If Web3 feels like crypto folks hyping themselves up, then RWA is just another super awkward term. RWA originally means Real World Assets (tokenized, on-chain). In theory, things like USD, US stocks, and US bonds going on-chain all count as RWA. But people usually refer to stablecoins, tokenized US stocks, and US bonds on-chain. In the end, it’s just a mess of non-standard assets, like real estate or EV charging stations going on-chain and turning into RWA, which ends up being full of scammers. For a long time this year, a lot of people in mainland China have been asking how to "RWA" bad assets. No surprise that the central bank started cracking down hard on RWA