Most people still think RWAs start and end with tokenization. But tokenization alone solves very little. The real value comes after. Issuance creates the asset. Distribution gives it reach. Utility gives it life. Without liquidity, accessibility and usable infrastructure, tokenized assets are just digital wrappers sitting onchain. The winners in this cycle will not be the chains that simply onboard assets. They will be the chains that turn those assets into something people can actually use, move, borrow against and build on. That’s where RWAs stop being a narrative and start becoming a real financial layer.