I agree with Frank's view. Yesterday, eight ministries issued a document establishing the regulation of RWA, indicating that regulators understand the true intention behind asset tokenization: The US, through RWA, allows dollar-denominated assets to siphon global liquidity, further strengthening the dollar's hegemony. While Dongda hasn't yet figured out how stablecoins can be used, and doesn't want to call it RWA, this approach is essentially the same as cross-border e-commerce: selling Chinese goods globally, boosting GDP, and generating revenue to support the real economy. The official document calls it "issuing asset-backed security tokens overseas using domestic assets," which is also intended to distinguish it from RWA, allowing for the definition of their own rules. Let's see what kind of goods will be sold initially.
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