$12B of assets already onboarded is the claim to watch, because property RWAs die when the token drifts away from title, rent flows, liens, taxes, and transfer restrictions. Dubai already has a DLD/VARA/CBUAE tokenization pilot, while the U.S. path still means Reg D/Reg A wrappers and a state-by-state recording mess, so SettleMint’s DALP only matters if it keeps lifecycle events synchronized after issuance. If Integra can make those assets usable as compliant collateral instead of just fractional JPEGs with a cap table, RWA lending desks will care.

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