RWA研究中心
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New Chapter in the Hong Kong Virtual Asset Market: Compliant Stablecoins and RWA Track Layout
The Hong Kong virtual asset market has taken a substantial step forward on the path to compliance. Recently, the licensed virtual asset trading platform OSL Group has announced two important initiatives within a week, which not only brings the first USD stablecoin exploring within a regulatory framework to the market but also further deepens strategic cooperation in the area of RWA (real-world asset tokenization), indicating that the industry's infrastructure is rapidly improving.
PART 01
Event 1: Launch of the regulated USD stablecoin USDGO
On December 11, OSL Group officially announced the launch of the regulated USD stablecoin USDGO. Unlike mainstream stablecoins in the current market, USDGO's core feature is that it is designed and operated entirely under Hong Kong's existing virtual asset regulatory framework.
PART 01
Event 1: Launch of the regulated USD stablecoin USDGO
On December 11, OSL Group officially announced the launch of the regulated USD stablecoin USDGO. Unlike mainstream stablecoins in the current market, USDGO's core feature is that it is designed and operated entirely under Hong Kong's existing virtual asset regulatory framework.
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Four major pitfalls in the RWA market! Please keep this "mine-avoidance guide" handy.
#RWA As "asset tokenization" transforms from a concept into a multi-billion dollar real-world market, scams are also donning the guise of "fintech." Recently, multiple cases of illegal fundraising through RWA (Real-World Asset Tokenization) have been exposed, highlighting the urgent need for a renewed understanding of wealth and risk.
PART 01
Part 1: Genuine Innovation or Fake Tricks? Understanding the Essential Differences Between the Two.
True RWA innovation lies in "transparency" and "compliance":
Asset transparency and visibility: For example, Ant Financial's new energy projects have assets verified by authoritative auditing institutions, and operational data is made public on the blockchain every month.
PART 01
Part 1: Genuine Innovation or Fake Tricks? Understanding the Essential Differences Between the Two.
True RWA innovation lies in "transparency" and "compliance":
Asset transparency and visibility: For example, Ant Financial's new energy projects have assets verified by authoritative auditing institutions, and operational data is made public on the blockchain every month.
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Industry giants join forces! The Matrixport platform signs a memorandum of cooperation with multiple parties to jointly promote the development of the RWA ecosystem.
#RWA
On December 15, 2025, Matrixport, a global leader in one-stop crypto financial services, was invited to attend the launch conference of the establishment of the International Federation for RWA Ecosystem and the First Global RWA Summit. At this summit, Matrixdock, a platform under Matrixport focused on the tokenization of real-world assets (RWA), officially signed a tripartite memorandum of cooperation with Cactus Custody, a compliant digital asset custody service provider, and the newly established International Federation for RWA Ecosystem.
The signing of this memorandum of cooperation marks a key consensus reached by important participants in the industry to promote the construction of the RWA ecosystem, aiming to explore feasible paths and industry standards for the deep integration of digital assets and the real economy through resource sharing and complementary advantages.
On December 15, 2025, Matrixport, a global leader in one-stop crypto financial services, was invited to attend the launch conference of the establishment of the International Federation for RWA Ecosystem and the First Global RWA Summit. At this summit, Matrixdock, a platform under Matrixport focused on the tokenization of real-world assets (RWA), officially signed a tripartite memorandum of cooperation with Cactus Custody, a compliant digital asset custody service provider, and the newly established International Federation for RWA Ecosystem.
The signing of this memorandum of cooperation marks a key consensus reached by important participants in the industry to promote the construction of the RWA ecosystem, aiming to explore feasible paths and industry standards for the deep integration of digital assets and the real economy through resource sharing and complementary advantages.
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Hong Kong Releases New Financial Strategy Blueprint: Targeting 'Tokenization', Aiming to Build a Global Capital Hub in 5-10 Years
As the recent issuance of HKD 10 billion digital green bonds in Hong Kong has not yet cooled, a more ambitious strategic blueprint has officially been announced. On December 13, 2025, the Hong Kong Financial Development Council released the concept report (Navigating the Hong Kong Capital Market), with the core goal aimed at upgrading Hong Kong from a traditional 'international financial center' and 'super connector' to 'a globally influential capital hub in Asia' within the next 5 to 10 years.
The core engine driving this grand upgrade has been clearly identified as 'asset tokenization.'
01
New positioning: a strategic upgrade from 'channel' to 'hub'
The core engine driving this grand upgrade has been clearly identified as 'asset tokenization.'
