The most interesting structural change in the RWA space in 26 years will be the next-generation digital financial solutions offered by the Western financial system, rooted in pirate traditions ‍☠️, and the Eastern financial system, rooted in farming traditions ‍, under the influence of crypto regulatory compliance in the U.S. and stricter crypto regulations in China. These solutions are deconstructing and dismantling the old RWA narrative built by VC capital and crypto-native capital. Stablecoins-CBDC, tokenized U.S. stocks-chain-based U.S. stock settlement, and RealFi (proposed by Pharos) have become the real extensions of the RWA concept.