The integration path of Crypto Assets, stablecoins, and RWA

——From the policy study meeting, see the breakthrough path of RWA.

Introduction: Policy Barometer, New Opportunities for RWA

On July 10, 2025, the Party Committee of the State-owned Assets Supervision and Administration Commission of Shanghai held a highly anticipated central group study meeting, focusing on the development trends and response strategies of cryptocurrencies and stablecoins. This meeting not only reflects Shanghai's keen insight as a financial center but also releases a clear signal: China is actively exploring the application of blockchain technology in areas such as asset digitization amid the wave of the digital economy, which undoubtedly brings unprecedented policy opportunities for the development of RWA (Real World Asset Tokenization).

In the context of the booming global digital economy, cryptocurrencies and stablecoins are becoming increasingly important components of digital assets, with their influence growing. RWA, as a bridge connecting traditional finance and the digital world, is becoming a key pathway to activate real assets and enhance financing efficiency. The convening of this meeting by the Shanghai State-owned Assets Supervision and Administration Commission indicates that RWA is expected to welcome broader development space under the promotion of state-owned assets and enterprises. This article will deeply interpret the significance of this meeting, explore the intrinsic connections between cryptocurrencies, stablecoins, and RWA, and look forward to the future role of state-owned assets and enterprises in the RWA field.

1. Shanghai State-owned Assets Supervision and Administration Commission Meeting: Release Positive Signals

On July 10th, the learning meeting of the Party Central Group of the Shanghai State-owned Assets Supervision and Administration Commission was hosted by He Qing, Secretary and Director of the Commission. Li Mingliang, Chief of the Policy Group at Guotai Junan Securities Research Institute, was invited to give a special guidance report. The meeting deeply discussed the development history, types and characteristics, global development strategies, and regulatory systems of cryptocurrencies and stablecoins, and analyzed the opportunities and challenges they face.

Core points of the meeting:

• Strengthen research and exploration of digital currency: Director He Qing emphasized the need to "adhere to innovation-driven development, maintain a keen perception of emerging technologies, and strengthen research and exploration of digital currency." This indicates that the attitude of the Shanghai state-owned asset system towards digital currency has shifted from a past wait-and-see or cautious approach to an active and proactive research and layout, aiming to take the initiative in the development of the digital economy.

• Explore the application of blockchain technology in areas such as asset digitization: The conference clearly stated to "adhere to the integration of production and data, and explore the application of blockchain technology in cross-border trade, supply chain finance, asset digitization and other fields." "Asset digitization" is the core connotation of RWA, which directly points to the important strategic position of RWA in the future development of state-owned assets and enterprises. Through blockchain technology, state-owned assets and enterprises are expected to revitalize existing assets, optimize asset allocation, and improve operational efficiency.

• Promote the deep integration of technology, finance, and industry: Director He Qing further pointed out that it is necessary to "enhance the ability of strategic agility and strategic initiative, and further promote the deep integration of technology, finance, and industry, and better play the important role of state-owned assets and enterprises in technological innovation, industrial control, and security support." This means that Shanghai's state-owned assets and enterprises will take digital currency and blockchain technology as an opportunity to accelerate the digital transformation of traditional industries and build a more competitive industrial ecosystem.

Positive signals released by the conference:

1. Recognition and Guidance at the Policy Level: The convening of this conference marks a deepening of understanding by local governments, especially within the state-owned assets system, regarding digital assets such as cryptocurrencies and stablecoins, and the beginning of strategic guidance and planning. This is undoubtedly a significant positive for the entire digital asset industry, especially in the RWA sector.

2. RWA development welcomes new opportunities: The conference specifically mentioned "asset digitization", indicating that RWA will experience rapid growth under the promotion of state-owned assets and enterprises. State-owned assets and enterprises possess a large number of high-quality real-world assets, such as infrastructure, real estate, energy, etc. The digitization of these assets will inject great vitality into the RWA market.

3. The potential of stablecoins in payment settlements: According to a report by CaiLianShe, HuLong Securities' research report is optimistic about the role of stablecoins as an important payment tool, especially against the backdrop of the upcoming implementation of the "Stablecoin Regulations" in Hong Kong, which is expected to accelerate competition in on-chain finance.

This conference not only pointed the direction for Shanghai's state-owned assets and enterprises in exploring the digital economy but also laid the foundation for the compliance and scaling development of RWA in China, heralding the possible onset of a new era of RWA led by state-owned assets.

