According to Odaily Planet Daily, Tencent News' Qianwang article, "Stablecoin fever fuels a surge of Chinese institutions in Hong Kong into RWAs, while industry insiders call for a cooling of the curve," notes that Hong Kong's financial landscape is becoming stratified, with foreign institutions focusing on quantitative, hedging, and IPOs, while Chinese institutions are beginning to explore RWAs. Chinese financial institutions in Hong Kong are actively experimenting with RWAs. A representative from a leading fund manager in Hong Kong stated that many institutions have recently received requests from their headquarters in China to explore commercial opportunities in RWA projects. As with most financial product launches in Hong Kong, these Chinese financial institutions' exploration of RWA projects requires significant legal involvement, leading to an increase in the cryptocurrency sector for some Hong Kong law firms, including King & Wood Mallesons and Jun He Law Firm.

In addition, a head of asset management at a state-owned enterprise stationed in Hong Kong said, "This wave is actually top-down. The headquarters hopes that institutions stationed in Hong Kong will try to do RWA to prepare for the ecological development after the issuance of stablecoins in the future."