RWA stopped being “one sector” a while ago.


The market now splits into four completely different infrastructure layers:
1. Asset issuance
2. Distribution & composability
3. Structured credit
4. Onchain consumption
Each layer operates differently:
- different business models
- different risk profiles
- different winners
- different liquidity dynamics
RWA is no longer one market.
Issuance, distribution, credit, and consumption now function as separate infrastructure layers with completely different economics.
RWA-2.12%
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