This article was published by Aquarius Capital in conjunction with Klein Labs. Introduction Since 2024, Real-World Assets (RWA) have reemerged as one of the core narratives in the crypto market. From stablecoins to U.S. Treasuries, and even experimental stocks and non-standard assets, the on-chain transformation of real-world assets is transitioning from a validation phase to an expansion phase. This shift is driven not only by technological maturity but also by a clearer global regulatory en...