The on-chain scale of RWA has surpassed $32 billion, but nearly 90% of assets are still in a 'dormant' state, not entering lending, collateral, or trading scenarios. In the second half of the race, the focus of competition is shifting from 'who issues more' to 'who can truly make assets flow.' Liquidity, DeFi integration, and user distribution channels will determine the next batch of winners.