#股权代币化 Hong Kong stablecoins landing, RWA integration with Web3… once again a wave of "great opportunities" narrative. I have to say, when hearing these kinds of news, be especially cautious.

Over the past few years, I've seen too many projects claiming "compliance innovation," but in reality, they are just changing disguises to harvest investors. The approval of stablecoin regulations and the opening of regulatory sandboxes are indeed positive signals, but the question is: how many projects that truly survive and have practical applications are there?

Be even more cautious with the RWA track. Tokenizing equity sounds high-end, but essentially it’s just putting real assets on the chain. You need to ask yourself a few questions: Is the ownership chain of this asset clear? If the chain breaks, who will safeguard your rights? If regulations suddenly change, will the liquidity of these tokens evaporate instantly?

Watching Hong Kong develop the developer ecosystem and attract Web3 companies landing is a long-term strategy. But don’t be blinded by these macro positive signals; on a micro level, you still need to focus on the projects themselves: team background, fund flow, token release mechanisms, risk clauses. Compliance does not equal safety, and having a license doesn’t necessarily mean you can make money.

Friends who have fallen into traps in earlier years understand: the most promising tracks are often the easiest to produce black swans. Stay vigilant; it’s more valuable than blindly following the trend.