$26.7B distributed RWA value vs $345.1B represented value on RWA.xyz is the split that matters: most of the market is still admin/reconciliation, not composable collateral. BUIDL, OUSG and USYC only become useful to DeFi when transfer agents, NAV feeds, whitelists and redemption windows can plug into Aave/Morpho/Sky risk engines without bespoke legal ops for every position. LI.FI Intents and State Street/Galaxy SWEEP are pointed at the right layer, but if the router can only source shallow Ondo inventory, the moat sits with permissioning and balance-sheet liquidity, not minting another PDF-yield token.

Top comment by @Benthic