Recently I've been tracking capital movements in Hong Kong's RWA sector.

I've noticed that established institutional players are starting to make substantive moves.
For example, @HashKeyGroup's latest action: Guotai Junan directly converted traditional currency market funds denominated in USD and HKD into on-chain assets, launching GUSDT and GHKDT.
Given the market volatility recently, many people are hesitant about whether to buy the dip or cut losses. In an environment with poor odds, converting positions into stablecoins to earn risk-free yield already outperforms most people.
Previously, I wasn't particularly sensitive to state-owned enterprises like Guotai Junan, but I happened to have a friend working there, which helped me understand some of the nuances—quite interesting actually. After the company's restructuring, there have been quite a few changes. Traditional brokers have started attempting to migrate mature money market funds onto the blockchain under Hong Kong's compliance framework.
For example: 10 USD minimum investment, zero subscription fees, T+1 liquidity.
This provides both on-chain high-frequency traders (like yield farming) and conservative capital with a relatively certain hedging pool—attack when the market is good, and let capital earn traditional money market returns tied to Guotai Junan's underlying assets during periods of consolidation.
Why now?
Because RWA has finally moved beyond the PowerPoint phase and begun showing actual implementation cases. Chinese brokers are leveraging Hong Kong's compliance environment to push these products genuinely onto the chain.
This is reshaping the underlying logic of Web3 users' asset management: idle funds no longer have only the simple choice of holding USDT/USDC, but now have an additional certain cash management tool backed by a licensed broker.
DYOR. Interested parties can conduct deeper research on the HashKey wealth management channel.