Author: Mankun
Opening Remarks
Entrepreneurship in Web3, discussing every Wednesday!
"Entrepreneurship Web3.0" is a China Web3.0 entrepreneur interview program initiated by Mankun Law Firm. Every Wednesday evening, we invite industry leaders, frontline institutions, and well-known entrepreneurs to our live broadcast room. Through positive voices, rational discussions, and experience sharing, we aim to support the compliance and healthy development of China's Web3.0 industry.
June is the RWA thematic month for "Entrepreneurship Web3.0." How can RWA inject "real" value into stablecoins and open a new chapter for Web3? In this episode, we invite Spinach, the Asia-Pacific Strategy Head of Pharos RWA, to have an in-depth dialogue with Lawyer Wang Lei from Mankun Law Firm. From entering the space in 2022 to accumulating content as the "Research Report Pig," and then delving into RWA and stablecoins, Spinach shares how Pharos is positioning itself in the Asia-Pacific region, how RWA empowers the compliance and liquidity of stablecoins, and how entrepreneurs can seize opportunities in this age of exploration to inject real value and long-termism into the industry!
Welcome our guest this episode, please introduce yourself!
Wang Lei: Welcome to "Entrepreneurship Web3.0" every Wednesday! June is our RWA thematic month, and today we are particularly honored to have Spinach, the Asia-Pacific Strategy Head of Pharos RWA, to discuss the hard-hitting topic: "How RWA Injects 'Real' Value into Stablecoins." We will talk about how the combination of RWA and stablecoins empowers Web3.
Spinach: Thank you, Lawyer Wang! I am honored to be invited by Mankun Law Firm to participate in the live broadcast. You can just call me Spinach. I am currently the Asia-Pacific Strategy Head of Pharos. Pharos was founded by core members of Ant Group, focusing on high-performance public chains, RWA, and the payment sector. I entered the space in 2022, initially as a content creator, producing a lot of research reports. Since 2023, I have been deeply involved in RWA, participating in CBDC pilot projects with the Reserve Bank of Australia, the Monetary Authority of Singapore, and the Bank of Ghana, focusing on RWA and payment scenarios. Now, I have joined Pharos to continue promoting RWA development in the Asia-Pacific region while sharing industry insights on Twitter. I am excited to discuss RWA and stablecoins with everyone today, and feel free to follow Pharos for communication!
Q1: What do Singapore's new regulatory rules mean for Web3?
Wang Lei: Spinach recently published an article analyzing Singapore's Web3 regulations, which has been quite popular. Can you share the background and impact of the new regulatory rules in Singapore?
Spinach: This article was written on May 30, stemming from the Monetary Authority of Singapore's response to questions regarding the 2022 Financial Services and Markets Bill. Starting from June 30, the terms for digital token service providers will officially take effect, which will have a significant impact. I previously collaborated with the Monetary Authority of Singapore and felt that the previous government was friendly towards Web3, but after the change in administration, the attitude has become more conservative. At the 2024 Singapore FinTech Festival, I heard that some executives from major Web3 companies had their PR applications rejected, indicating a shift in regulatory sentiment.
The core of the new rules is that the regulatory scope is broad and vague, with even working from home potentially being considered illegal, and the enforcement interpretation power lies entirely with the Monetary Authority. There is no grace period, and the attitude is very resolute; Web3 project parties, institutions, and individuals must consider whether to continue staying in Singapore. I have friends whose entities in Singapore are already planning to relocate. This is a big topic for practitioners and may trigger a wave of "Web3 exodus." For more details, you can search for my article "Is Singapore Driving Web3 to Extinction? The Era of Regulatory Arbitrage is Over, and a Web3 Exodus is Coming."
Q2: What is Pharos's positioning and focus in the RWA field?
Wang Lei: You are now the Asia-Pacific Strategy Head of Pharos RWA. Can you share your work focus and Pharos's layout in the RWA field?
