Lending protocols that enable institutions to borrow against RWAs are what finally gets them to stop talking about DeFi and start using it. $5.8B in tokenized treasuries onchain. Most of it just sitting there. Now imagine taking your tokenized S&P 500, borrowing against it, keeping the upside, settling in minutes. That's a capital markets primitive that happens to run onchain. Institutions want leverage, yield, and programmable collateral with 24/7 settlement, no counterparty risk, and custody workflows that fit inside their existing compliance frameworks. @Morpho is already proving it works. $5.8B TVL, 1.4M users, every position verifiable onchain in real time. No auditor needed. Proof of reserves is just the block explorer. Coinbase integrated it directly into their app. The Ethereum Foundation deployed $7.6M of their own treasury into it last week. @eulerfinance V2 already enables you to post RWAs as collateral. @maplefinance is doing 5-8% on real credit. @compoundfinance and @aave are circling it. The unlock was never tokenization. It's composability. When tokenized assets plug into lending markets, yield on the S&P becomes a DeFi primitive and the $30B RWA market becomes $300B. They're coming because onchain lending against real assets is genuinely better infrastructure than what they have now.