AXC Labs ❯ RWA Liquidity Protocol

Hong Kong Web3 Festival 2026 was full of optimism despite the crypto bear market and recent DeFi exploits. RWA and Hong Kong's macro outlook dominated the conversation and for good reason. The regulatory and structural catalysts emerging now are the most significant since the city positioned itself as Asia's digital asset hub. AXC Labs shared the stage with @_BitfireGroup , @AWSstartups , @Hex_Trust , @GSR_io , @ostium , and many more to unpack why digital asset adoption will scale in Hong Kong. 1/ China's Document 42:
-Issued in February 2026, Document 42 replaces prior guidance with a categorized onshore regulatory framework. -Cryptocurrency remains prohibited, but the real signal is what's now permitted RWA has been formally defined in ministerial documents for the first time, asset-backed security tokens will follow the CSRC filing system, and financial institutions can now participate in compliant RWA products. -The message is clear, crack down unregulated crypto activities while integrating tokenized real-world assets into the formal financial system with a tangible compliance path. 2/ First HKD Stablecoin Licenses:
-In April 2026, HKMA granted the first batch of stablecoin licenses to HSBC and Anchorpoint Financial, a joint venture between Standard Chartered, HKT, and Animoca Brands. -The addressable market for on-chain wealth management products in Hong Kong will continue to scale. 3/ Hong Kong as a Strategic Hub:
-The macro backdrop continues to favor Hong Kong. The city remains the primary channel through which foreign capital enters China and Chinese companies access global markets -In 2025, its IPO market reclaimed the top global position by capital raised. We expect Hong Kong to serve as the dominant hub not only between Chinese and international capital markets but also between TradFi and the on-chain economy.

RWA is moving beyond yield. Liquidity is the next frontier. Join us with @AXClabs_CN @VenusProtocol @SolvProtocol to explore How RWA Meets DeFi 💥 📅 Apr 19 | 10:30am –12:30pm 📍 17/F, Tower 535, HK Luma link👉luma.com/8967yy74 #RWA #AXC #BNB

RWA is moving beyond yield Liquidity is the next frontier. Join us with @AXCLabs & BNB @VenusProtocol to explore how RWA meets DeFi 👇 📅 Apr 19 | 10:30am –12:30pm 📍 17/F, Tower 535, HK Let’s talk real yield, real liquidity, and what’s next. Join in👉 luma.com/8967yy74 #RWA #AXC

✨From T-bill to private credit, from stable yield to multi-asset markets — How do yield, liquidity, and risk actually work? 🗓 Apr 16, Thursday | 8 PM (UTC+8) 📍 X Space: x.com/i/spaces/1qGoN… 🧑‍🤝‍🧑 Guest: @AXCLabs Advisor @aiwayworld Strategy Advisor @UXLINKofficial Co-founder @solychain CEO @metafyed CEO We’ll break down: → Assets Type → Yield rate → Liquidity source → Legal structure ⏰👇Set reminder

This is an excellent piece answering the 'why' of tokenising securities. Its cost-benefit framework makes a strong case for policymakers to adopt this technology. I’ve previously argued that tokenisation makes sense when (Value Creation from New Use Cases + Capital Efficiencies) > (Risk & Cost of Static Tokenization Wrappers). This a16z article takes that thesis even further. 1/ The Strategic Value of Moving On-Chain -Beyond Operational Efficiency: Transitioning to the blockchain is a fundamental paradigm shift and enabling disintermediation in finance, not just a minor upgrade to existing operational workflows. 2/ Economic Trade-Offs of Native On-Chain Assets -Key Benefits Atomic (instant) settlement and continuous 24/7 trading. Real-time, on-chain transparency. Concrete, direct cost reductions driven by smart contract automation. Lower barriers to entry for developers building products on top of the financial stack. -Key Costs & Risks: Potential erosion of traditional investor protections and increased regulatory arbitrage. The risk that DeFi-enabled derivative ecosystems could introduce systemic stress to traditional markets. Additional layers of risk stemming from DeFi smart contract vulnerabilities. 4/ Core Operating Principles -Non-Custodial Architecture: Users retain full control of their assets at all times. -Neutral Execution: No discretionary trade execution, solicitation, or investment recommendations are provided. -Decentralized Integration: Exclusive integration with genuinely decentralized protocols (with certain allowances for protocols actively pursuing decentralization in good faith). The focus is shifting from 'why' to 'how.' Builders are creating frameworks for safe, credible asset integration across composable DeFi ecosystems leveraging tokenised securities for lending, restructuring, and tranching. Standardizing these modular CeDeFi workflows will be the key to unlocking mass adoption.

