The crypto bear market encounters geopolitical conflicts, creating unprecedented opportunities forRWA. Recently, the trading volume ofRWA on theHyperliquid platform reached new heights, with the total open contracts exceeding$1.3 billion, and the single-day trading volume over the weekend surpassing$1.4 billion.

Looking back over the past year, from gold and silver to U.S. stocks, and recently the surge in crude oil, traditional financial assets like precious metals and commodities are rapidly being tokenized. Traditional exchanges like the NYSE and platforms like Binance,OKX, andBitget are also actively laying out their strategies, injecting new vitality into on-chain markets by leveraging the bull market benefits of traditional assets.

In one year, it has grown4 times,RWA's historical opportunity

Data best illustrates the trend.RWA.xyz shows that, excluding stablecoins, the total value of on-chain tokenized real assets has surpassed$25 billion, growing nearly four times compared to$6.4 billion a year ago. Currently, six types of assets have an on-chain scale exceeding $1 billion, including U.S. Treasury bonds, commodities, private credit, institutional alternative investment funds, corporate bonds, and non-U.S. government debt.

It is worth noting that the number of holders ofRWA is rapidly expanding.Token Terminal data shows that the number of holders of Ethereum networkRWA has reached about169,000, with Solana following closely at around163,000. The total number of globalRWA asset holders has exceeded663,000. This means thatRWA is moving from a niche sector into the mainstream.

This growth is driven by real market demand. When geopolitical conflicts erupt, it often coincides with the closing of traditional markets or weekends.At the end of February 2, tensions in the Middle East occurred during the closure of traditional exchanges likeCME, during which crude oil perpetual contracts surged onHyperliquid by5% within hours, becoming the only outlet for traders to hedge their risks. This capacity for24/7 pricing precisely fills the time blind spots of the traditional financial system.

Large institutions are also accelerating their strategies. At the beginning of this year, the NYSE announced the development of a blockchain-based tokenized securities trading platform, aiming to achieve7×24 hour trading and immediate settlement. This is not merely a simple"tokenization of stocks", but a systematic reconstruction of the entire securities trading chain, from trading, clearing to custody, all being redefined. Earlier, Larry Fink,CEO of BlackRock, clearly stated at the Davos Forum that tokenization is the future of the financial system, advocating for the entire financial system to migrate to a"shared blockchain".

Meanwhile, CEX found new opportunities in the crypto bear market due to geopolitical conflicts. Platforms like Binance,OKX, andBitget have also been laying out tokenization of traditional financial assets since the second half of last year, accommodating some of the market demand for tokenized assets.

This has created an interesting divide: the crypto market itself is deeply mired in a bear market, with most altcoins at historical lows; however, traditional large institutions, especially in the field of traditional finance, are accelerating their bets onRWA. At the 2026 Davos Forum, the winds will have completely changed direction, with Web3 no longer a"challenger" of the financial system, but being integrated as a part of the new generation of global financial infrastructure. Governments from over ten countries are actively exploring the tokenization of national-level assets,RWA is moving from“enterprise-level” to"sovereign-level".

Can Hong Kong seize this wave ofRWA opportunities under the policy window?

In this wave of opportunities forRWA, it is worth noting that Hong Kong's situation is changing.

In February 2026, eight ministries of China jointly released document No. 42, clearly prohibiting all RWA tokenization activities within the country, while simultaneously opening up a compliance channel for offshoreRWA, allowing domestic entities to conductRWA business abroad under regulatory conditions.

On the same day, the China Securities Regulatory Commission issued "Regulatory Guidelines on the Issuance of Asset-Backed Security Tokens of Onshore Assets Overseas," which opened up a compliance channel centered on the record-keeping system for the issuance of offshore RWA for onshore assets. The document also pointed out that the overseas branches of domestic financial institutions can carry out tokenization-related business, provided they comply with local laws and Chinese regulatory requirements.

Considering that the overseas branches of domestic financial institutions are mostly based in Hong Kong, this regulation further solidifies Hong Kong's position as a bridgehead in the Chinese market. Hong Kong is becoming an"offshore testing ground" for China's crypto industry, serving as both a compliance springboard for mainland crypto talent to go abroad and a conversion interface for global capital entering the Chinese market.

