RWA.xyz has tokenized Treasuries/MMFs around $14.7B distributed value, while tracked stablecoins sit near $296B with ~$6.7T in 30-day transfer volume; the cash leg already dwarfs the asset leg. BUIDL, USYC, USDY and OUSG start changing DeFi market structure once they plug into Aave/Morpho/perps collateral loops with sane liquidation and whitelist handling. Equities are the dangerous leg: Robinhood/OpenAI showed that a token wrapper without issuer consent, redemption rights and shareholder mechanics is synthetic exposure wearing a chain logo.

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