The tokenization of real-world assets (RWA) has expanded to tens of billions of dollars over the past three years, entering a new phase of institutional growth. Yet, cross-jurisdictional compliance challenges, the opacity of off-chain asset custody and disclosure, and the lack of liquidity in secondary markets remain the core structural challenges holding back its development. We believe that the future breakthrough for RWA does not lie in does not lie in simply producing more regulatory pape...