2. Cryptocurrencies and Stablecoins: The Cornerstone of the Digital Economy

Before delving into RWA, it is essential to understand the cornerstone of the digital economy on which it relies—cryptocurrencies and stablecoins. They are not only the carriers of value in the digital world but also the key drivers of asset digitization and circulation.

1. Cryptocurrency: The Native Asset of the Digital World

Cryptocurrencies, such as Bitcoin and Ethereum, are digital assets built on blockchain technology. They feature decentralization, anonymity, and immutability, providing a new way for value transmission and storage in the digital economy. Although their price volatility is high, the underlying technology—blockchain—provides technological assurance for asset digitization. The emergence of cryptocurrencies challenges the centralized model of the traditional financial system, laying the foundation for building a more open and transparent financial ecosystem.

2. Stablecoins: The bridge connecting traditional finance and the digital world

Stablecoins are a type of cryptocurrency designed to maintain a stable price, typically achieved by pegging to fiat currencies (such as the US dollar), commodities (like gold), or a basket of assets. The emergence of stablecoins effectively addresses the issue of high price volatility in cryptocurrencies, making them a more reliable medium of exchange and store of value in the digital world.

Classification of stablecoins:

• Fiat-collateralized stablecoins: such as USDT and USDC, are the most common type of stablecoin, anchored 1:1 to fiat currency and backed by reserves.

• Collateralized stablecoins: such as DAI, which maintain price stability by over-collateralizing with other cryptocurrencies.

• Algorithmic stablecoins: Maintain price stability by adjusting supply through algorithms, but carry higher risks.

Stablecoins play a crucial role in the RWA (Real World Asset) sector. They provide a stable value measure for the issuance, trading, and settlement of RWAs, reducing trading risks and improving market efficiency. For example, when real-world assets are tokenized, they can be traded using stablecoins, thus avoiding the cumbersome processes and time costs associated with traditional fiat currency settlements. The upcoming implementation of the Hong Kong "Stablecoin Regulation" also indicates that the compliance process for stablecoins is accelerating globally, which will further promote their application and development in areas such as RWAs.

The development of cryptocurrencies and stablecoins provides a solid technological and value foundation for RWA. Together, they form the cornerstone of the digital economy, offering limitless possibilities for the innovation and application of RWA.

3. RWA: A Bridge Connecting the Real Economy and the Digital World

RWA (Real World Assets) is a product of the deep integration of the digital economy and the real economy. It digitizes and tokenizes valuable assets in the real world, such as real estate, bonds, commodities, intellectual property, and even AI computing power, using blockchain technology, enabling them to circulate, trade, and be managed in the digital world.

Core value of RWA:

1. Improved asset liquidity: Traditional physical assets often have poor liquidity and high transaction thresholds. RWA enhances liquidity by tokenizing large assets into smaller portions, lowering the investment threshold, and allowing for 24/7 trading globally, greatly improving asset liquidity.

2. Optimization of Financing Efficiency: The application of blockchain and smart contracts automates and makes the processes of asset issuance, trading, and management transparent, reducing intermediaries and manual intervention, thereby significantly lowering financing costs and improving financing efficiency.

3. Expanding Investment Channels: RWA provides traditional investors with a new avenue to enter the digital asset space, while also offering digital asset investors a compliant channel to invest in real-world assets, thereby broadening the investment boundaries for both parties.

4. Enhance Transparency and Traceability: The immutability of blockchain ensures the authenticity of asset information and the transparency of transaction records, effectively reducing fraud risks and enhancing market trust.

The relationship between RWA and cryptocurrencies, stablecoins:

•RWA is the "value anchor" of cryptocurrencies: For a long time, the cryptocurrency market has been questioned due to its high volatility. The emergence of RWA provides real-world value support for cryptocurrencies, making them no longer a "castle in the air," but rather a "rooted tree" closely connected to the real economy. Through RWA, cryptocurrencies can gain broader application scenarios and a more stable value foundation.

• Stablecoins are the "medium of exchange" for RWA: Stablecoins provide a stable measure of value for the issuance, trading, and settlement of RWA. During the trading process of RWA, using stablecoins can effectively avoid the price volatility risks of cryptocurrencies, thereby improving transaction efficiency and security. For example, investors can purchase tokenized real estate shares through stablecoins, or companies can obtain stablecoin financing by issuing tokenized bonds.

The Shanghai State-owned Assets Supervision and Administration Commission meeting emphasized the "exploration of blockchain technology in the field of asset digitization and other areas," precisely recognizing the enormous potential of RWA in revitalizing existing assets and optimizing resource allocation. As an important pillar of the national economy, state-owned enterprises possess a large number of high-quality physical assets, and the digitization of these assets will bring unprecedented development opportunities to the RWA market.

