At the recent Bitcoin Asia conference held in Hong Kong, Real World Assets (RWA) emerged as a focal topic. An exclusive interview was conducted with Keaton, CMO of RWA exchange MyStonks, who shared insights on RWA development progress, risks of tokenized stocks and user rights protection, as well as prospects for Hong Kong stablecoins.

**RWA to Unlock Trillion-Dollar Market, Rise of Giants Only a Matter of Time**

Keaton stated that RWA is undoubtedly the most promising sector currently and for years to come, with its core value lying in bridging on-chain and off-chain assets. "In traditional on-chain ecosystems, users can only trade mainstream cryptocurrencies like Bitcoin and Ethereum. Through RWA bringing real-world assets 'on-chain,' traditional market assets worth tens of trillions, including stocks and bonds, will be able to enter the blockchain world."

He believes that on-chain ecosystems possess advantages such as trading freedom and rapid settlement. Combined with the injection of quality real-world assets, this will significantly enhance overall liquidity limits. "A trillion-dollar market is forming, and in the future, we might even see 100 industry giants with trillion-dollar valuations emerge."

**Key Risk of Tokenized Stocks: Whether 1:1 Redemption and Dividend Distribution Can Be Achieved**

Regarding risks of tokenized stocks, Keaton pointed out that the core issue lies in whether 1:1 redemption and dividend mechanisms can be realized. "To determine whether an RWA company truly holds underlying stocks or merely provides contracts for difference, the key is to observe whether it consistently pays dividends on dividend dates and can respond to corporate actions such as stock splits."

Using NVIDIA, Procter & Gamble, and Tesla as examples, he explained that genuine tokenized stocks must achieve dividend payments, distributions, and stock split operations consistent with native stocks, which serves as an important standard for verifying their authenticity.

**Hong Kong Dollar Stablecoin May Have Greater Potential Than USD Stablecoins**

When discussing Hong Kong stablecoin prospects, Keaton expressed strong optimism. "In the long term, Hong Kong dollar stablecoins may have greater potential than USD stablecoins." He noted that current mainstream stablecoin issuers Tether and Circle had unremarkable early credentials, while Hong Kong's first batch of stablecoin issuers includes institutions like JD.com and Standard Chartered, starting from a significantly higher point.

Additionally, the Hong Kong dollar itself is pegged to the US dollar while also serving as a bridge for investing in mainland assets, potentially making it a "hub asset" between the US dollar and Chinese yuan. "Hong Kong dollar stablecoins are likely to do more than replicate the Hong Kong dollar's market value, but rather open up broader financial innovation spaces, especially with unique advantages in the mainland market."

**On-Site Observations**

RWA is becoming a key pathway for integrating traditional finance with the crypto world, but its development still faces multiple challenges including compliance, transparency, and technical implementation. If tokenized stocks cannot truly anchor real assets, they may trigger a new trust crisis. Hong Kong's late-mover advantage in the stablecoin sector is evident, but whether it can truly play the role of "super connector" remains to be seen based on subsequent regulation and market acceptance.