As previously criticized, RWA has largely been taking existing assets like US stocks and bonds, repackaging them on a blockchain, but the final lending destination remains unchanged. TownSquarexyz, on the other hand, takes the opposite approach: it directly seeks out real-world businesses to lend to, then tokenizes each loan and places it on the blockchain. Therefore, the returns on these tokens come from the principal and interest payments made by the businesses on schedule, not from token price fluctuations. This time, in collaboration with @multiplifi, the first batch of over $260 million in loans has been put on-chain, mostly real estate loans, deployed on Base, Robinhood Chain, and Monad. The underlying assets and reserve levels for each token can be viewed on TownSquare's RWA dashboard. How do the two companies divide their responsibilities? TownSquare is responsible for finding businesses, issuing loans, and issuing tokens; Multipli is responsible for financing these loans. Each type of loan token is staked in a separate rwaUSDi pool, with separate pools requiring approval before entry. The reason for separating these assets is that assets like mines and data centers generate annual returns. If placed in an open lending pool, they would be forced to sell at a loss during a run on the platform. Separating them allows borrowing companies to borrow for longer periods, and lenders have better expected returns. This wave is spearheaded by real estate, and others are planned. According to the plan, from the fourth quarter of this year to the first quarter of next year, there will be $500 million in loans for mining, AI data centers, energy storage, and AI robotics. The robotics and energy storage loans have already been launched this week. This is also why it calls itself "BlackRock on the blockchain": BlackRock packages assets from various industries for investors to choose from in one place, while TownSquare aims to put loans from these industries onto a single platform. Most of its peers in on-chain lending focus on only one industry; for example, Figure focuses on housing loans, and USD.AI focuses on GPU financing. TownSquare has chosen a relatively unpopular track. According to Bernstein's statistics, private lending accounts for over 40% of on-chain RWAs, ranking first. It aims to handle the entire process from lending to revenue generation in-house. Whether it succeeds remains to be seen. ***This does not constitute any investment advice; it is merely a personal record and opinion. Profit and loss are at your own risk.