The CSRC's document is actually giving RWA a "stay of execution".
When this document came out on February 7, many people's first reaction was, "It's over, RWA has been hit hard."
But those who truly understand it will be more calm—this is not a ban, but a clearing out.
Over the past year, everyone knows how RWA has been played:
domestic assets, overseas issuance, talking about globalization, compliance, and returns, whatever can be covered up is covered up.
Whether the assets are clean is not important, whether the cash flow is reliable is also not important, what matters is whether the tokens can be issued.
Now this path has basically been blocked.
There is not a single word of nonsense in the document; the core meaning is not complicated:
If you really want to use domestic assets for tokenization, then you have to act like a proper financial product—clear assets, clear entities, accountable responsibilities, and people can be found.
Can't do it? Then don't do it.
This step is not sudden; it was bound to happen sooner or later.
Once RWA encounters "repayment," "returns," and "financing," it is essentially no longer on-chain innovation, but cross-border securitization. Regulators cannot pretend not to see this for long.
The real impact is not about whether "we can still talk about RWA" in the future, but rather: those that can remain will suddenly become very few.
The vast majority of projects are not being denied for technology, but for qualification. What remains will only be those designed according to financial standards from the start, slow but sustainable.
And once the asset side is tightly regulated, market attention will inevitably shift slowly. It is not about a new story, but returning to a more realistic question:
Should money still flow? How should it flow? Will it be cut off?
Things like @Plasma $XPL #Plasma are not even at the layer of "issuing assets," but are just infrastructure for stablecoin settlement and on-chain clearing; this document has little direct connection to it. Prices will fluctuate with market sentiment, but the track itself is not the target of this round of regulation.
Ultimately, this is not anyone's good news. But it is a signal: the window for storytelling is closing, and what can exist long-term is starting to be singled out.
The real differentiation is not whether it rises today,
but who can still be allowed to survive in the next phase.