IV. Integration and Outlook: The Role of State-owned Assets and Enterprises in the RWA Field

The convening of this meeting by the Shanghai State-owned Assets Supervision and Administration Commission is not only a positive response to digital currencies and blockchain technology, but also points the way for the deep integration and innovative development of state-owned assets and enterprises in the RWA field. As the "ballast" of the national economy, state-owned assets and enterprises possess a vast amount of high-quality assets, and their actions in the RWA field will have a profound impact on the entire digital asset market.

The unique advantages of state-owned enterprises in the RWA field:

1. Asset scale and quality: State-owned enterprises possess a large amount of physical assets, including infrastructure, land, real estate, energy, transportation, etc., which are all high-quality underlying assets of RWA. The authenticity and compliance of their assets are also more easily recognized by the market.

2. Policy Support and Compliance: The signals from this Shanghai State-owned Assets Supervision and Administration Commission meeting indicate that RWA will receive stronger policy support in the field of state-owned assets and enterprises. The state-owned background also helps RWA projects gain an advantage in terms of compliance and reduce regulatory risks.

3. Industrial driving effect: State-owned assets and enterprises occupy an important position in the national economy, and their exploration and practice in the RWA field will drive the joint development of upstream and downstream enterprises in related industrial chains, forming scale effects.

4. Technology and Talent Reserve: Many state-owned enterprises have accumulated certain experiences in digital transformation and possess a certain level of technology and talent reserve, providing a foundation for the implementation of RWA.

The specific actions of state-owned enterprises in the RWA field:

•Activate existing assets: By tokenizing idle or inefficient state-owned assets through RWA, we achieve asset securitization and increased liquidity, providing enterprises with new financing channels and development opportunities. For example, tokenizing infrastructure projects, commercial real estate, etc., to attract social capital for investment.

•Optimize financing structure: RWA can provide state-owned enterprises with a more flexible and efficient financing method, reduce financing costs, and optimize the liability structure. By issuing tokenized bonds, equity, etc., funds can be raised directly from global investors.

•Promote the digital transformation of industries: The practice of RWA will accelerate the digital transformation process of state-owned assets and enterprises, encouraging the application of blockchain technology in areas such as asset management, supply chain finance, and cross-border trade, improving operational efficiency and competitiveness.

•Building a Digital Economy Ecosystem: State-owned enterprises can play a leading role by cooperating with technology companies, financial institutions, and others to jointly build an RWA ecosystem and promote the healthy development of the digital asset market.

Future Outlook and Challenges:

The future of RWA in the field of state-owned assets and enterprises is full of opportunities, but it also faces challenges. At the policy level, it is necessary to further clarify the legal status and regulatory framework of RWA to ensure compliant development. At the technical level, issues such as blockchain performance, security, and interoperability need to be addressed. At the market level, market education must be strengthened to enhance investors' understanding and confidence in RWA. However, with the active exploration of local governments such as the Shanghai State-owned Assets Supervision and Administration Commission, as well as the enormous potential that RWA itself possesses, we have reason to believe that state-owned assets and enterprises will play an increasingly important role in the field of RWA, jointly promoting the digital economy to new heights.

Conclusion: Co-constructing a New Ecology for Digital Assets

The recent central group study session on cryptocurrencies and stablecoins held by the Shanghai State-owned Assets Supervision and Administration Commission is not only an important step for Shanghai in the digital economy field but also injects a strong boost for the future development of RWA in China. The meeting clarified a positive exploratory attitude towards digital currencies and emphasized the application of blockchain technology in the field of asset digitization, which undoubtedly provides policy guidance and development space for state-owned assets and enterprises to participate in RWA.

RWA serves as a bridge connecting the real economy and the digital world. Its value lies in revitalizing existing assets, enhancing financing efficiency, and expanding investment channels. Meanwhile, cryptocurrencies and stablecoins, as the cornerstones of the digital economy, provide technical and value support for the issuance, trading, and settlement of RWA. The integration of the three will jointly build a more efficient, transparent, and inclusive new ecosystem for digital assets.

Looking to the future, we anticipate seeing more state-owned enterprises actively embrace RWA as an important tool for promoting industrial upgrading and achieving high-quality development. At the same time, we also call on relevant departments to accelerate the improvement of the laws, regulations, and regulatory system for RWA to ensure its healthy development. RWA Navigation will continue to monitor policy dynamics and market frontiers, providing professional RWA consulting services for enterprises and investors, and jointly welcoming the arrival of the digital asset era.