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RWA went from $1B to $27B in ~3 years. Treasuries leading growth. Private credit holding the largest share. Institutions are also here: JPM moving $2B daily, Robinhood bringing tokenized equities on-chain. Looks unstoppable, but zoom out. This growth is built on one thing: yield + rates. RWAs are working because TradFi returns are attractive. If macro shifts, flows can too.