RWA (Real-Wait Assets) has been very popular in the past two years, tokenizing US stocks and bonds, essentially moving traditional financial assets onto the blockchain. However, I've recently noticed the collaboration between @TownSquarexyz and Multipli, and I think they're taking a step further. It's not just about putting assets on-chain, but about getting on-chain funds to truly enter the real economy. For example, real estate, mining, AI data centers, energy storage, and robotics all have real financing needs. TownSquare is bringing these real-world private credit assets onto the blockchain, allowing investors to participate through on-chain liquidity pools and share in the returns generated by the underlying financing. Currently, TownSquare has partnered with Multipli to bring over $260 million in private credit assets onto the blockchain, initially focusing on real estate, deployed on Base, Robinhood Chain, and Monad. There's also an approximately $500 million asset pipeline, expected to be rolled out gradually from Q4 2026 to Q1 2027. Its core logic is to link returns to the repayment performance of real-world financing projects. Of course, credit risk, asset quality, and liquidity still require close attention. In my view, the next stage of competition in RWA may not just be about who can tokenize more assets, but rather who truly possesses the capabilities for asset origination, financing, risk control, and on-chain allocation. TownSquare's "Onchain BlackRock" aims precisely at this: to establish a more direct connection between on-chain capital and the real economy. If this model can be successfully implemented, RWA's value will extend beyond simply putting assets on-chain; it will enable on-chain money to truly serve the real economy.