Spinach: My work mainly involves formulating RWA strategies for the Asia-Pacific region, analyzing the regulatory attitudes and opportunity environments of various countries, planning key layout areas for Pharos, and expanding institutional partnerships. Pharos is a high-performance public chain founded by core members of Ant Group, focusing on RWA and payments. We are currently in the testnet phase and have not yet launched the mainnet; specific projects are still in preparation.
When choosing partners, we consider several factors:
Asset side: We look at the liquidity and stability of the assets. The RWA track is still in its early stages, with immature infrastructure and compliance frameworks, so we prioritize high-value, stable assets such as government bonds and quality real estate.
Issuer side: We look for endorsements from the traditional world, such as large institutions with issuance qualifications in Hong Kong, like Ant Group and the Rebirth Group.
DeFi projects: We assess the team's understanding of the track and project experience, such as collaborating with leading projects like MakerDAO to ensure protocol design capabilities.
RWA combines traditional assets and blockchain, with the core being resource endorsement and compliance. We hope to empower the liquidity and transparency of RWA through a high-performance public chain!
Q3: How did you connect with Pharos? What were the key milestones in your entry into the space?
Wang Lei: The transition from content creator to Asia-Pacific Strategy Head at Pharos is quite interesting! Can you share your journey to connect with Pharos and the key milestones in your entry into the space?
Spinach: This is a bit funny. In 2023, I was a panel speaker at the Singapore FinTech Festival, invited by Ant Group, and got to know their team. Later, I found out that Pharos was founded by core members of Ant, and I thought it had great potential, so I joined.
My entry into the space experience is as follows:
Second half of 2022: I interned in traditional finance in Shanghai and felt the industry was saturated with little upward mobility. Having previous blockchain investment experience, I decided to go all in on Web3, joining the largest CDAO in China, learning while serving as a teaching assistant, participating in the establishment of another DAO, and interning as a Web3 researcher, producing extensive research reports—up to four a month—earning the nickname "Research Report Pig!"
2023: After graduating from my undergraduate program, I chose to study blockchain in Australia (the only program in the country), met Professor Meng Yan, was attracted by his ideas, joined the team, and participated in the Reserve Bank of Australia's CBDC pilot, later collaborating with the central banks of Singapore and Ghana.
2024: Due to my connection with Ant Group, I joined Pharos, focusing on RWA strategy.
The key is to seize opportunities, such as actively seeking speaking engagements, joining DAOs, and producing content. These experiences helped me build knowledge and connections from scratch.
Wang Lei: From internship to DAO, and then to Pharos, Spinach's all-in spirit and ability to seize opportunities are impressive.
Q4: How can young people establish themselves in the Web3 industry?
Wang Lei: Your experience is very inspiring; you became the Asia-Pacific Strategy Head of Pharos right after graduating from university. What do you think is the best approach for young people to establish themselves in Web3?
Spinach: The biggest advantage of young people is that they have no burdens and can try boldly. I have three pieces of advice:
Build a personal brand: I produce content on Twitter, with 20,000 followers, which has helped me gain industry exposure and influence. When others come across your research reports and viewpoints, it reduces trust costs and brings opportunities.
Be proactive: Both of my jobs were obtained by actively reaching out to CEOs to demonstrate the value I could bring to the projects. Web3 is a blue ocean; you don't have to wait for official recruitment; directly contact the boss—opportunities are always there!
Keep learning: Web3 changes rapidly; I read news and write research reports daily to stay sharp. My undergraduate degree is in finance, but I self-studied Solidity and researched phishing logic to broaden my understanding.
For example, I wrote a research report on the NFT 3525 standard as a "token of loyalty" to join Professor Meng Yan's team. Young people should prove themselves through content and action, and opportunities will naturally arise.
Q5: What are the trends and challenges in the RWA track, and why is the combination with stablecoins a focus?
