RWA (Real World Assets) are highly anticipated, with some saying they are the key to breaking the blockchain's boundaries. However, moving assets onto the chain is far more than just a technical issue. Legal responsibilities, regulatory approvals, investor privacy—these practical hurdles all need to be addressed.

At this point, it's necessary to discuss the concept of privacy smart contracts. The entire process of RWA issuance, trading, and settlement can be completed within the privacy layer. It sounds like this: the total asset amount, transaction prices, who is buying and selling—these data are transparent to the network, but the necessary compliance checks still need to be passed. This approach protects privacy while maintaining market standards.

From another perspective, this design is very friendly to issuers—significantly reducing data leaks and legal risks. Investors also benefit, as settlement speeds up without sacrificing the sense of security found in traditional finance.

Now, more and more institutions want to go on-chain, but what is the prerequisite? The underlying infrastructure must be capable of both complying with regulations and safeguarding privacy. Networks that have thoughtfully addressed these issues from the infrastructure level are naturally more likely to be favored. Compared to short-term storytelling, true competitiveness lies in implementation capability—that's a long-term game.