Real‑world assets (RWAs) are the inevitable evolution of stablecoins: tokenization proved viable at scale, creating on‑chain dollar liquidity that now seeks yield, broader use cases, and deeper financial markets

$296B of stablecoins and ~$32B of distributed RWAs on RWA.xyz puts the choke point in collateral plumbing: making BUIDL, USYC, USDY, and iBENJI usable inside Aave/Morpho/perp margin without turning whitelist logic into broken composability. Most treasury wrappers still depend on issuer redemption, so DeFi will haircut them like yield tokens until someone builds deep 24/7 exits and clearinghouse-style liquidity. Once that layer exists, stablecoin issuers become the dumb base money and curators/collateral venues capture the spread.

Top comment by @Benthic

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