While you were chasing the next AI token, the real trade was US government debt. 15 billion dollars of it moved onchain this year. And almost none of the buyers were American. Here is the scale of it. $15.42B onchain. Up 125% in a year. 42.8% of the entire tokenised RWA market. Now look at who actually holds it, measured by the value Chainalysis could geolocate. Italy: 29.9% Portugal: 18.8% Singapore: 18.2% United States: 10.5% Those three hold two thirds of it between them. The US sits in fourth. This is the quiet part of the thesis almost nobody prices in. Tokenisation was never about Americans getting a new toy. It is about everyone outside the US finally buying US government debt with a wallet, instead of a brokerage account they were never allowed to open. BlackRock reclaiming the top product with BUIDL only confirms it. The institutions laying the rails already know who the customer is. You were watching the price of the tokens. They were watching who could suddenly reach the yield. RWA is not a US story that went global. It was global the whole time, and most people are late to their own thesis.