OKG Research suggests that Hong Kong should create a global "multi-asset structured RWA" testing ground.

OKG Research points out that the current $RWA ecosystem faces the bottleneck of "mainstream assets becoming silent once they are on-chain." Although standardized assets like U.S. Treasury bonds provide a certain starting point for $RWA, their on-chain implementation is more of a technical packaging and does not release structural value. The key to $RWA in the future lies in activating the "silent assets" that have long been outside the traditional financial system, are difficult to value, and lack liquidity, allowing their value to be expressed and freely circulated through on-chain technology, thereby creating new market momentum. This will turn $RWA into an opportunity window for risk-taking investors, attracting more types of capital on-chain and achieving a dual qualitative change from the "asset side" to the "capital side." OKG Research also suggests that as a globally $RWA policy-friendly high ground, Hong Kong should actively deploy pilot projects in the direction of non-standard assets and data assets, creating a global testing ground for "multi-asset structured $RWA," rather than merely serving as an issuance center and channel relay in the $RWA value chain.