The RWA industry has already solved tokenization. But what about distribution? $27.95B in tokenized RWAs sit onchain: – 4-6% is actively deployed as DeFi collateral – Active addresses peaked at ~80K in mid-2025, now sitting at ~5-10K – $19.1B onchain held by intermediaries, but only $3.2B in active circulation Solving distribution means getting tokenized assets actively used inside lending markets, not just passively sitting onchain. For example, @Morpho built what's called an allocation vault. It's infrastructure that sits between tokenized assets and lending markets, routing stablecoin liquidity so capital can flow into those assets. As a result, Morpho's RWA deposits grew from $1.5M in January 2025 to $820M today. More protocols need to follow that model before distribution catches up to tokenization.