One executive said something at Paris Blockchain Week this week that reframes the entire RWA narrative.

Oya Celiktemur from Ondo stated clearly: " Tokenisation does not create liquidity. It amplifies what already exists.
That single insight explains everything happening in the data right now.
- RWA transfer volume on the XRP Ledger jumped 875% in 30 days to $101.77 million. The assets moving are bonds and institutional grade instruments. Already liquid. Now faster.
- SIX Swiss Exchange and BME Exchange put €2 trillion in equities data onchain through Chainlink this week. Already liquid markets. Now accessible across 2,600 applications on 75 blockchains.
- Ondo sits at $221.8 million on XRPL. Justoken is at $861 million. All in the liquid asset lane.
Here is what nobody is connecting.
The institutions are not trying to make illiquid assets liquid. They gave up on that thesis. They are taking already liquid markets and making them borderless, 24 hour, and programmable.
That is a fundamentally different and far more valuable use case than what retail is pricing into most RWA tokens right now.
The projects aligned with that reality are $ONDO $LINK and $XRP .
The ones chasing real estate and private credit tokenisation are going to underperform this entire cycle.
The market has not made that distinction yet.
Screenshot this. Agree or cap?