The RWA market is $33.5 billion. Most of it is not real estate. Tokenized treasuries hold $25 billion. That is three-quarters of the entire market. Institutions parked cash in government debt and called it RWA. It is not wrong. It is just not what most people picture when they hear "real world assets." Private credit holds $5 billion. Mostly institutional loans that retail cannot access. Real estate and mortgages hold $2 billion. Less than 6% of the total. The smallest slice. Also the messiest. It requires appraisals. It requires liens. It requires county filings. Institutions avoid the mess. That 6% is the gap. It is the only slice where a homeowner borrows against their house and a retail depositor earns the yield. The other 94% is either government debt or institutional paper you cannot touch. Do not let the $33.5B number fool you. Most of that market is closed. #RWA #DeFi #RealEstate