Thinking back to 2018, when I was discussing RWA with a close friend (back then it was still in the conceptual stage, and people called it STO, token economy, etc.). Our disagreement at the time was whether a credit endorsement was necessary. He believed that blockchain is decentralized, so it wasn’t needed. I thought RWA was quite unique—bringing real-world assets on-chain requires a strong institution to provide credit endorsement. Fast forward to 2026, RWA is no longer just a buzzword. This time, while scrolling through Twitter, I saw that Guotai Junan launched tokenized money market funds GUSDT and GHKDT on HashKey, which undoubtedly proves my point back then. On one hand, the fact that Guotai Junan, the leading brokerage firm, can issue tokenized funds itself signifies recognition of RWA. More importantly, when it comes to real-world assets, users tend to be cautious. A strong institution needs to step in to give people confidence in using them. This is crucial for the large-scale adoption of RWA. @HashKeyGroup