Is it possible: The key infrastructure for RWA may not be designed for retail investors!

The uniqueness of Rayls @RaylsLabs is not to "bring retail investors on-chain," but to "make banks willing to go on-chain":

This is the fundamental difference between it and 90% of RWA projects on the market.

The RWA narrative has been hot for the past two years, but you will find an awkward reality: the parties that truly hold quality assets (banks, clearing institutions, payment networks) have hardly moved.

There are mainly three hard constraints here:

1) Privacy cannot be compromised (accounts, transactions, counterparties cannot be public);

2) Compliance must be auditable (but cannot be "fully public");

3) Settlement must have deterministic finality (no reorgs or rollbacks).

These three points determine a fact: banks cannot directly enter any current "public chain."

For banks, the safest and most realistic way is only one: to first open their own chain and then "controlledly" connect to the public chain world.

The positioning of Rayls and what it aims to do is essentially:

Help banks move real assets into the EVM world under the premise that these three "traditional financial bottom lines" are not violated, establishing a set of on-chain structures that are more in line with banks' intuitions:

1️⃣ Private Side: Banks' own "Privacy Chain":

Each institution runs its own Privacy Node, which can achieve EVM compatibility while being 100% private;

Thus, whether it is bank deposits, accounts receivable, internal clearing, or even CBDC/commercial paper, they can all run on-chain.

This step is crucial: it allows assets to be tokenized for the first time in a place that is "compliant + private" from the very beginning.

2️⃣ Public Side: A true DeFi liquidity pool:

DeFi, Vaults, and secondary liquidity can all be here, becoming a platform for "global capital distribution";

Rayls' path is very clear:

First, tokenize accounts receivable in the privacy node → then structure it through the public chain into yield-bearing assets that can be consumed by DeFi.

3️⃣ Enygma: The core that truly connects both sides

This is the point I value the most.

Enygma is not just simple cross-chain, but: ZKP + FHE, meaning that transaction content is encrypted, giving a sense of data de-sensitization:

1) "Selective auditing" for regulators;

2) "No disclosure of any commercial sensitive information" to the market;

In other words: banks can "move assets out," but the market will never see the banks' underlying ledgers. Security + privacy is the greatest foundation for financial institutions.

4️⃣ Finally, let's talk about Rayls' core developer Parfin, which is backed by Tether, and several banks have already started collaborating with Rayls.

For example, Núclea (the largest payment infrastructure in Brazil) and AmFi: a $1 billion accounts receivable pipeline, these are real operational data ports.

5️⃣ Future Outlook;

Currently, $RLS relies on regulatory progress, competition is fierce, and early airdrops have caused dissatisfaction, so the price of $RLS has been quite volatile.

Projects that are somewhat "bank-grade infrastructure" are inherently not easy for the market to quickly understand in the early stages; they have a slow pace, heavy narratives, and are naturally not suitable for short-term speculation.

However, it can be seen that FDV is still at a relatively low position, partly due to the overall market downturn, and partly due to a phase of price misalignment brought about by market sentiment and RWA awareness, rather than fundamentals being fully priced.

So in the long run, Rayls is building a set of on-chain infrastructure that banks can truly accept. If you believe in these three fundamentals:

1) RWA is not just "on-chain government bonds";

2) Real yields come from real trade and cash flow;

3) TradFi will definitely go on-chain, just not in a Web3 way;

Then it may become a key infrastructure in the RWA field, worth tracking.

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