On-site at the Hong Kong Bitcoin Asia Conference: RWA will give rise to a quadrillion-dollar market and potentially create 100 super giants

HKD stablecoins may have greater potential than USD stablecoins.

Written by: Zhao Banjiao, Sina Finance Hong Kong

Interviewee: MyStonks CMO Keaton

At the recent Bitcoin Asia conference held in Hong Kong, Real World Assets (RWA) became a focal topic. Sina Finance conducted an exclusive on-site interview with Keaton, CMO of RWA exchange MyStonks, who shared his unique perspectives on the development of RWA, the risks and user rights protection of tokenized stocks, and the outlook for Hong Kong stablecoins.

RWA will unlock a quadrillion-level market, and the rise of giants is only a matter of time

Keaton stated that RWA is undoubtedly the most promising track now and in the coming years, with its core value lying in bridging on-chain and off-chain assets. “In the traditional on-chain ecosystem, users can only trade mainstream cryptocurrencies such as bitcoin and ethereum. Through RWA, real-world assets are ‘brought on-chain’, allowing assets from traditional markets such as stocks and bonds, which total tens of trillions, to enter the blockchain world.”

He believes that the on-chain ecosystem offers advantages such as trading freedom and rapid settlement, and the injection of high-quality real-world assets will greatly increase the overall liquidity ceiling. “A quadrillion-level mega market is taking shape, and in the future, we may even see 100 industry giants with trillion-level scale.”

Key risk of tokenized stocks: Whether 1:1 redemption and dividend distribution can be achieved

Regarding the risks of tokenized stocks, Keaton pointed out that the core issue is whether a 1:1 redemption and dividend mechanism can be realized. “To determine whether an RWA company truly holds the underlying stocks or merely offers contracts for difference, the key is to observe whether it distributes dividends stably on ex-dividend dates and whether it can respond to corporate actions such as stock splits.”

He cited Nvidia, Procter & Gamble, and Tesla as examples, explaining that genuine tokenized stocks must achieve the same dividends, distributions, and stock splits as the native stocks, which is an important standard for verifying their authenticity.

HKD stablecoins may have greater potential than USD stablecoins

When discussing the prospects of Hong Kong stablecoins, Keaton expressed strong optimism. “In the long run, HKD stablecoins may have greater potential than USD stablecoins.” He pointed out that the current mainstream stablecoins USDT and USDC, issued by Tether and Circle, did not have outstanding qualifications in their early days, while the first batch of Hong Kong stablecoin issuers includes institutions such as JD.com and Standard Chartered, which have a significantly higher starting point.

In addition, the HKD itself is pegged to the USD and can also serve as a bridge for investing in mainland assets, making it likely to become a “hub asset” between the USD and RMB. “HKD stablecoins are likely to do more than just replicate the market value of the HKD; they could open up a broader space for financial innovation, especially with unique advantages in the mainland market.”

On-site observations

RWA is becoming a key pathway for the integration of traditional finance and the crypto world, but its development still faces multiple challenges in compliance, transparency, and technical implementation. If tokenized stocks cannot truly anchor to real assets, it may trigger a new round of trust crisis. Hong Kong has a clear late-mover advantage in the stablecoin sector, but whether it can truly play the role of a “super connector” still depends on subsequent regulation and market acceptance.