RWA without Liquidity is just a digital shell — a life-and-death test for small and medium-sized enterprises.

1. Concerns Under the Spotlight: The Liquidity "Trap" of RWA

Real World Assets (RWA) are entering a critical stage from proof of concept to large-scale application. Many countries and regions around the world have included RWA in their strategic plans, with increasing policy support and capital attention. However, in this vigorous wave of asset on-chain, small and medium-sized enterprises often find themselves in an awkward position. On one hand, RWA does help to activate corporate assets, expand financing channels, and promote digital transformation; but on the other hand, if the core issue of Liquidity cannot be resolved, RWA projects often become "digital shells," much like stocks without buyers, making it difficult to realize their value. Currently, mainstream RWA platforms are still primarily driven by early institutional investors such as crypto funds. Faced with the real challenges of a lack of capital exit mechanisms and an inadequate secondary trading market, small and medium-sized enterprises are more likely to fall into a passive situation of "only being able to wait." This article will attempt to outline a feasible Liquidity solution to help small and medium-sized enterprises break through bottlenecks.

2. From "Barter" to "Currency Circulation": Insights on Modern Liquidity of RWA

From the original barter system to the birth of currency, liquidity has always been the foundation of market prosperity. RWA tokens are essentially digital certificates of real-world assets, representing ownership, usage rights, or entitlement to benefits. To introduce sustainable liquidity for these tokens, it is essential to establish an anchoring relationship with the "currency of the digital world." Stablecoins are undoubtedly one of the most liquid options, but considering the differences in regulatory environments across countries, stablecoins like USDT cannot be widely adopted in certain jurisdictions. Therefore, a "value-anchoring token" mechanism aimed at enterprises is particularly important.

Small and medium-sized enterprises can work with professional RWA acceleration institutions and smart contract development teams to build an internal value anchoring mechanism: issuing stable tokens with liquidity functions supported by real assets (such as debts, real estate, income rights, etc.) to meet daily buying and selling needs. Users can exchange their loan tokens or other rights certificates for stable tokens at any time based on the pricing formula built into the contract, enabling instant exit and pricing settlement. The contract can dynamically adjust the exchange ratio based on factors such as discounted cash flow, market interest rates, and default rates, ensuring that asset prices approach fair value. This mechanism is similar to the early RWA model of "barter" moving towards a modern market form of "currency pricing and circulation."

Three, from institutional design to technical implementation: The path to realizing RWA Liquidity.

Of course, establishing this liquidity system relies not only on technical capabilities but also on a carefully designed economic model and value support system. Taking accounts receivable or small loan assets commonly found in small and medium-sized enterprises as an example, the entire mechanism can include the following core elements:

Asset Splitting and Securitization: Packaging and splitting original loans into small tradable units that represent future income rights, allowing more investors to participate.

Agreement takeover mechanism: The platform reserves a certain amount of funds or native tokens to repurchase asset tokens in the secondary market, providing basic liquidity保障.

Smart contracts and oracle linkage: By obtaining real-world interest rates, risk levels, and other data through oracles, smart contracts automatically calculate and update asset values, enhancing price transparency and efficiency in transactions.

Asset backing mechanism: Native tokens used for buybacks need to be pegged to a basket of real assets to avoid decoupling of token prices and enhance market trust.

Among them, the RWA category represented by private credit has shown great potential. According to statistics, the current global market size of private credit RWA has reached 15 billion USD, an increase of over 50% since the beginning of the year. Since small and medium-sized enterprises are more likely to generate such short-term, high-frequency, and dispersed credit demands, if liquidity design can be matched, it will undoubtedly further promote market prosperity.

4. Let assets "move": The practical significance of the liquidity mechanism

A good liquidity framework not only allows investors to exit at any time, reducing holding anxiety, but also helps stabilize asset prices and suppress manipulation and arbitrage behavior. The multi-functional design of the protocol's native tokens—such as governance rights, insurance mechanisms, and liquidity support—also provides resilience and sustainability for the entire RWA system. From a longer-term perspective, this mechanism could even allow assets such as real estate, commercial revenue rights, electricity, and carbon credits to truly enter the digital circulation era of "buy and sell at any time."

For small and medium-sized enterprises, successfully issuing RWA assets is just the first step. To secure a place in a competitive market, more resources must be invested in promotion, operation, and liquidity maintenance during the later stages of issuance. The involvement of professional RWA accelerators or ecological platforms can provide enterprises with integrated services ranging from asset modeling and technical deployment to market matching, avoiding the dilemma of "issuing but not being able to collect back." In the wave of digital assets, whoever can solve the liquidity problem first is more likely to become the pioneer of the next era.