RWA isn’t a chain narrative, It’s an issuer narrative.

Everyone tracks which chain is “winning.”
Wrong layer.
RWAs don’t originate onchain, they’re brought onchain.
And that supply is controlled by a small set of issuers:
> @BlackRock — BUIDL, tokenized Treasuries
> @FranklnTempletn — onchain money market funds
> @OndoFinance — USDY, OUSG
> @maplefinance — private credit
> @centrifuge — asset-backed financing pools
These are the entities sourcing assets, structuring them, and pushing them into crypto rails.
Chains are just the venue, Issuers are the supply.
That’s the asymmetry most people miss:
You can have fast chains.
Cheap fees.
Better UX.
And still have zero RWAs.
Because without issuers, there is nothing to tokenize.
No issuer → no assets → no RWA market.