Author: Mask

At the Gulf Financial Regulation and Asset Digitalization Exchange held in Abu Dhabi, financial strategy expert Tian Bangde posed a thought-provoking question to regulatory officials from various countries: "Is the global financial system ready to use a set of financial foundational protocols not set by the West?"

Behind this question lies the UAE's exploration of a third path through a "dual-track parallel" monetary system—where central bank digital currency (CBDC) and stablecoins develop in coordination. Meanwhile, in the skyscrapers of Central Hong Kong, the Legislative Council's passage of the "Stablecoin Regulation" signals the upcoming licensing system set to launch on August 1, opening a new window for digital finance in Asia.

Stablecoins are the "vessels of trade" in the crypto world—serving as a measure of value and a medium of payment on the blockchain, their core mission is to address the high volatility pain points of native cryptocurrencies. Current mainstream models include fiat-collateralized (like USDT, USDC) and over-collateralized (like DAI) stablecoins, while algorithmic stablecoins have been marginalized due to excessive risk.

RWA (Real World Asset tokenization) is the "value anchor" of digital finance—transforming physical assets like real estate, bonds, and commodities into programmable tokens via blockchain, thereby activating the liquidity of traditional non-standard assets.

As we observe the profound transformation of global financial infrastructure, the dialectical unity between stablecoins and real-world assets (RWA) is becoming the core engine of this transformation. According to a joint forecast by BCG and ADDX, by 2030, the RWA market size will reach $16 trillion, accounting for 10% of global GDP, while the trading volume of stablecoins, as the "blood" of the RWA ecosystem, has surpassed $28 trillion, exceeding the combined total of Visa and Mastercard.

The dialectical unity of the two is reflected in three aspects:

1. Functional Complementarity

Stablecoins and RWA are essentially two sides of the same coin—both achieve "on-chain reconstruction" of traditional value through tokenization technology.

Stablecoins, as "measures of value," map fiat currencies, commodities, and other value anchors into programmable tokens on-chain. Whether fiat-collateralized stablecoins like USDT and USDC or commodity-collateralized ones like PAXG, they address the core issue of cryptocurrency price volatility, becoming a bridge connecting the crypto world and traditional finance.

Stablecoins provide on-chain settlement tools for RWA: for example, in cross-border trade, accounts receivable tokenization allows for payment in stablecoins, reducing settlement time from 7 days to minutes and cutting costs by 70%.

RWA, as "asset carriers," breaks down non-standard assets like real estate, bonds, and carbon credits into tradable digital certificates. When Hong Kong's Huaxia Fund launches property TNFTs (tokenized property certificates), investors can use Hong Kong dollar stablecoins for minute-level share trading, avoiding the complex processes of traditional property transfer.

RWA expands the asset backing scenarios for stablecoins: MakerDAO has replaced 37% of DAI collateral with RWA assets like U.S. Treasuries, enhancing stability while providing on-chain yields.

Together, they construct a " asset mapping - trust mechanism - liquidity engine" integrated value on-chain pipeline:

1. Asset mapping: Establishing digital twins of real value through tokenization.
2. Trust mechanism: Relying on off-chain asset backing + on-chain transparent verification (reserve proof, oracle price feeds).
3. Liquidity engine: Transforming low-liquidity assets into on-chain tools that can be traded 24/7.

2. Liquidity Cycle

The dialectical unity between stablecoins and RWA is reflected in their interdependent and mutually convertible dynamic relationship, forming a self-consistent financial closed loop.

1. Stablecoins: The "Infrastructure" for RWA Circulation

In the traditional financial system, physical assets like real estate and commodities struggle to circulate efficiently due to insufficient liquidity and high transaction costs. RWA transforms these assets into on-chain digital certificates through tokenization technology, while stablecoins become the natural trading medium and pricing unit for these certificates.

Cross-border trade scenarios particularly highlight this value. When Chinese companies export photovoltaic equipment to the Middle East, accounts receivable tokenization allows for direct payment in stablecoins, significantly shortening payment terms and reducing exchange rate risks. A Deutsche Bank report shows that the cost of cross-border payments using stablecoins via blockchain is only about $0.00025, while the average fee for traditional methods is as high as 6.35%.

2. RWA: The "Value Anchor" for Stablecoins

Stablecoins have the potential to transcend the single role of "transaction intermediary," while RWA provides diversified paths for value support. Currently, stablecoins are mostly pegged to fiat currencies or government bonds, but innovative models have begun to explore RWA collateral mechanisms.

The algorithmic stablecoin USDR has innovatively included real estate in its collateral mix: 40% of its reserves are allocated to UK rental income properties, converting rental cash flow into endogenous returns for stablecoin holders (annualized around 5%). JD's stablecoin testing scenarios cover cross-border payments, investment trading, and retail payments among various applications.

The deep coupling of the two creates a unique liquidity cycle, becoming a flywheel for activating "sleeping capital":

> RWA → Stablecoins → DeFi Yields → More RWA On-Chain

When users mint stablecoins by collateralizing gold bars and invest these stablecoins into DeFi platform liquidity pools for additional yields, it forms a "triple value-added structure." Users holding tokenized bonds can also collateralize their assets to borrow stablecoins, obtaining short-term funds without selling the underlying assets, a model rapidly penetrating DeFi platforms.

