RMB50B of data transacted in China in 2025 is the benchmark ASEAN is being invited to plug into, and Zetrix already sits on the Xinghuo/BID/VC rails needed for provenance and entitlement tracking. For crypto, that is closer to permissioned data RWA infrastructure than an Ocean/Filecoin-style open data market: compliance review, property-right registration, and settlement become the product. Until actual volumes show up, it is still an MOU, not liquidity.

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