Hardcore Insights from Wall Street: Bai Haifeng × Wang Hongbin Deep Dive into the New Cycle of RWA and Digital Assets in the U.S.

—— Full Record of the Ninth Session of the Hong Kong Registered Digital Asset Analysts Association "Digital Asset Analyst Elite Gathering"

On the evening of December 4, the ninth session of the "Digital Asset Analyst Elite Gathering," co-hosted by the Hong Kong Registered Digital Asset Analysts Association and Uweb, was broadcast on time. This session featured Bai Haifeng, author of "RWA and Tokenization" and former head of CMB International Asset Management, alongside Wang Hongbin, the association's executive secretary general (session host), sharing insights from the recently concluded "New York Closed-Door Event." The entire live broadcast was divided into a public segment and an analyst-exclusive segment, packed with valuable content, and was described by the audience as "the most worthwhile industry sharing to revisit at the start of 2025."

I. Public Segment: The U.S. Has Fully "Opened Up," Unprecedented Opportunities for Chinese People

1. The U.S. Web3 has formed a "full-chain unified understanding" from the highest decision-making levels to educational institutions.

Bai Haifeng summarized the biggest impact of this trip in one sentence: "In the U.S., Web3 has opened up."

From former senior officials of the Federal Reserve and senator offices to heads of listing departments at Nasdaq and the New York Stock Exchange, and practical instructors in classrooms at Columbia University, everyone is aligned in direction: to move the entire capital market onto public chains.

Jay, head of the Nasdaq listing department, directly stated: "We warmly welcome DAT (Depositary Asset Token) companies to list on Nasdaq," even expressing that he "really likes BNB." This attitude sharply contrasts with the narrative of "tightening U.S. regulations" portrayed by some Chinese media.

2. Trading depth determines success or failure; a 20-fold difference is not trivial.

The daily trading volume of the New York Stock Exchange is $350 billion + $150 billion for Nasdaq, totaling about $500 billion; the best day for the Hong Kong Stock Exchange this year was only HKD 150 billion, a difference of 20-25 times.

Bai Haifeng emphasized: RWA (tokenization of capital markets) and DAT (securitization of tokenized assets) are mutually beneficial, but true liquidity can only be unleashed in a deep market. Robinhood moved stocks onto the chain, and although the scale was only a few hundred million, its market value surged by $30 billion, surpassing UBS, a century-old institution, showcasing the magic of a deep market.

3. Chinese people are not inferior; the situation is still uncertain, and there are opportunities for all.

After discussions with Shelton, founder of a B2 brokerage (a post-90s Hangzhou native, now the second-largest crypto brokerage in the U.S.), and heads of several Family Offices, both guests agreed:

Chinese individuals have "no significant difference, even comparable" to top Web3 teams on Wall Street in terms of cognition, execution ability, and operational efficiency.

Currently, all players are relatively small; Robinhood's stock tokenization is only a few hundred million, and BlackRock's money market fund RWA took five years to reach just over $500 million, while a Chinese team can achieve $60 million in just two months.

"Now is a time of uncertainty; we all have a chance." Bai Haifeng's words ignited the live chat.

4. The four real RWA tracks currently running in the U.S.

Bai Haifeng systematically outlined the four most certain types of RWA in the U.S. today:

• Tokenization of standardized securities (stocks, bonds, money market funds): BlackRock BUIDL, Ondo, and Robinhood are all racing ahead;

• Tokenization of unlisted equity: There is a huge demand for monetization of employee equity in unicorns like SpaceX, TikTok, and OpenAI, and the SPV structure has basically resolved compliance barriers;

• Cash flow certainty assets like student apartments and commercial real estate;

• Discounted tokenization of distressed assets, with the post-pandemic commercial real estate downturn providing an excellent entry window.

Unlike the non-standard assets often seen in Asia, such as "charging piles, photovoltaics, rosewood, and crocodile farming," the core logic of U.S. RWA is: first, focus on large-scale, inherently liquid standardized assets, and then use blockchain to enhance efficiency and unlock new scenarios.

5. The biggest Alpha is not in "adding a layer of packaging," but in "application scenarios."

What to do after tokenization? Bai Haifeng emphasized the most undervalued value:

Using money market fund tokens as exchange margin, U cards as cash equivalents, and payment tools to achieve 24/7 instant settlement and automatic execution of smart contracts—these are things that can never be done off-chain.

"If Nasdaq tokenizes all stocks and gets SEC approval, entrepreneurs will have to find application scenarios within its ecosystem. So now is the last opportunity window."

II. Analyst Exclusive Segment (Internal): Macro Cycles, Policy Dividends, and Paths for Chinese Breakthroughs

6. The core driving force of this round of digital assets is still the monetary cycle, not the fiscal cycle.

Bai Haifeng analyzed from the perspective of a chief economist:

Digital assets are essentially "products of currency." Currently, the U.S. 10-year Treasury yield is 4%+, significantly above the long-term equilibrium position, and the future direction of interest rates is 100% downward.

The December interest rate meeting may not lower rates or only reduce by 25 basis points due to inflation tail risks, causing short-term pressure, but it does not change the long-term logic.

With Powell's term ending in May 2026, the Republican Party fully in control, and Trump clearly stating a desire for low interest rates, the next Federal Reserve chair is likely to be "compliant," making monetary easing almost a certainty.

7. Short-term view on risk asset attributes, long-term view on currency over-issuance hedging.

Short-term: Bitcoin, Ethereum, U.S. stocks, Hong Kong stocks, A-shares, gold, and U.S. Treasuries rise and fall together, showing clear risk asset characteristics.

Long-term: The dollar will inevitably be over-issued, and Bitcoin's value as "digital gold" is established. Harvard's endowment fund has made Bitcoin ETFs its primary holding as clear evidence.

8. Why is it essential to visit New York?

Wang Hongbin summarized three enlightening moments:

• At a casual dinner, a friend mentioned that $2.5 million could be used to create a SPAC shell in the U.S. stock market (while it requires HKD 30-40 million in Hong Kong), with visible arbitrage opportunities;

• The real costs and paths for Polymarket to apply for CFTC licenses, and Bermuda's international license can be obtained for just $100,000—this information is not available on Chinese internet;

• Meeting with legendary Chinese fund manager Li Shanquan (who has managed the same fund for 29 years) truly helped understand the cruelty and allure of "new industries allowing young people to rise quickly."

1. A message to CDA certificate holders.

Wang Hongbin finally called for:

There is only one spot left for the CDA Level II exam scheduled for January 2025, and the first-mover advantage is incredibly significant.

"The earlier you take the exam, the higher the pass rate, and the greater the industry dividend. It's like taking the CPA in 2000 or participating in the college entrance examination in 1977."

The association is actively communicating with U.S. institutions, aiming to establish CDA as a globally recognized gold standard for digital asset analysts.

Conclusion

At the end of the live broadcast that evening, the most frequently mentioned comment in the chat was:

"It turns out that the U.S. has already treated Web3 as infrastructure and is working hard on it, while we are still debating whether to engage."

Bai Haifeng and Wang Hongbin shared their personal experiences to tell everyone:

The wind has risen, the knives are out, and Chinese individuals are not mere spectators in this wave of tokenization in the global capital market; they can fully stand at the center of the table as players.

The next trip to New York is now open for enthusiastic registration.

If you missed the early cycle, don’t miss the early flight again.

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