EXIO Group Closed-Door RWA Selection Meeting: The Quality of Underlying Assets is the Core Differentiator of RWA

Hong Kong, July 22, 2025 – Kriteria, a Web3 credit analysis agency, was recently invited as an independent evaluator to participate in a closed-door RWA project selection meeting organized by EXIO Group. This event brought together industry representatives from both traditional finance and blockchain sectors, aiming to conduct in-depth evaluations and selections of a series of RWA projects from the perspective of traditional investors, exploring high-quality assets with investment value.

Currently, the Hong Kong SAR government is actively promoting a compliant digital asset strategy. The newly launched “LEAP” framework focuses on the tokenization of physical assets such as government bonds, artworks, gold, and energy, injecting strong momentum into the on-chain representation of these assets. As Hong Kong’s Web3 infrastructure and regulatory framework become increasingly robust, RWA is rapidly becoming a crucial entry point and core bridge for traditional finance into the digital asset space. Market focus is gradually shifting towards how to implement RWA projects practically, given the existing compliant environment.

The in-depth discussions and voting results from this selection meeting formed a clear industry consensus: the genuine utility of RWA far outweighs the hype of tokenization. The RWA projects under consideration all focused on addressing liquidity pain points in real markets, featuring reasonable and transparent trading structures. Although the motivations of various RWA issuers differ, the investment value of RWA for traditional financial investors fundamentally depends on the credit quality of the underlying assets, risk structure, and inherent liquidity. As noted by attending experts, an asset lacking liquidity in traditional markets will not magically gain liquidity simply through tokenization.

The types of RWA projects discussed in this selection meeting were highly representative, with tokenized underlying assets covering the following categories:

1. Money Market Funds: The meeting discussed tokenized money market fund products, including U.S. Treasury funds anchored by top asset management firms and money market funds issued by leading public funds in Asia. The underlying assets of such products have very high credit ratings, providing stable returns and inherent liquidity, along with a complete compliance framework. The appeal of these products, under the premise of reliable asset custody, compliance frameworks, and liquidity mechanisms, depends on the accessibility brought by tokenization and whether they can seamlessly integrate into the digital asset ecosystem while offering more competitive yields compared to traditional money market funds. Voting results indicated strong market demand for products that combine traditional financial security with the native conveniences of Web3. This shows that investors are not only focused on the underlying assets themselves but also on the products’ inherent liquidity and their ability to integrate into the digital asset ecosystem to enhance capital efficiency.
2. Physical Commodities: These RWA projects map the ownership of assets with recognized value, such as gold, onto the blockchain, providing investors with convenient on-chain holding, trading, and hedging tools. In a gold token project discussed, the token’s value is linked to 100% physical gold reserves, ensured by transparent auditing and custody mechanisms for asset security. The high homogeneity and non-physical delivery characteristics of gold make it an ideal underlying asset for commodity tokenization. Voting data showed that this project garnered significant investor interest, validating gold’s strong appeal as a traditional safe-haven asset in the digital world.
3. Debt Assets: These RWAs tokenize traditional credit assets, offering investors relatively high fixed returns but exposing them to corresponding credit risks. For instance, a personal consumption loan project guaranteed by a listed company carries the core risk of needing to assess the credit quality of the underlying unsecured loans and the real performance ability of the guarantor. In contrast, projects employing a “fixed income + options” convertible bond model rely heavily on the future operational performance of the issuing entity. These tokenized debt assets cater to investors seeking clear cash flows and higher returns while being willing to accept certain corporate or project default risks.
4. Future Cash Flows and Revenue Rights: These RWAs represent structured financing arrangements that tokenize the expected future income of specific business projects, with risks and returns directly linked to the operational status of the underlying business. For example, a ship leasing project discussed in the meeting secures stable and predictable rental dividends through long-term leases with high-credit tenants. Another project allows investors to share in the potential price benefits generated by distributing AI computing power in this emerging business. The evaluation logic for these investments is more akin to project investment, suitable for investors with deep insights into specific industries and corresponding risk appetites.
5. Functional Tokens: This is a special category discussed at the selection meeting. The value of these tokens is not anchored to tangible real assets or stable cash flows but derives from their utility within specific ecosystems and market demand. Their price trends largely depend on IP popularity and speculation in the secondary market, thus mainly attracting participants with deep knowledge of related industries or IP content. Traditional financial investors tend to be more cautious towards such tokens.

The discussions and voting results from this closed-door selection meeting by EXIO Group clearly indicate that tokenization is merely a technical pathway for asset on-chain representation; the foundation for RWA development lies in its ability to meet the genuine needs of market participants. The liquidity and scalability potential of projects are key prerequisites for the long-term development of the entire RWA ecosystem; as real-world assets, the credit quality of underlying assets, cash flow stability, legal structures, and the risk conditions of issuers directly determine the long-term value and safety of the projects.

About Kriteria 

Kriteria is a professional Web3 credit analysis agency. In the context of the ongoing evolution of virtual assets, a reliable and transparent risk assessment framework is the cornerstone of industry development. To this end, Kriteria collaborates with leading financial institutions and industry partners, integrating collective wisdom and data-driven rigorous research, dedicated to establishing unified risk assessment standards and a “consensus rating” system for the industry. Our mission is to provide the market with a clear and actionable analysis framework, thereby constructing a trust infrastructure in the field of virtual assets and providing core support for the standardization and sustainable growth of the industry.

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