Analyzing the Hong Kong RWA model: Connecting Korean assets to global investors

The real-world asset (RWA) tokenization market has grown to approximately $38.86 billion as of September 13, 2026. A report by Tiger Research details a "dual-engine" model where Korean assets are tokenized via Hong Kong and the British Virgin Islands to reach overseas professional investors. The process involves a special purpose vehicle (SPV) that holds the underlying assets and issues tokens, bridging stablecoin subscriptions with traditional financial asset acquisition. The sustainability of this model depends on clear legal rights to underlying cash flows and the ability to maintain consistent asset supply.