In the year 2026, the RWA tokenization track suddenly heats up again. BlackRock's Ethereum-based money market fund has surpassed the $500 million mark, and Singapore's Monetary Authority's Project Guardian pilot has expanded to over a dozen banks, with major players in traditional finance rushing in one after another.

However, the more lively the track, the more obvious the differentiation often becomes.

Ondo Finance currently holds a TVL of $2 billion, firmly occupying the top spot in the RWA track. In comparison, Dusk Network, while telling a similar story, has only about $1.75 million in locked assets—just look at the 25 million DUSK on the Sozu staking platform. The gap between the two projects exceeds a thousand times.

How did such a huge gap come about?

The product design reveals the clues. Ondo's approach is particularly straightforward: tokenize traditional financial assets like U.S. Treasury bonds and money market funds, launching them on Ethereum and Solana respectively. Simply put, it allows crypto users to also earn stable income from government bonds. The OUSG token corresponds to BlackRock's short-term U.S. bond ETF, and USDY is a compliant stablecoin, both backed by real U.S. Treasury bonds. Investors buying these tokens are indirectly holding U.S. Treasury bonds, earning 4-5% annually, while maintaining the liquidity and composability of crypto assets. The logic is simple, and the target audience is clear—those seeking low-risk, stable returns without stepping outside the crypto ecosystem.

Dusk's approach is much more complex. They aim to build a privacy-compliant financial infrastructure system, including multiple component modules such as XSC.