#代币化资产 Seeing Hong Kong's recent combination of stablecoins and RWA, a few images from 2017 flashed through my mind. Back then, we were all discussing how blockchain would revolutionize finance, but most projects ultimately failed in the gap between "imagination" and "regulation."

This time is different. The four words "steady progress" mentioned by Councilor Wu carry weight — not aggressive rushing, but rational exploration within the regulatory sandbox framework. Huaxia Fund launched Asia's largest tokenized money market fund on Solana, with HKD, USD, and RMB three currencies operating simultaneously. This is no longer just a proof of concept but a real institutional-level application landing.

I've experienced many cycles, seen countless projects soar in hype and fall in reality. What strikes me most this time is the change in timeline — from retail frenzy to cautious institutional entry. Previously, technology led the way, then applications followed; now, solutions are being reverse-engineered from real needs. Tokenized assets essentially map real-world value onto the chain, but the quality of this mapping depends on the underlying compliance framework and institutional confidence.

Hong Kong did one thing right: instead of following the trend of radical approaches, it built a credit foundation through stablecoin regulations and a regulatory framework. This is the true path for RWA to go far. History shows us that disruption often comes from places that understand technology and respect reality.