OKG Research： Hong Kong should create a global testing ground for "multi asset structured RWA", and RWA needs to activate the value of "silent assets"

The Hong Kong Ta Kung Pao recently published an article by OKG Research, pointing out that the current RWA ecosystem is facing the bottleneck of "mainstream assets being put on the chain and then dormant". Although standardized assets such as US bonds provide a deterministic starting point for RWA, their on chain transformation is more of a technical encapsulation and has not released structural value. The key to future RWA lies in activating the "silent assets" that have long been detached from the traditional financial system, difficult to value, and lack liquidity, and realizing their value expression and free circulation through on chain, creating new market momentum. This will make RWA an opportunity window for funds willing to take risks and invest, attracting more types of funds to go on the chain, achieving a dual qualitative change from the "asset side" to the "fund side". OKG Research also suggests that Hong Kong, as a global RWA policy friendly highland, should actively layout pilot projects in the direction of non-standard assets and data assets, and create a global testing ground for "multi asset structured RWA", rather than just an issuance center and channel relay in the RWA value chain.