Zhao Yin International's report points out that as a global digital asset center, Hong Kong is expected to be the first to benefit from the incremental demand for high-quality assets from the mainland, promoting theRWA field to gradually move from innovative attempts to normalization and scaling.

The Hong Kong Securities and Futures Commission's actions are also accelerating.On February 13, Esperanza Securities was authorized to conduct compliant tokenization of entertainment assets, and entertainment assets such as concerts by Huang Kaiqin and Korean boy band tours were included in the regulated digital securities issuance scope.On February 24, real estate RWA projects under Derlin Holdings, along with the Central Derlin Building, were approved for issuance.Within 7 days, two major physical asset RWA projects were approved consecutively, covering scenarios from entertainment IP to core commercial real estate, achieving a leap in coverage. This is by no means an isolated product innovation but a clear strategic signal released by Hong Kong's regulatory authorities: compliantRWA is transitioning from an institution-exclusive financial asset game to comprehensive coverage of physical industries.

However, looking back over the past two years, Hong Kong's layout in the virtual asset field has often been evaluated by outsiders as"loud thunder, little rain". Many policy documents have been issued, and forums and summits have been held enthusiastically, but the scale of the truly implemented business is limited.

Let's rewind the timeline.At the end of 2022, Southern East Ying launched Asia's first virtual asset futuresETF, with Southern East Ying Bitcoin futuresETF (3066.HK) and Ethereum futuresETF (3068.HK), which indeed marks the starting point for compliant virtual assets in Asia.

One and a half years later, with the approval of the Bitcoin spotETF in the U.S., tens of billions of dollars flowed in.Hong Kong followed closely, in April 2024, China Asset Management(Hong Kong), Harvest International, and Bosera International were simultaneously approved, becoming the first institutions in Asia to issue Bitcoin and Ethereum spotETFs. A total of6 products are set to be listed on the Hong Kong Stock Exchange on the 30th of that month. The launch of these products made Hong Kong the second market after the United States to approve spot cryptocurrencyETFs, sparking discussions about"the East catching up with the West."

However, the market performance of these products sharply contrasted with the booming U.S. market. BloombergETF analysts had previously doused cold water on this: the Hong KongETF market has limited volume, the three issuers are not on the same level as BlackRock, and with mainland retail investors unable to participate, liquidity remains questionable,"five hundred million would be considered lucky." Subsequent data confirmed this judgment: by the end of 2025, the total market value of Hong Kong's virtual asset spotETFs was about $700 million, while in the U.S. market alone, BlackRock’s BitcoinETF had already drawn in over tens of billions.

One important reason is that policy restrictions exist. Mainland investors cannot participate, and the local market in Hong Kong has limited capacity, resulting in lingering liquidity issues.

However, this policy window is different.Document No. 42 and the "Guidelines" bring a core logic of"clarification onshore, guiding offshore."Onshore assets can be issued in Hong Kong through compliant paths forRWA. This means that Hong Kong is no longer an isolated local market, but rather an"outlet" backed by quality onshore assets. Now that the issue on the asset side is resolved, the remaining challenges are about the channels and products.

So, which products or institutions will move fastest? Tokenization of commodities is one direction. Categories like gold, silver, and crude oil have already validated the trading logic onHyperliquid. The daily active users and trading volume both demonstrate the true market demand. Hong Kong, being the world's largest offshore RMB center and an important hub for precious metals trading, is naturally suited for the tokenization of these types of assets.

Another direction is the exploration of tokenization by fund andETF issuers. In 2023, Harvest International has already launched tokenized funds, and China Asset Management's Hong Kong dollar tokenized fund has surpassed$1 billion in scale. Recently, Hang Seng Investment issued the"Hang Seng Gold ETF", which will list on the Hong Kong Stock Exchange, while also establishing tokenized non-listed fund units. The first batch of institutions focused on virtual assets, such as Southern East Ying, already has an asset management scale exceeding$30 billion, and commands a daily trading volume market share of99.5% in leveraged and inverse products. If they also tryETF tokenization, it could bring a significant catalyst to the Hong KongRWA market, making it worth monitoring.

When policies and channels are opened, institutions are also at the scene. The remaining question is: can Hong Kong truly run through this time after the"thunder" of noise? From the United States to the Middle East and from the NYSE to BlackRock,RWA tokenization is becoming the next stop for global financial infrastructure. And perhaps Hong Kong's window period is just at this moment.

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