Analyzing the Evolution and Future of RWA in the Crypto Ecosystem

HB from Zhengming Academy discusses the shift toward Real World Assets (RWA), noting that while AI acts as a productivity tool, RWA represents a fundamental paradigm shift in financial systems that may take decades to fully integrate. The analysis categorizes RWA into three stages: 1.0 (asset tokenization by institutions like BlackRock), 2.0 (perpetual futures for stocks on platforms like Hyperliquid), and 3.0 (direct integration of brokerage services into crypto apps). The speaker highlights that while stablecoins succeeded by achieving closed-loop on-chain settlement, stock tokenization currently faces inefficiencies due to parallel off-chain clearing requirements. The trend is driven by a need for new assets within the crypto market as native project growth slows.