《Reminder! The term RWA is still not officially recognized in China》 - Chinese regulators dislike the term RWA, considering it to be hype. You can see in the official document targeting cryptocurrencies, Silver Circular [2026] No. 42, that RWA is mentioned as a negative and criticized term. However, in the regulatory guidelines supporting overseas token issuance, titled *‘Guidelines for the Regulation of Domestic Asset-Backed Security Tokens Issued Overseas’*, terms like RWA or real-world assets are not mentioned. - Silver Circular [2026] No. 42 explicitly states that companies and individuals cannot include terms like “RWA” in their business scope. - The definition of assets supporting overseas token issuance is different from the definition of real-world assets. The definition of real-world assets in Silver Circular [2026] No. 42: Refers to activities that use cryptographic technology and distributed ledger or similar technologies to tokenize (or create token-like rights) ownership, income rights, or other equity and debt certificates of assets, and to issue and trade them. The definition of domestic asset-backed security tokens issued overseas in the regulatory guidelines: Refers to activities where cash flows generated by domestic assets or related asset rights are used as repayment support, and cryptographic technology and distributed ledger or similar technologies are used to issue tokenized equity certificates overseas. As of now, the tokens supported by the authorities are only a subset of RWA. They must have cash flow as repayment support and possess security-like attributes. RWAs without security-like attributes or cash flow are not officially recognized!