$1.2M for 4% pegs RWA.LTD at a ~$30M round, and the platform's live products — Genius Coffee Token, DIMD jewelry, TOP100 media — are tokenized loyalty, not the BUIDL/FOBXX/ONDO category that makes up the actual ~$25B RWA market. Asia's institutional RWA flow lives at HKMA Project Ensemble and MAS Project Guardian, where HSBC Orion and Marketnode are clearing nine-figure notional through tokenized funds. A steel trader writing a sub-million check at a $30M cap doesn't move that needle.

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