Spinach: RWA involves tokenizing real estate, bonds, commodities, etc., to enhance liquidity, transparency, and accessibility. The 2018 STO (Security Token Offering) was the precursor to RWA, but due to immature infrastructure and lack of compliance, there were no successful cases. Since 2023, RWA has regained popularity due to the embrace of traditional finance, with the core driving force being the Bank for International Settlements (BIS).
1. Trends:
Traditional finance entering the space: In 2022, the BIS annual report stated that crypto technology is the prototype of the future monetary system; in 2023, a Citibank research report ignited discussions on RWA; in 2024, the BIS proposed the concept of "financial internet," defining RWA and blockchain as the next generation of financial infrastructure. The Hong Kong stablecoin bill and the U.S. crypto-friendly policies (like those from the Trump team) are accelerating the implementation of RWA.
Stablecoins leading the way: Stablecoins are the liquidity foundation for RWA. USDT and USDC account for 90% of the market, but non-USD stablecoins (like HKD and JPY) are on the rise. 2025 is expected to be the year of stablecoin explosion, with RWA taking off in 2027, and the market size potentially reaching trillions by 2030.
Opportunities in Asia-Pacific: Policy support in Hong Kong, real estate assets in Japan, and payment demands in Southeast Asia are all growth points for RWA.
2. Challenges:
Complex compliance: Issuing RWA in Hong Kong requires dual regulation (private equity funds + token approval), which is costly and difficult for institutions that are not as large as Ant Group to replicate.
Early-stage infrastructure: The ecosystem is immature, with insufficient asset liquidity, requiring stablecoins to bridge on-chain and off-chain.
Lack of understanding: Many people think RWA is just hype, overlooking its potential for combining the virtual and the real.
Stablecoins and RWA have a "twin relationship." On-chain assets are traded via tokens, and the underlying liquidity relies on stablecoins. The stablecoin bill in Hong Kong provides a compliance channel for RWA, allowing HKD stablecoins to support local asset tokenization, and potentially even including investment immigration assets in the future. Stablecoins must explode first for RWA to scale!
Wang Lei: BIS's promotion, stablecoins leading the way, and an explosion in 2027—your trend analysis is very solid, and the "twin relationship" clarifies the underlying logic of RWA.
Q6: How to acquire cutting-edge knowledge about RWA?
Wang Lei: Friends in the live broadcast room are asking how you learn cutting-edge knowledge about RWA. How did you produce the extensive research reports as the "Research Report Pig"?
Spinach: "Research Report Pig" is a product of the times! The key to writing research reports is to settle down and find the right information sources. My approaches are:
English materials: Chinese information is often processed and has a lot of noise. I Google English materials, follow the BIS official website, YouTube speeches, and IMF academic papers. For example, BIS reports discuss how RWA can reduce costs and improve efficiency, and the Deputy Governor of the French central bank has shared similar views.
Professional channels: BIS is a global leader in central bank trends, with a wealth of reports and speeches on its official website revealing regulatory trends. IMF papers (like the tokenization framework from a French professor) break down RWA from technical and legal perspectives, which is very enlightening.
In-depth research: I often spend 7-8 hours reviewing documents and videos, deducing needs. For instance, the communication between BIS and the Hong Kong Securities and Futures Commission indicates the impending implementation of the stablecoin bill.
It's recommended that everyone spends less time on self-media and more time reading original materials from BIS and IMF. By deeply understanding the underlying logic, one can seize real opportunities.
Q7: What are the compliance obstacles for domestic assets issuing RWA in Hong Kong?
Wang Lei: A friend asked what compliance obstacles domestic assets face when issuing RWA in Hong Kong. What are the differences in compliance requirements for different asset types?
Spinach: The Hong Kong Securities and Futures Commission has a conservative attitude towards RWA. Domestic assets issuing RWA must go through two regulatory processes:
Private fund approval: An SPV (Special Purpose Vehicle) must be established domestically to receive foreign funds, and then a private fund must be set up in Hong Kong.
Token approval: After the fund is established, asset tokenization requires separate approval.
