Changpeng Zhao: Non-financial RWAs may face liquidity shortages, and stock tokenization is the general trend

Binance founder Changpeng Zhao, speaking at the "Crypto Finance Forum 2025" held at the University of Hong Kong, stated that RWAs are not as easy as imagined, especially for non-financial RWA assets that lack strong tradability and can suffer from illiquidity. RWAs, or the tokenization of real-world assets, have recently become a hot topic in Hong Kong's financial markets.