Let's pull the timeline back five or six years. What was the most popular narrative on Wall Street and in Silicon Valley at that time? It was "Consortium Blockchain". Back then, IBM and R3, along with a group of consulting advisors, were promoting Hyperledger and Corda to major banks around the world. Whether it was Goldman Sachs or Morgan Stanley, almost every bank spent hundreds of millions to build their own private blockchain systems. The logic at that time sounded flawless: bank data is too sensitive to be run on a public chain, so we need to create a circle "that only insiders can enter". What was the result? Years later, most of these projects have turned into unused "digital ghost towns", and even the much-hyped blockchain upgrade plan of the Australian Securities Exchange (ASX), after burning 250 million Australian dollars, ended up completely stalled.
The fundamental reason behind this is not that the technology is inadequate, but that it has fallen into an unsolvable 'game theory deadlock'. In the financial circle, liquidity is extremely sensitive, and no major bank is willing to be 'at the mercy of others'. Citibank would never issue its core assets on the Onyx chain controlled by JPMorgan, as that would be equivalent to handing its trump card to a competitor; and vice versa. This has led to the current awkward situation: each bank has built a magnificent 'island', and the ledgers within the islands are indeed immutable, but the islands are still separated by vast oceans, and interbank settlements have to revert to the messaging system of SWIFT from decades ago. This way of using 'decentralized technology' to reinforce 'centralized barriers' is itself the greatest irony against the spirit of blockchain.
At this point, when you look at Dusk's strategic positioning, you'll realize that it is actually making an extremely bold 'correction'. Dusk bets on a consensus: what financial institutions ultimately need is not countless fragmented private chains, but a neutral, permissionless 'public ledger'. Just like the Internet eventually eliminated all corporate intranets, only on a public network that no one can control or shut down can all parties truly feel secure in asset interoperability. But there is a huge obstacle, which is the 'naked running' attribute of public chains — banks cannot accept exposing client holdings on a fully transparent chain like Ethereum.
The very reason for Dusk's existence is precisely that it uses technological means to solve this 'infeasible triangle'. Through underlying zero-knowledge proofs (ZKP) and the Phoenix transaction model, it has constructed an environment that is 'public' in a physical sense, but 'private' in data. You can think of Dusk as the 'Switzerland' of the financial world: this territory does not belong to any one bank; it is a completely neutral public chain, where any institution can run nodes and issue assets (Permissionless); but at the same time, every transaction that occurs here is absolutely confidential to the outside world, like a safe in a Swiss bank (Private). This kind of 'neutral privacy' is the only antidote to breaking the deadlock of interbank trust.
More importantly, this architecture directly releases the 'Collateral Mobility' that has been locked in alliance chains. In today's fragmented market, the government bond tokens on Bank A's chain cannot be directly used as collateral for loans on Bank B's chain because the ledgers on both sides do not communicate, resulting in zero interoperability. This leads to capital efficiency losses on the trillion-dollar scale. In Dusk's ecosystem, because everyone follows a unified XSC standard and operates on the same Layer 1, the cross-institutional flow of assets is as simple as sending a red envelope. Institutions can finally achieve 'a single ledger for the entire network', allowing assets to shuttle between different applications and counterparties in milliseconds, without worrying about data leakage or counterparty risk.
So, when we talk about the future of RWA, let's not be misled by the 'enterprise-level blockchain' endorsed by those big companies. History has proven that attempts to encircle the Internet with walls do not work. The future financial infrastructure must grow on public chains like Dusk that have privacy protection capabilities. This is because it aligns with two irreversible trends: one is the greedy pursuit of efficiency and liquidity by capital, and the other is the absolute necessity for neutral platforms arising from business competition. In this financial migration from 'local area networks' to 'the Internet', what Dusk provides is not just technology, but a 'trust protocol' that allows even sworn enemies to do business at the same table.