The entire history of RWA is a story of getting it wrong until we got it right by accident. 2009-2015: The Wrong Tech. Colored Coins tried to run RWA on a calculator (Bitcoin). It was never going to work. 2015-2020: The Wrong Strategy. STOs had the right idea (tokenize real assets) but zero infrastructure. No liquidity, no oracles. A revolution with no roads. 2020-2022: The Accidental Breakthrough. DeFi Summer built the roads. Not for institutions, but for degens. Uniswap created the liquidity engine. Chainlink built the data bridge. 2023-2025: The Unexpected King. The paradigm that finally won wasn't tokenized stocks or real estate. It was US Treasuries, disguised as stablecoins. They now make up 90.7% of the market. It's the market telling you that infrastructure must come before assets, and liquidity is king. The full breakdown is in the report.