BlackRock tokenized $2.5 billion in treasuries. Franklin Templeton launched a $400 million fund on-chain. Hamilton Lane moved private credit to a blockchain. None of this is for you. BlackRock's BUIDL fund has a $3 million minimum. Franklin Templeton's tokenized fund is available to qualified purchasers. Hamilton Lane's product is for institutional allocators. Institutions tokenize assets for operational efficiency. Same-day settlement instead of T+2. Fractional ownership for their own internal rebalancing. Automated compliance for their own reporting. They do not tokenize assets so retail can buy a hundred dollars worth. Retail access is a side effect, not a goal. The infrastructure is built for pension funds and endowments. If retail gets in, it is an accident. This is why the RWA market is $33.5 billion and most of it is treasuries and institutional credit. The real estate and mortgage slice is less than 6% because mortgages are messy. They require underwriting. They require legal structure. They require someone to verify the property and file the lien. Institutions avoid mess. They want clean, liquid, government-backed paper. Retail wants yield they can access without a private bank relationship. That gap is the opportunity. Not the institutional products. The bridge between institutional collateral and retail wallets. #RWA #Tokenization #DeFi