01
New positioning: a strategic upgrade from 'channel' to 'hub'
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The Bitcoin market is at a crossroads where bullish and bearish forces are in a standoff, and the short-term direction depends on the interplay of several key factors:
Short-term pressure, focus on key support: Overall market sentiment is leaning towards defense, and weakened liquidity makes prices more susceptible to fluctuations. If the support around $87,000 fails, the next technical support range to watch is between $86,000 and $88,000. On the upside, regaining stability above $94,000 is the first step to resuming the upward trend.
Potential rebound trigger points: There are also "embers" in the market that could spark a rebound. The extremely low open interest and negative funding rates in the derivatives market indicate a buildup of short positions. If positive macro news or a slight price increase occurs, it could trigger a "short squeeze," leading to a rapid price rebound.
Medium to long-term depends on demand recovery: In the long run, the market needs to see stronger actual demand (e.g., sustained large-scale inflows of ETF funds, an increase in on-chain accumulation addresses) to absorb selling pressure and end the consolidation. Current weak profit indicators also show that the market needs time to rebuild a solid holder base. $BTC
Short-term pressure, focus on key support: Overall market sentiment is leaning towards defense, and weakened liquidity makes prices more susceptible to fluctuations. If the support around $87,000 fails, the next technical support range to watch is between $86,000 and $88,000. On the upside, regaining stability above $94,000 is the first step to resuming the upward trend.
Potential rebound trigger points: There are also "embers" in the market that could spark a rebound. The extremely low open interest and negative funding rates in the derivatives market indicate a buildup of short positions. If positive macro news or a slight price increase occurs, it could trigger a "short squeeze," leading to a rapid price rebound.
Medium to long-term depends on demand recovery: In the long run, the market needs to see stronger actual demand (e.g., sustained large-scale inflows of ETF funds, an increase in on-chain accumulation addresses) to absorb selling pressure and end the consolidation. Current weak profit indicators also show that the market needs time to rebuild a solid holder base. $BTC
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Heavy Strikes Announced! Two Regulatory Blows in One Week, RWA Development in China Officially 'Returns to Zero'
Within a week, two heavy blows from regulators shattered all illusions and trials regarding RWA (Real World Asset Tokenization) in the Chinese market. From qualitative definitions to blocking, the regulatory authorities declared resolutely: an era of 'innovation' walking on the gray line has been forcibly terminated.
PART 01
Chapter 1: Iron-Fisted Definition, the 'Final Judgment' of RWA
In a very short time, Chinese regulatory authorities completed the ultimate judgment of RWA from 'qualitative' to 'qualitatively illegal.'
First blow (November 28): The People's Bank of China and 13 departments clearly defined that stablecoins fall under the category of virtual currency, constituting illegal financial activities.
PART 01
Chapter 1: Iron-Fisted Definition, the 'Final Judgment' of RWA
In a very short time, Chinese regulatory authorities completed the ultimate judgment of RWA from 'qualitative' to 'qualitatively illegal.'
First blow (November 28): The People's Bank of China and 13 departments clearly defined that stablecoins fall under the category of virtual currency, constituting illegal financial activities.
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AI will become very important in the future
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The Invisible Weapon of Dollar Hegemony
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Bitcoin $90,000 Threshold Sees Surge in Withdrawals
#比特币 On-chain data shows that despite Bitcoin consolidating in the range of $90,000 to $91,000, Binance's user behavior has shown a historic divergence: investors are massively transferring Bitcoin to cold wallets instead of selling. On December 3, Binance's 30-day withdrawal trading index soared to 3100 transactions, the highest level since May 2018, indicating that investors are shifting to a long-term holding strategy.
More notably, during the same period, the deposit trading fell to about 320 transactions, the lowest since 2017. This extreme divergence, with withdrawals hitting a seven-year high and deposits dropping to an eight-year low, creates a classic supply shock scenario. Typically, when Bitcoin reaches historical highs, long-term holders take profits, leading to an increase in deposits. However, current data shows the opposite trend: existing supply is being withdrawn from the order book, and new selling pressure is almost non-existent. Analysts believe this reflects investors' strong conviction that the price discovery phase is far from over.
More notably, during the same period, the deposit trading fell to about 320 transactions, the lowest since 2017. This extreme divergence, with withdrawals hitting a seven-year high and deposits dropping to an eight-year low, creates a classic supply shock scenario. Typically, when Bitcoin reaches historical highs, long-term holders take profits, leading to an increase in deposits. However, current data shows the opposite trend: existing supply is being withdrawn from the order book, and new selling pressure is almost non-existent. Analysts believe this reflects investors' strong conviction that the price discovery phase is far from over.
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Bitcoin spot ETF had a total net outflow of 77.34 million USD yesterday, with Fidelity FBTC leading the outflows at 104 million USD.
