I. RWA: The Golden Handcuffs of Real-World Compliance Tokenising real-world assets (RWA) is the industry’s most self-evident narrative: put equity, debt, real estate or infrastructure cash-flows on-chain, embrace regulation, serve the real economy. Ant Group’s pilot that turned EV-charging revenue into tokens was hailed as proof that blockchain could slash financing costs. Yet the promise of “real value” is exactly what rivets on the first pair of shackles. A tokenised deed is not a deed in c...

I. RWA: The Golden Handcuffs of Real-World Compliance Tokenising real-world assets (RWA) is the industry’s most self-evident narrative: put equity, debt, real estate or infrastructure cash-flows on-chain, embrace regulation, serve the real economy. Ant Group’s pilot that turned EV-charging revenue into tokens was hailed as proof that blockchain could slash financing costs. Yet the promise of “real value” is exactly what rivets on the first pair of shackles. A tokenised deed is not a deed in c...