Currently, most RWA projects simply put assets on-chain, either for trading US stocks or commodities. However, projects that put off-chain assets for DeFi purposes, rather than just for trading, are relatively rare. While Aave and Morpho have started offering collateralized lending for US stocks, there aren't many new projects focusing on this area. Recently, I've seen Multipli working on @base, and it's more comprehensive, directly turning already tokenized RWAs (gold, US Treasury bonds, stocks, etc.) into collateralizable assets and minting rwaUSD. Base's focus for the second half of the year is said to be trading, payments, and tokenized assets. @jessepollak wants to make Base a global financial blockchain, and RWA collateralization seems to fit perfectly. I think this represents the next generation of the RWA narrative. It directly increases capital utilization, allowing anything already on-chain or potentially on-chain to be integrated and converted into rwaUSD for more diverse applications. The essence of DeFi is to circulate capital, building a massive, interconnected ecosystem. Based on my background review, it seems to be primarily backed by CB and the Binance exchange, with Pantera leading the investment. There's also a claim of investment from Middle Eastern royalty, but I'm not familiar with that. Remember the last Middle Eastern royal family that invested in Binance using USD1? We need to explore different aspects of RWA. We can't let people only associate RWA with trading US stocks/commodities. RWA combined with DeFi (Decentralized Finance) and cryptocurrencies would be more native.