The essence of RWA is the mapping of real assets on the chain, but its development has always been limited by the conflicts between regulatory frameworks, asset complexity, and decentralization logic. Although current RWA protocols have made initial achievements in the tokenization of financial assets, issues such as compliance silos, poor accessibility, and lack of interoperability remain prominent. In the future, to truly realize its value release, it is necessary to break down the barriers between traditional finance and the on-chain world, and build a more inclusive public ledger financial system.