Conflux co-founders issue a statement questioning the authenticity of the claim that "RWA assets total $410 billion," stating that RWA.XYZ exaggerates the scale through "fabricated data."

On December 19, Conflux co-founder Forgiven stated that the widely circulated figure of “the total value of assets represented by global RWA reaching $410 billion” is seriously misleading. The root cause stems from recent adjustments in the narrative by the RWA data website RWA.XYZ. Before the redesign, the total industry asset scale of RWA was approximately $30 billion. After the update, it suddenly expanded to $410 billion, mainly because the website introduced two new statistical metrics: · Reported Asset Value: assets issued as digital certificates on private chains or closed systems, without actual on-chain transfers or distribution; the current reported scale is about $410 billion. · Distributed Asset Value: RWA assets actually distributed and held by investors through public chains, DeFi protocols, or exchanges; the current scale is about $18 billion. Forgiven pointed out that of the widely promoted $410 billion figure, approximately 91% comes from assets issued on the private chain Canton (Guangdong Chain). An additional roughly $14 billion comes from Figure’s issuance of home equity line of credit (HELOC) products on its self-developed private chain Provenance. These assets have little direct relation to the crypto market and are merely “private chain ledger tokens.” The Distributed Asset Value ($18 billion) better reflects the true demand structure of the RWA industry. He also warned against blindly trusting Wall Street narratives or “authoritative data platforms,” suggesting that some data providers, after gaining crypto traffic and benefits, shift to cooperate with capital-driven narratives, misleading market perception. He called for vigilance against recent hype around RWA concepts in Hong Kong stocks.