To be honest, in the end, what RWA is competing for is not assets but entry points. In the past few days, I've been watching community discussions, and I've noticed a turning point.
Previously, everyone was talking about what assets WLFI had acquired. Now the question has shifted to how ordinary people can get access to these assets. This question is the real issue.
If assets only circulate at the Reg D / Reg S level, their scale will always be limited. If they can only circulate on the institutional side, then it's just an upgraded version of traditional finance. What truly determines the ceiling is distribution.
I understand that this route is currently structured like this: the upper layer is the institutional path. Channels like LSEG DMI allow traditional funds to come in, while the lower layer is the mobile entry point, where bank accounts connect directly to on-chain assets. In between is a compliance ladder; if this ladder is navigated successfully, then RWA has the potential to truly scale.
Many projects stop at asset design, a few manage to connect with institutions, but very few succeed in creating a user entry point. If the entry point is not well designed, even the best assets are just a PowerPoint presentation. If the entry point is smooth, assets will naturally find buyers; this logic is very simple.
Personally, I'm more concerned about the App, not because it's new, but because it determines the experience. If in the future, it can enable banks to directly process USD1, allowing one-click holding on a mobile phone, with a clear structure and defined exit paths, that would be sufficient; it doesn't need to be too elaborate, just smooth is enough.
The ceiling of RWA is not in TPS, but in distribution capability; whoever does the entry point well will have scale.
If the App goes live, what do you most want to accomplish on the first day? I don't want to take detours; I want to go straight in. Once the entry point is opened up, the subsequent matters will have meaning.