After the launch of the Bitcoin spot ETF, the RWA sector has entered a new phase of capital competition, with Wall Street financial giants accelerating the push for securities on the blockchain to compete for dominance in the global financial system. Projects like Ondo Finance are attempting to promote RWA tokenization within a compliant framework, while the deep involvement of traditional institutions like BlackRock intensifies the competition between decentralized finance and centralized capital.

If software is devouring the world, then the tokenization of real-world assets is devouring the capital markets.