#股权代币化 After the implementation of Hong Kong's stablecoin framework, the topic of RWA has indeed gained momentum. Based on Wu Jiezhang's statement, the core logic is quite clear: start with local pilots, then expand to the international market. This means that the next key point is to observe the progress of actual project implementation.

Tokenization of equity interests is worth paying attention to within this framework—onboarding traditional assets requires clear legal positioning, and Hong Kong's regulatory sandbox provides room for exploration. From an on-chain perspective, once such RWA projects are launched, they will be accompanied by obvious capital flow signals: deployment of smart contracts, initial liquidity injection, and participation from institutional addresses.

Currently, we are mainly in the policy expectation stage, and actual contract interaction data is still scarce. What is worth tracking is: which traditional financial institutions or Web3 infrastructure providers will be among the first to participate in the pilot, and how large the capital scale behind this is. Policy framework is just a prerequisite; the feasibility of specific projects and capital willingness will determine the actual market trends.

Subsequently, we will focus on on-chain addresses related to HKEX and the deployment of mainstream RWA protocols within Hong Kong's regulatory sandbox. These data will more intuitively reflect the actual pace of industry advancement.