Fragmented investments in RWA (like $50 subscriptions for photovoltaic panel shares) rely on stablecoins for small payments; meanwhile, the reserve assets of stablecoins (like USDC holding $80 billion in U.S. Treasuries) constitute an important part of the RWA ecosystem.

3. Risk Hedging

Despite their functional complementarity, the risk linkage between stablecoins and RWA is equally tight, forming a transmission chain of systemic vulnerabilities.

1. Market risk resonance. When the macroeconomic environment deteriorates, the value of underlying RWA assets is impacted, directly affecting the credit foundation of related stablecoins. In the early stages of the global COVID-19 pandemic in 2020, some stablecoins backed by bonds faced increased redemption pressure due to falling bond prices.

2. Credit risk cross-chain transmission. If a custodial institution for assets in an RWA project encounters credit issues, similar to the FTX bankruptcy leading to the termination of its tokenized stock business, not only do RWA investors suffer losses, but related stablecoin trading is also affected, triggering a liquidity crisis.

3. Regulatory arbitrage and compliance paradox. RWA tokenization blurs the boundaries of traditional asset categories. The U.S. "GENIUS Act" clearly states that payment stablecoins do not fall under securities or commodities, but securities-type RWAs are still strictly regulated by the SEC. Although Hong Kong's Monetary Authority uniformly regulates stablecoin licensing, RWA projects must comply with different financial regulatory departments based on asset nature.

Stablecoins pegged to a single fiat currency exhibit vulnerabilities (like the UST collapse), while RWA enhances risk resistance through diversified collateral (gold, commercial paper).

In this regard, Hong Kong's regulatory innovation offers a balanced approach: requiring stablecoin issuers to hold 100% of reserves with licensed institutions and publicly disclose asset composition monthly, seeking a balance between ensuring safety and encouraging innovation. The Hong Kong "Stablecoin Regulation" even mandates that RWA must account for no less than 30% of collateral.

Global Practices: The "Triple Pattern" of Institutional Competition

In the global practice of integrating stablecoins and RWA, three differentiated paths are forming:

U.S. Legislation: The "GENIUS Act" Establishes a Federal Stablecoin Framework

For the first time, a regulatory system for stablecoins is constructed at the federal level. The core of this act is to reshape regulatory logic through a three-tiered structure:

1. Functional definition: Clearly defines payment stablecoins as "digital assets" rather than securities or commodities, prohibits interest payments, and requires a 1:1 peg to highly liquid assets (cash, short-term U.S. Treasuries, repurchase agreements, etc.);
2. Issuance access: Only allows U.S. registered entities to issue, non-bank institutions must meet capital and risk management requirements, and algorithmic stablecoin issuance is prohibited;
3. Layered regulation: Federal banking agencies lead the regulation of systemic issuers, while state-level regulation applies to issuers with a scale of ≤$10 billion, but must be "substantially similar" to the federal framework.

Institutional competition has transcended regulation itself, with deeper competition over the discourse power of global financial foundational protocols. This move signifies that the U.S. is incorporating stablecoins into the national payment infrastructure, providing an institutional basis for the global penetration of "on-chain dollars."

Hong Kong Path: The "Breakthrough Point" for Offshore Renminbi

Hong Kong's "Stablecoin Regulation" establishes three major innovative support points:

1. Strict compliance: Issuers must meet minimum capital requirements (HKD 15 million) and fully custody reserves.
2. Currency breakthrough: Creates space for offshore renminbi stablecoins, opening new paths outside the U.S. dollar system.
3. Scenario implementation: Attracts JD to utilize stablecoins to optimize cross-border e-commerce settlements and encourages Standard Chartered Bank to explore tokenized bonds.

More noteworthy is its "LEAP" framework: through legal regulatory optimization (Legal), tokenized product expansion (Expansion), application scenario promotion (Application), and talent cultivation (Partnership), building a digital asset ecosystem.

Mainland China's Innovation: The "Indirect Strategy" for Data Assets

Against the backdrop of restrictions on directly putting domestic assets on-chain, the RDA (Real Data Asset) new paradigm proposed by the Shanghai Data Exchange in 2025 aims to achieve breakthroughs through "real number integration."

In a typical case, Shanghai Steel Union packages steel trading data as RDA, and Pudong Development Bank issues the stablecoin "STEEL-CNY" based on this, charging a 0.15% commission on each cross-border transaction, with annual profits exceeding 900 million yuan. This "domestic confirmation, overseas circulation" mechanism allows 30 million small and medium-sized enterprises to obtain cross-border financing through data assets.

UAE Model: "Dual-Track Parallel" of Sovereignty and Market

The Digital Dirham, led by the Central Bank of the UAE, anchors national sovereignty in the digital age, while Dirham-pegged stablecoins serve as vehicles for market efficiency, together forming a "dual-layer firewall in the governance structure":

1. CBDC serves the sovereign payment system, cross-border clearing, and government affairs.
2. Stablecoins embed enterprise payments, DeFi systems, and market innovations.

Learning from the lessons of the 2022 Terra collapse, the UAE's stablecoin regulations set to be introduced in 2024 prohibit all interest incentives and algorithmic stablecoins, reflecting the foresight of institutional design.

As stablecoins carry payment efficiency and RWA injects real value, the dialectical unity of the two is giving rise to a programmable financial ecosystem parallel to the traditional system. In the next decade, whoever can connect the closed loop of "asset on-chain - stablecoin settlement - global circulation" within a compliant framework will dominate the rule-making power in the digital finance era.

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