Recently, while following the progress of RWA landing in Hong Kong, I saw a more interesting signal: Guotai Junan has launched tokenized US dollar and Hong Kong dollar money market funds GUSDT and GHKDT on the chain through @ HashKeyGroup. In this bear market, everyone is asking when the knockoff season will come back. What I am more concerned about is: what about idle funds on the chain/exchange? It is said that in a bear market, cash is king, but when you lay U on the exchange, sometimes the low interest rates are equivalent to nothing, which is also quite uncomfortable. Guotai Junan's GUSDT and GHKDT launched through @ HashKeyGroup only require a minimum investment of $10, 0% subscription fee, and T+1 liquidity, essentially providing Web3 users with a "compliant cash management tool". This is not just a wealth management product, but also an on chain asset management infrastructure. More importantly, there is an endorsement logic. The current market does not lack RWA or stablecoin concepts. What is lacking is RWA at the level of licensed securities firms that can ensure asset safety. Those who have experienced Luna know how important stability is. From Guangfa, Boshi to Guotai Junan, the path in Hong Kong has gradually become standardized and planned. HashKey is not promoting a single product, but building an RWA industrial assembly line. Bull markets tend to be aggressive, while bear markets focus on defense. When stable returns become the underlying asset of on chain accounts, Web3 truly connects to the real financial system. *** This does not constitute any investment advice, it is only a personal record and opinion, and the profit or loss is borne by oneself.