Deep Tide TechFlow messages, October 04, according to the magazine «Jingji» (Caijing), an article written by Zhang Ming, Deputy Director of the Institute of World Economics and Politics at the Chinese Academy of Social Sciences, and others suggests that Hong Kong explore the tokenization of dim sum bond bills, using them as an asset direction worth prioritizing in the era of Hong Kong dollar stablecoins. Dim sum bond bills combine the benefits of RMB internationalization, Hong Kong’s regulatory framework advantages, national asset allocation needs, as well as offshore RMB and standardized financial attributes. With internationally oriented issuers and standardized fixed-income asset characteristics, they align with the global trend of RWA (real-world asset) tokenization and could become an important breakthrough direction for the development of digital finance in Hong Kong, serving as high-quality underlying assets for the Hong Kong dollar stablecoin ecosystem. Whether the stablecoin ecosystem can form long-term demand depends not on «who issues», but on what assets can be purchased, settled, and allocated.