By the way, many friends are already researching how to package their private banking investments targeting high net worth users into RWA assets. In the past week, three friends have talked to me in Singapore, and one project has already been packaged and is now on sale. This is essentially similar to money market funds, except that the quota given to professional investors is tokenized to form a fund pool. This approach may seem good, but unfortunately, I am not very optimistic about it for two reasons: Firstly, the members of the cryptocurrency community are not very interested in annualized returns of around 5% to 10%. Most of them are here to change their fate. If you let them earn 5 times to 10 times the return, they will lack interest, let alone 5% to 10% of the return. And truly high net worth users have the ability to open private accounts, except for those who are subject to currency controls. However, for those with assets of over 5 million US dollars, it is not difficult to open a private account. Secondly, although this form of RWA is not very afraid of hackers, as the actual funds are in banks, there are still many opaque or vulnerable areas in the regulatory process. Recently, a DeFi project front-end was injected, which is also a concern. And more importantly, whether this project can be issued with coins is a major regulatory issue. If it is not issued with coins and only an RWA asset transfer, although there may be compliance issues, the problem is not very big. Once it is issued with coins, how to deal with the direct relationship between traditional returns and coin issuance, and if private banks know about borrowing their own products to issue coins, it may be a bit troublesome. So in fact, I am not pessimistic about RWA, but the risks associated with this type of RWA are still slightly high. On the contrary, I think there are great opportunities for quantitative companies or market makers to package RWA income products themselves. Bitget VIP， Lower rates and more generous benefits