⁠📌 Amundi launches $100M tokenized cash fund Europe’s largest asset manager (with €2.3T AUM) quietly entered the tokenized RWA space with the Spiko Amundi Overnight Swap Fund (SAFO), a regulated cash fund built under the French SPIKO SICAV framework and live on both Ethereum and Stellar. It targets institutional treasury and collateral management with 24/7 onchain liquidity; the shareholder register is recorded natively onchain, and subscriptions are open in EUR, USD, GBP, or CHF starting from one unit. Chainlink powers cross-chain aspects.

📌 RWA yield infrastructure emerges as the real alpha play (CoinDesk Research): Direct RWA token governance tokens miss the value, it accrues to curators/issuers. Platforms solving leverage + settlement friction (Morpho with $6.8B TVL and permissionless vaults; Fluid dominating RWA-adjacent stablecoin volume) are capturing the trade. Example: 9% RWA yield looped at 4% borrow can theoretically deliver 29%+ net, once rails mature. coindesk.com/research/the-r…

RWA Weekly Update – Mar 20, 2026 📌 SEC approves Nasdaq’s tokenized securities settlement pilot 📌 SEC Commissioner Hester Peirce opens door to tokenization innovators 📌 European Central Bank said it is seeking experts to help integrate the digital euro into ATMs and card payment terminals 📌 RWA yield infrastructure emerges as the real alpha play (CoinDesk Research) ⁠📌 Amundi launches $100M tokenized cash fund

📌 HashKey Group launched a one-stop RWA issuance solution to bridge TradFi and Web3 HashKey Group has launched a one stop RWA solution in Hong Kong, led by HashKey Tokenisation, to provide compliant end to end tokenisation infrastructure for asset owners and global investors, including issuance, custody, disclosure and trading via HashKey Exchange. Positioned around Hong Kong’s regulatory clarity and deep capital base, the platform targets funds, bonds and supply chain finance, aiming to make the city a leading global hub for RWA innovation. hashkey.com/en-US/blog/has…

📌 Japan’s SBI Holdings and Startale Group debut JPYSC, the first trust bank-backed Japanese yen stablecoin Startale Group and SBI Holdings have unveiled JPYSC, the first Japanese yen stablecoin backed by a trust bank and issued by Shinsei Trust & Banking under Japan’s regulatory framework, with SBI VC Trade as distributor and Startale leading technical development. The fully compliant digital yen is designed to work across traditional finance and blockchains, with launch targeted for Q2 2026 pending regulatory approval. startale.com/en/blog/jpysc

RWA Weekly Update – Feb 27, 2026 📌 Gate secures Malta PSD2 license, unlocking EU-wide stablecoin payments under MiCA 📌 US OCC proposes curbs on branded stablecoins and bans yield rewards 📌 Japan’s SBI Holdings and Startale Group debut JPYSC, the first trust bank-backed Japanese yen stablecoin. 📌 HashKey Group launched a one-stop RWA issuance solution to bridge TradFi and Web3

@0xEdisonL @consensus2026 @plumenetwork @WisdomTreeFunds @osldotcom AXC labs is the liquidity solution for illiquid RWAs

During @consensus2026 week, we co-hosted the Global RWA Alliance lunch with @plumenetwork , @WisdomTreeFunds , and @osldotcom . I took the stage to discuss the Structural Inefficiencies of Tokenized Alternatives. Here is the breakdown: 1/ The Cost Reality: Tokenization isn't free. There are hidden costs: premium minting/redemption fees, operational drag, and complex legal wrappers. 2/ Tokenisation Value Proposition: However, the value prop can potentially outweighs the cost if we unlock utility. Tokenization expands the Total Addressable Market (TAM). Furthermore, once an asset is permissionless, programmable, and has transparent price discovery, it unlocks new financial use cases in the DeFi economy (e.g., lending, leveraging), ultimately increasing capital efficiency. 3/ The PMF Equation: The Product-Market Fit for tokenized alternative assets can be defined as follows: (Value Creation from New Use Cases + Capital Efficiencies) > (Risk & Cost of Static Tokenization Wrappers) 4/ The Critical Caveat: The DeFi world operates in a permissionless, algorithmic manner. Therefore, liquidity and price discovery for tokenized assets are the critical keys to unlocking these additional use cases. Special thanks to @teddyP_xyz @sasagoongooncat @nonplayablecin for putting this together

Thank you to everyone who joined Global RWA Alliance in HK during @Consensus2026 🇭🇰 It was a pleasure to co-host with @plumenetwork, @wisdomtreefunds, @osldotcom and our ecosystem partners. Our founder @0xEdisonL shared AXC’s view on how alternative asset such as hedge fund and private credit products can empower the next layer of onchain wealth management. Grateful for the strong turnout and thoughtful discussion.