The wave of RWA (Real World Assets) has already arrived. The global asset tokenization market is expected to surpass one trillion dollars, but questions follow—who will build this infrastructure?

Imagine this scenario: a company issues digital bonds, with investor identities and holdings protected, but the issuer and regulators can perform compliance checks when necessary. This is not a fantasy, but a real-world problem that some chains focused on regulated DeFi are working to solve.

Current pain points are obvious. The integration of traditional finance and on-chain worlds is hindered by three issues—poor privacy protection, complex compliance processes, and low settlement efficiency. Many projects want to enter the RWA track but lack technical solutions that truly understand regulatory requirements. Meanwhile, public chains designed specifically for institutional capital are changing the game with a combination of "privacy + compliance + efficiency."

In comparison, while other blockchains are still chasing various hot topics, these projects are already focusing on the real demand side—institutional-level capital entry. They understand that the next bull market's driving force is not retail enthusiasm but large-scale institutional allocation.

So, it’s worth pondering: where will the most easily triggered nodes for the RWA track be? Will it be a major asset successfully tokenized on-chain for the first time? Or recognition from a national-level financial infrastructure? Or the official participation of a leading institution?