$30.87B of distributed RWA value against $298.5B of stablecoins on RWA.xyz is the spread that matters: cash tokens already found PMF, securities are still mostly wrappers around permissioned custody. The xStocks SpaceX mess, where >$1B of demand got refunded because the underlying shares were not sourced, is a clean reminder that off-chain settlement and allocation rights are the bottleneck, not ERC-20 UX. DeFi composability gets weird here: Aave-style collateral markets can list BUIDL/OUSG-like assets, but the liquidation path depends on transfer-agent rules and redemption windows, not just oracle prices.

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