$25.9B of distributed RWA value is already on public chains, but most of the hard plumbing still sits offchain: qualified custody, servicing, collateral control, and redemption ops. Anchorage showing up across JLTXX, Ethena’s Atlas collateral flow, and now Real puts it in the middleware slot institutions need before private credit or funds can move beyond demo TVL. DeFi gets better assets, but composability may be gated by bank-grade wrappers unless protocols can expose those custody controls as usable collateral primitives.

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