Securities Times comment: the real breakthrough in the Chinese RWA market lies in non-financial assets.

The article points out that the innovative value of the RWA market in China is first reflected in the improvement of the liquidity of non-financial assets. A large number of "dormant assets" existing in reality have not been able to effectively unleash their potential due to the lack of market circulation channels. Through RWA, enterprises can convert assets such as orders, equipment, and inventory into digital rights, and realize financing and transactions on the chain, providing new development momentum for small and medium-sized enterprises, especially technology innovation-oriented enterprises. Secondly, the tokenization of non-financial assets helps to lower the investment threshold and promote inclusive finance. In the past, these assets were often only accessible to a few institutions or large enterprises, but through the splitting mechanism of blockchain, more ordinary investors can participate in them at a lower cost. Furthermore, RWA relies on the technical characteristics of blockchain to enhance market transparency and trading efficiency, reduce fraud and tampering risks, and provide new means for investor protection. Lastly, the introduction of non-financial RWA assets can provide a more robust underlying support for on-chain financial activities, allowing emerging financial forms such as DeFi to move away from sole reliance on cryptocurrency and acquire a more stable asset foundation.