The process is complex and costly: Institutions like Ant Group can enter the sandbox due to regulatory exemptions, but ordinary institutions find it difficult to replicate. The compliance requirements for different assets are:
Low-risk assets (e.g., government bonds): High acceptance by regulators, relatively quick approval.
High-risk assets (e.g., real estate, art): Require stricter KYC/AML checks, with higher compliance costs.
It is advisable to collaborate with professional law firms like Mankun to outline compliance pathways and avoid pitfalls.
Q8: Can ordinary people participate in stablecoins and RWA?
Wang Lei: Friends in the live broadcast room are asking if ordinary people have opportunities to participate in stablecoins and RWA. Can they make money?
Spinach: To be honest, opportunities for ordinary people to participate in stablecoins are limited. Stablecoins are a new form of currency that do not create new assets and have low volatility; individuals can only earn meager stablecoin yields, such as interest from holding USDT or USDC. The barriers to entrepreneurship are high; institutions like JD, Ant, and Standard Chartered in Hong Kong's sandbox are backed by large organizations, making it difficult for ordinary people to enter directly.
However, there are still opportunities:
Stablecoin payments: In small countries in Africa and Latin America, there is a high demand for stablecoin payments, and payment apps or related businesses can be developed.
Employment opportunities: Joining large institutions (like Pharos) or RWA projects, starting from positions like researcher or marketing, can help accumulate experience.
For ordinary people who want to participate, it is advisable to pay attention to recruitment by large institutions and find positions that match their skills to indirectly enter the field.
Wang Lei: The high barriers to stablecoins and payment opportunities, Spinach's advice is very practical! Entering through employment is a good path for ordinary people!
Q9: Where are the entrepreneurial opportunities in the RWA track?
Wang Lei: For friends who want to start a business in the RWA track, what trends and opportunities do you think are worth paying attention to? How can they prepare in advance?
Spinach: Entrepreneurial opportunities in RWA are limited but exist, with the core focus being on resources and expertise. Directly launching asset issuance has high barriers, requiring strong backing and quality assets. Entrepreneurs can focus on:
DeFi protocols: Developing lending and derivatives trading protocols on RWA public chains, such as RWA collateral and interest rate swaps, requires strong product capabilities and industry knowledge.
Stablecoin payments: The global penetration rate of stablecoins is less than 1%, and there is room to develop payment apps, especially in Africa and Latin America.
Niche fields: Combining personal advantages to delve into niche tracks. For example, the Japanese market prefers stable cash flow from real estate RWA, which can lead to the development of related derivatives.
Taking Japan as an example, the yen is one of the top three currencies for global foreign exchange settlements, and real estate rental yields are stable, making it suitable for RWA. However, entering the market requires 2-3 years of deep cultivation due to high cultural barriers. Entrepreneurs are advised to focus on niche areas, enhance product capabilities and understanding, and avoid going all in, steadily preparing for the explosion in 2027!
Q10: Share some insights on RWA and life!
Spinach: The great age of exploration for RWA is coming; we are standing at the starting point of RWA, just like explorers 500 years ago. Every entrepreneur is a Columbus linking the real and digital worlds, and I hope everyone can discover their own continent in this blue ocean!
Personal insight: Web3 is an interdisciplinary field; maintaining curiosity, focusing on niche areas, and embracing uncertainty are essential to finding certainty amid change. The combination of RWA and stablecoins will reshape the financial system, with 2027 being a pivotal point and a full takeoff expected by 2030. I hope everyone reads original materials from BIS and IMF, avoids noise, deepens their expertise, and seizes their own opportunities!
Wang Lei: Columbus of the great age of exploration, that paints a vivid picture. Thank you, Spinach, for your sincere sharing over the past hour and a half! From Singapore's regulations to RWA trends, from "Research Report Pig" to Pharos's strategic head, Spinach has brought hard-hitting insights from a young perspective, clarifying the twin relationship between RWA and stablecoins and the entrepreneurial opportunities! This episode ends here; see you next week!
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