the next RWA battle is chain-level distribution, not token launches. On July 15, Tradable announced an integration to tokenize up to 1 billion USD of private credit assets on Stellar. The platform says it already tokenized 1.7 billion USD across nearly 30 institutional positions in 2025. The market-structure signal is chain selection. Institutional issuers are buying into compliance controls, investor onboarding, operating cost, settlement and distribution. The winning network may be the one that can move regulated assets into usable liquidity, not the one with the loudest throughput claims. That is constructive for Stellar’s positioning and potentially for $XLM utility, but do not confuse a commitment ceiling with settled assets. The key follow-up is actual issuance, secondary-market volume and fee capture. If those do not appear, this is still infrastructure marketing.