching "tokenized assets" issued by small platforms with unknown backgrounds.

The simplest criterion—look at the custodian and regulatory authorities behind it. Only those backed by real financial institutions and official regulation are worth paying attention to. For everything else, heightened vigilance is advisable.