The Hong Kong University of Science and Technology (HKUST) hosted the first installment of its "Web3.01 Series Symposium" on June 6, 2025, titled RWA, Stablecoins, and the Transformation of Asset Management. This landmark event brought together leading experts from academia, industry, financial institutions, and government bodies to explore how Real-World Assets (RWA) and stablecoins are poised to redefine global finance and reshape asset management.
With a focus on bridging traditional finance and blockchain innovation, the symposium emphasized enhancing economic resilience, operational flexibility, and accelerating Hong Kong’s emergence as a global Web3 hub.
The Future of Finance: RWA and Stablecoins as Key Drivers
Co-hosted by Bo Liang, CEO of ZeroOne Think Tank, the symposium opened with a bold forecast for the next 3 to 5 years — a period that could mark the tipping point for digital asset adoption in mainstream finance.
Key predictions included:
- Most high-quality, liquid global assets will be tokenized, making RWA a standard in corporate asset management.
- Stablecoin usage for real-world payments will rival their current dominance in crypto trading.
- A renminbi-denominated stablecoin could surpass the international standing of the physical RMB in global financial systems.
- Over 1.5 billion people worldwide — excluding mainland China — will manage all or part of their wealth via digital tokens.
These projections reflect growing consensus: RWA and stablecoins are no longer niche experiments but central pillars of Web3's evolution. This momentum is fueled by regulatory progress — such as the U.S. "Stablecoin Innovation Act" and Hong Kong’s upcoming Stablecoin Bill — alongside increasing allocations to digital assets by major global asset managers.
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Real-World Applications and Industry Challenges
The symposium delved into practical use cases across markets and sectors, highlighting both opportunities and hurdles.
Dr. Chen Kani, Director of the Digital Finance Lab at HKUST, noted strong interest in RWA issuance not only among mainland Chinese enterprises but also across Southeast Asia, Africa, and Chinese companies expanding overseas. For high-potential firms that don’t yet meet public listing requirements, RWA offers a viable alternative funding route — provided they can navigate compliance and liquidity constraints.
Huwai Hu, CEO of Airstar Bank, underscored the transformative potential of stablecoins in cross-border trade and payments. He cited real-world applications such as facilitating transactions for Yiwu’s small commodity exporters — a critical segment of global supply chains — while addressing everyday financial inclusion challenges.
Deng Limin, Deputy Secretary-General of the Shanghai Internet Finance Association, argued that payment systems are entering a Web3-era upgrade. Stablecoins, she said, are set to modernize payment infrastructure, reduce reliance on legacy systems like SWIFT, and significantly cut transaction costs for businesses operating across borders.
She also outlined a strategic pathway for mainland capital: leveraging Hong Kong’s unique position as a regulatory sandbox, technological backbone, and cross-border gateway. Through a “domestic WFOE + Hong Kong platform” model, enterprises can achieve compliant international capital flows — unlocking new avenues for RWA globalization.
Despite this promise, Huang Haiguang, founder of ODIG, cautioned that the RWA market remains in its infancy. Liquidity fragmentation, valuation uncertainty, and investor education remain significant barriers. He estimates it will take 3 to 5 years before RWA delivers measurable economic impact — during which time, stablecoins represent the most immediate opportunity.
Pan Minghui, COO of Magic Circle, shared on-the-ground insights from running RWA projects in Hong Kong, the U.S., and Japan. She highlighted stark differences in regulatory clarity, investor appetite, and market readiness — reinforcing the need for adaptable frameworks.
Meanwhile, Meng Zhaoli, Deputy Director at HKUST’s Center for Technology and Business Ecosystems, warned that high compliance and policy costs are causing many top-tier institutions to remain cautious. Innovation is outpacing regulation — creating both risk and opportunity.
Long Dian, founder of the RWA Research Institute, echoed concerns about market overreach, warning that premature or non-compliant projects could damage RWA’s credibility. He stressed the importance of regulated innovation to channel demand responsibly.
Hong Kong’s Strategic Role in Global Web3 Development
While Hong Kong has made significant strides in establishing itself as a Web3-friendly jurisdiction, speakers agreed that current policies fall short of fully supporting market growth or aligning with national strategic goals.
Professor Wang Yang, incoming Vice-Chancellor of the University of Hong Kong and Chair Professor at HKUST, criticized the city’s virtual asset ecosystem for suffering from:
- A lack of overarching strategic vision
- Overregulation leading to slow processes
- High compliance burdens
- Insufficient profitability for market participants
He urged Hong Kong to think bigger — positioning Web3 not just as a tech upgrade but as a tool to address global trade imbalances, counter dollar dominance, and rebuild a more equitable financial architecture.
To achieve this, he advocated for lighter-touch regulation on stablecoins and RWA to accelerate innovation cycles.
Former Cyberport Chairman Dr. Lam Ka Lok added further recommendations:
- Aggressively attract top-tier Web3 talent from abroad
- Leverage Hong Kong’s status as a global wealth management center to enable secure and efficient on-chain asset management
- Strengthen collaboration between government, academia, industry, investors, and international partners to build a robust Web3 ecosystem
The symposium’s organizing committee also proposed several policy actions:
- Develop a higher-level strategic framework for virtual assets — one aligned with China’s broader goals of breaking trade barriers and reducing dollar dependency.
- Ease regulatory burdens, lower entry barriers, boost investor participation, and expand profit margins for businesses.
- Enhance integration with mainland China by enabling compliant participation of mainland assets and institutions in Hong Kong’s Web3 markets.
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Frequently Asked Questions (FAQ)
Q: What is RWA (Real-World Asset) tokenization?
A: RWA tokenization involves converting physical or traditional financial assets — such as real estate, bonds, or commodities — into blockchain-based digital tokens. This enables fractional ownership, faster settlement, and greater liquidity.
Q: Why are stablecoins important beyond crypto trading?
A: Stablecoins offer fast, low-cost, borderless payments backed by reserves (often USD or other fiat). They’re increasingly used in cross-border remittances, trade finance, payroll distribution, and even everyday commerce.
Q: How can Hong Kong become a global leader in Web3?
A: By combining its strengths in finance, rule of law, and connectivity with smart regulation, talent attraction, and collaboration with mainland China — particularly in RWA and stablecoin innovation.
Q: Are RWA projects safe for investors?
A: While promising, RWA investments carry risks related to valuation transparency, legal enforceability, and market liquidity. Regulatory oversight and standardized frameworks are essential to build trust.
Q: What role does compliance play in Web3 development?
A: Compliance ensures investor protection, prevents illicit activity, and builds institutional confidence. The challenge lies in balancing innovation with regulation — avoiding stifling creativity while maintaining integrity.
Q: When will RWA become mainstream?
A: Experts predict widespread adoption within 3–5 years. Early movers in asset management, trade finance, and private markets are already piloting solutions with tangible results.
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Core Keywords
- Real-World Assets (RWA)
- Stablecoins
- Tokenization
- Web3 finance
- Asset management
- Blockchain innovation
- Cross-border payments
- Hong Kong Web3 ecosystem
The HKUST Web3.01 Symposium has set a new benchmark for thoughtful dialogue at the intersection of finance and technology. As RWA and stablecoins gain momentum, Hong Kong stands at a pivotal moment — one where strategic vision, regulatory agility, and global collaboration will determine its role in shaping the future of finance.