The tokenization of US Treasury bonds into stablecoins will not be the ultimate form of RWA. Interest earning and management fees are a big business, but not a big and good one. RWA's business model ultimately returns to the traditional art of selling volatility in the financial industry. So, on the one hand, Robinhood, Coinbase, and Kraken are promoting the tokenization of US stocks and lobbying regulators to define US stock tokens as equivalent to US stocks rather than derivatives; On the other hand, Crypto's native protocol @ RateX_Dex @ nunchitrade is exploring the transformation of the RWA interest principal/token (PT/YT) swap market into PerpDEX, which has better liquidity and faster pricing efficiency. Of course, both of these aspects are currently in the early stages of exploration, but the direction is the right one.