The numerous favourable information in the RWA track has given a long wick candle to the market economy📈

Recent movements in Hong Kong's cryptocurrency market have attracted widespread attention, with 22 banks, 13 brokerages, and 5 custody giants entering the market. The trading volume in the first half of the year reached 26.1 billion HKD, a year-on-year surge of 233%, far exceeding the total amount for the entire last year, injecting strong vitality into the market.

Banks have become the "official external assistance" for retail investors. In the past, buying cryptocurrencies faced challenges such as withdrawal security and private key management. Now, Hong Kong banks have integrated digital assets into their apps, allowing users to buy Bitcoin and tokenized stocks with just a couple of taps on their phones. Bank custody also resolves issues of asset security and private key memorization. For example, Standard Chartered Bank has launched "tokenized gold," allowing retail investors to buy in for just 500 HKD, which can also be transferred to DeFi platforms for mining and earning interest. The funds, compliant channels, risk control, and user trust brought by banks are filling the gaps in the cryptocurrency space.

On August 1, new regulations for stablecoins in Hong Kong came into effect, with companies like JD.com, Ant Group, and Standard Chartered vying for licenses. After the launch of the Hong Kong dollar stablecoin, it can achieve instant settlement for Greater Bay Area trade with zero fees and serve as an investment entry point for subscribing to tokenized bonds in Hong Kong, yielding returns far exceeding bank deposits. Some cross-border traders are using it to settle transactions instead of USDT to avoid frozen accounts and price volatility risks, and they can also deposit idle stablecoins into decentralized lending platforms to earn interest. It is expected that by the end of 2025, its circulation may surpass USDT's share in Asia.

The Hong Kong government will issue HKD 5 billion in tokenized government bonds in the fourth quarter, and HSBC and Morgan Stanley also plan to put corporate bonds on the blockchain. The tokenized bonds lower the investment threshold after being split, allowing retail investors to participate; they will achieve T+0 trading to meet the demands of high-frequency trading; smart contracts will also ensure that interest is automatically credited, enhancing creditworthiness. This is not only a rebirth of traditional finance on-chain but will also attract trillions in bond market funds, driving up assets like Bitcoin.

Hong Kong breaks through the trust barrier in the cryptocurrency market with the compliance advantages of traditional finance. The combined effects of banks entering the market, the rise of stablecoins, and the explosion of tokenized bonds make the cryptocurrency market in 2025 look more like an opportunity battle of "the early bird catches the worm."