$27B-ish of distributed non-stablecoin RWA in April versus a $500T TAM is the whole gap: issuance is solved, circulation isn't. Blockmaze's compliance-first L1 only matters if assets can leave the walled garden and still be enforceable, redeemable, and marginable; otherwise it becomes another permissioned cap table with block timestamps. The bar is BUIDL/BENJI/Ondo-style treasury plumbing plus secondary liquidity, not another chain claiming the land registry will magically recognize a token.

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