RWA Market Surges 26x: Analyzing the Korea-to-Hong Kong Tokenization Pipeline

The real-world asset (RWA) tokenization market has grown 26-fold to approximately $38.86 billion since August 2023. A report by Tiger Research highlights a compliance model where South Korean underlying assets are packaged via offshore special purpose vehicles (SPVs) and distributed to overseas professional investors through licensed intermediaries in Hong Kong. The sustainability of this model depends on the ability to maintain a closed-loop system for issuance, sales, and redemption, ensuring that asset cash flows can effectively cover investor obligations.