Opinion: "Everything Can Be an RWA" Is a Misconception, Currently Limited to Five Main Asset Classes Including Finance and Real Estate

According to a report by 21jingji.com cited by Jinse Finance, Hong Kong has released an RWA industry white paper that establishes standards and frameworks for asset selection, while challenging the market notion that “everything can be an RWA.” Not all assets are suitable for RWA tokenization. Assets that can be successfully scaled must meet three key criteria: value stability, clear legal ownership, and verifiable off-chain data. At present, this mainly covers five categories of mainstream assets: financial assets such as gold, bonds, and funds; new energy assets such as photovoltaics; real estate and other immovable properties; intangible assets such as carbon credits, data, and intellectual property; and computing power assets such as GPU hardware.