RWA Ecosystem Faces Challenges in Asset Tokenization

According to PANews, a recent article by OKG Research published in Hong Kong's Ta Kung Pao highlights the current challenges faced by the Real World Asset (RWA) ecosystem, particularly the bottleneck of mainstream asset tokenization leading to stagnation. While standardized assets like U.S. Treasury bonds provide a certain starting point for RWAs, their on-chain transformation is largely a technical encapsulation that fails to unlock structural value. The future of RWAs lies in activating 'silent assets'—those long excluded from traditional financial systems, difficult to value, and lacking liquidity. By tokenizing these assets, their value can be expressed and freely circulated, creating new market dynamics. This transformation could make RWAs an attractive investment opportunity, drawing diverse funding on-chain and achieving a dual transformation from 'asset end' to 'funding end.' OKG Research also suggests that Hong Kong, as a globally RWA-friendly policy hub, should actively pilot projects in non-standard and data assets. This would position Hong Kong as a global testing ground for 'multi-asset structured RWAs,' rather than merely serving as an issuance center and channel relay in the RWA value chain.