Tokenized RWAs are a $380B market where 92% cannot move.

RWA_xyz splits it in two: $31.17B distributed and transferable by investors, $349.33B represented, recordkeeping entries that never leave the issuer's system.

Of the part that moves, about $1B works as lending collateral on Morpho and Aave Horizon. Three cents on the dollar.

Perps don't have this problem. $75B traded in one week of May, and Hyperliquid RWA open interest just printed a $3B all-time high.

Either tokenized assets learn to work as collateral, or perps keep taking the order flow.

👉 Put your tokenized assets to work: https://app.falcon.finance/earn/vaults