The RWA conversation is getting honest because it has to.
As projects move closer to real deployment, comfortable narratives stop working. Tokenization isn’t the bottleneck. Regulation isn’t the surprise. The real friction shows up at settlement, where public transparency turns into structural exposure.
RWAs aren’t failing because the idea is flawed. They’re stalling because many onchain assumptions don’t survive contact with regulated markets.
This shift is forcing the conversation away from ideology and toward design tradeoffs. I explored what’s finally being acknowledged, and why it matters, in today’s post.
