$9 trillion new opportunities for small and medium-sized enterprises: Trump's new policy leverages 401(k) and the RWA market

1. $9 trillion pension policy shakes the market

On August 7, 2025, U.S. President Donald Trump signed an executive order allowing 401(k) pension accounts to invest in private equity, real estate, cryptocurrency, and other alternative assets. 401(k) is one of the most important retirement savings tools in the United States, managing approximately $9 trillion in assets and covering the retirement funds of 90 million Americans. Market estimates suggest that if the 401(k) plan allocates just 2% of its assets to the crypto market, it would mean an influx of about $170 billion in new funds.

This policy has given many RWA project parties hope, but the reality is that this funding will not be distributed equally as many imagine, especially for small and medium-sized enterprises, which may not be able to directly access this new funding at all. The market opportunities after the policy implementation require enterprises to truly grasp them by combining their own capabilities and specialized services.

2. 401(k) Development and Investment Logic

To gain the favor of investments in the 401(k) pension account, it is essential to first understand its development and operational logic. The 401(k) plan was established in 1978, primarily for tax-advantaged retirement savings, with investment targets limited to bonds and a small amount of stocks. With the emergence of index funds and the updating of market concepts, today the stock market value held in 401(k) accounts accounts for about 35%, and the investment scope has gradually expanded to diversified assets.

401(k) is not an investment pool directly managed by the U.S. government, and there is no mechanism of "government-set ratios or automatic funds flowing into certain projects." Investment rights are jointly led by individual participants and employers. Under this plan, pensions are not "distributed for free"; participants need to deposit funds for investment each year, and the company may match a portion of it. Therefore, investment decisions are made very cautiously.

For small and medium-sized enterprises, it is nearly impossible to rely solely on building their own public chain or randomly choosing a chain to enter the 401(k) system. Enterprises need to rely on professional RWA accelerators to select high-quality underlying assets, design reasonable economic models, connect with leading KOLs and media, and conduct precise promotions in line with market characteristics to attract the attention of investors.

3. Corporate Decision-Making: Fiduciary Responsibility and Investment Menu

In the 401(k) system, individuals are responsible for their investments, but the options available are predetermined by the employer in an investment menu. When designing the investment menu, the employer has a fiduciary duty—to guide employees in investing while avoiding excessive risk. When introducing alternative assets, it is necessary to fully consider:

High cost

Low liquidity

Valuation Difficulty

Regulatory uncertainty

Litigation risk

Historical experience shows that in the 19th century, courts classified investing in common stocks as "imprudent behavior"; in the 1970s, when index funds were first introduced, many employers refused to offer them due to concerns about insufficient due diligence. Today, although the cryptocurrency industry has developed for more than a decade, RWA, as a broader new concept, still requires time for Web2 companies to accept. Initially, companies were more inclined to offer Bitcoin ETFs, Ethereum ETFs, and other products backed by institutions, rather than directly including unverified RWA projects.

IV. Policy Space for Alternative Assets: Potential Entry Paths for RWA

After understanding the investment logic of 401(k) and the fiduciary responsibilities of the enterprise, we can further explore how RWA enters the investment menu of 401(k). The executive order states that "alternative assets" include:

Private market investment (private equity or debt)

Real estate and related debt instruments

Infrastructure project

Product and Long-term Income Strategy

If RWA products (such as real estate RWA, photovoltaic RWA, etc.) can be designed as actively managed funds or similar structures, there is an opportunity to be included in the corporate investment menu.

For small and medium-sized enterprises, the entry point lies in specialization and compliance:

Connect top public chains and exchanges with the RWA Accelerator.

Ensure asset transparency and credibility through third-party authoritative audits.

Provide complete legal and operational documents to reduce investors' concerns.

Therefore, if SMEs wish to enter the 401(k) investment menu, they must be well prepared in project design, asset standardization, and compliance review.

5. Analysis of Historical Experience and Advantages of RWA

The investment policies of American pensions have evolved over the years, with asset allocation expanding from bonds to stocks, index funds, and then to ETFs and alternative assets. Historically, the proportion of early investments in stocks was limited, with a preference for blue-chip stocks. Today, 35% of the market value of U.S. stocks is held by pensions, demonstrating that the market can gradually accept new asset classes.

Similarly, RWA, as an emerging asset type supported by underlying assets, will gain more recognition in the pension market with the advancement of technology, improved on-chain mapping, and auditing. In the next 180 days, agencies such as the DOL and SEC will release detailed rules, with the policy officially implemented in 2026. Companies that strategically position themselves in advance will have an advantage in this massive market competition.

In addition, RWA has the following advantages compared to traditional financial projects and pure cryptocurrencies:

Asset Transparency: RWAs typically have physical assets backing them, making the asset status transparent and easy to audit.

Stability: Compared to the high volatility of cryptocurrencies, the underlying assets of RWA, such as real estate and photovoltaics, have relatively stable returns.

Compliance: RWA products can be designed to meet the structural requirements of traditional financial regulations, reducing compliance risks.

Liquidity: Through tokenization, RWA can achieve asset digitization, enhancing liquidity.

These advantages make RWA a favored investment choice for institutional investors such as pension funds.

Six, key strategies for early layout.

If small and medium-sized enterprises want to seize opportunities, they can consider the following strategies:

Collaborate with professional RWA accelerators to improve project standardization and compliance levels.

Connect with top public chains and exchanges to ensure transaction and asset security.

Enhance investor confidence through authoritative third-party audits.

Develop a clear marketing plan to ensure selection by the enterprise investment menu.

These strategies not only help businesses enter the 401(k) menu, but also establish long-term credibility among investors.

Trump's new policies have opened up a potential $9 trillion market for small and medium-sized enterprises, but entering this market is not easy. Policy opportunities, professional compliance, and market promotion are all essential. Early planning and leveraging the resources of the RWA accelerator will be key for companies to stand out in the upcoming wave of pension investments.