$BTC According to SoSoValue data, the total net outflow of Bitcoin spot ETF is 77.34 million USD.
The Bitcoin spot ETF with the highest single-day net inflow yesterday was Blackrock ETF IBIT, with a single-day net inflow of 76.70 million USD, bringing its historical total net inflow to 6.268 billion USD. The second was Bitwise ETF BITB, with a single-day net inflow of 8.44 million USD, and its historical total net inflow has reached 2.289 billion USD. The Bitcoin spot ETF with the highest single-day net outflow yesterday was Fidelity ETF FBTC, with a single-day net outflow of 10.4 million USD, and its historical total net inflow has reached 12.177 billion USD. As of the time of writing, the total net asset value of Bitcoin spot ETF is 119.925 billion USD, and the net asset ratio of ETF (market value compared to total Bitcoin market value) has reached 6.55%, with a historical cumulative net inflow of 57.855 billion USD.
$BTC According to SoSoValue data, the total net outflow of Bitcoin spot ETF is 77.34 million USD.
The Bitcoin spot ETF with the highest single-day net inflow yesterday was Blackrock ETF IBIT, with a single-day net inflow of 76.70 million USD, bringing its historical total net inflow to 6.268 billion USD. The second was Bitwise ETF BITB, with a single-day net inflow of 8.44 million USD, and its historical total net inflow has reached 2.289 billion USD. The Bitcoin spot ETF with the highest single-day net outflow yesterday was Fidelity ETF FBTC, with a single-day net outflow of 10.4 million USD, and its historical total net inflow has reached 12.177 billion USD. As of the time of writing, the total net asset value of Bitcoin spot ETF is 119.925 billion USD, and the net asset ratio of ETF (market value compared to total Bitcoin market value) has reached 6.55%, with a historical cumulative net inflow of 57.855 billion USD.
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Cryptocurrency Pitfall Guide
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Rate Cut Ignites Carnival, Crypto Market Surges $140 Billion in a Day: Structural Market and Regulatory Reefs Coexist
On December 11, 2025, the cryptocurrency market is set to experience a comprehensive carnival led by macro policies. With the Federal Reserve's anticipated rate cut of 25 basis points as the core catalyst, the market shakes off gloom and stages a violent rebound, with the global total market capitalization surging over $140 billion in a single day, surpassing $3.46 trillion.
PART 01
Market Overview: Bitcoin Leads, Sector Differentiation Intensifies
1. Mainstream Cryptocurrencies Resonate Upwards
As a market barometer, Bitcoin (BTC) initiated a major upward trend after the rate cut, with prices strongly rising from around $93,000, reaching a peak of $97,429, and a daily increase of nearly 4%, maintaining a market capitalization of $1.86 trillion. Its trend is linked to the U.S. stock market, highlighting its attributes as a risk asset during a loose monetary cycle.
PART 01
Market Overview: Bitcoin Leads, Sector Differentiation Intensifies
1. Mainstream Cryptocurrencies Resonate Upwards
As a market barometer, Bitcoin (BTC) initiated a major upward trend after the rate cut, with prices strongly rising from around $93,000, reaching a peak of $97,429, and a daily increase of nearly 4%, maintaining a market capitalization of $1.86 trillion. Its trend is linked to the U.S. stock market, highlighting its attributes as a risk asset during a loose monetary cycle.
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Ho Chi Minh City and Binance Collaborate to Build an International Financial Center, Vietnam's Crypto Financial Strategy Takes Root in Southeast Asia
Autumn Economic Forum
At the Autumn Economic Forum in 2025, a highly anticipated collaboration was officially established. The Ho Chi Minh City Department of Finance signed a Memorandum of Understanding (MOU) with Binance, a global leading cryptocurrency exchange, to jointly advance the planning and construction of the 'Vietnam International Financial Center' in Ho Chi Minh City. This high-profile signing ceremony is not only a landmark event in Vietnam's deepening financial reform and opening up but also clearly conveys its intention to deeply bind blockchain and digital assets to shape the strategic determination of the regional financial future.
At the Autumn Economic Forum in 2025, a highly anticipated collaboration was officially established. The Ho Chi Minh City Department of Finance signed a Memorandum of Understanding (MOU) with Binance, a global leading cryptocurrency exchange, to jointly advance the planning and construction of the 'Vietnam International Financial Center' in Ho Chi Minh City. This high-profile signing ceremony is not only a landmark event in Vietnam's deepening financial reform and opening up but also clearly conveys its intention to deeply bind blockchain and digital assets to shape the strategic determination of the regional financial future.
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