Tiger Research: RWA success hinges on cash-flow links, not issuance volume
- —RWA market grew from $1.5B in August 2023 to $38.86B by September 2026
- —The 'dual engine' model sources assets locally while Hong Kong and BVI handle issuance and sales
- —Investors buy a financial product issued by an SPV, not the underlying asset itself
- —Key risks: mismatched cash-in and repayment schedules, FX costs, cross-border transfers and taxes
Why it matters: The RWA boom is shifting competition from tokenization volume to actual investor returns, which will determine the sector's durability.
Source: TokenPost
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