RWA (Real-World Asset Tokenization) has become a buzzword in the industry over the past two years, almost being hailed as the savior connecting crypto and traditional finance. Bonds, real estate, fund shares... as long as they can be tokenized, the market is shouting "Liquidity revolution is here." But what is the reality? Progress is painfully slow, not because there aren't enough assets, but because the underlying infrastructure simply hasn't truly integrated with the financial system.

Many people misunderstand — RWA is not a technical issue, nor is it a trivial matter of "issuing assets in a different form." It actually touches on the deepest operational logic of the entire financial system.

Compared to the freedom of native crypto assets, RWA is inherently constrained by the rules of the real world. The first hurdle is **asset authenticity**. You must prove that the asset indeed exists, is legally issued, has ongoing information disclosure, and undergoes periodic audits — these issues cannot be automatically resolved by smart contracts. The legal relationships, custodial structures, and ownership records on-chain and off-chain must be perfectly aligned; you can't rely on a symbol alone to "represent" value.

The second is **compliance disclosure requirements**. The entire lifecycle of financial assets must meet ongoing disclosure obligations, but this information isn't publicly available to everyone; it can only be shown to specific compliant institutions.

The third is **privacy protection**. Genuine financial markets simply do not allow investors' holdings, strategies, and identity information to be exposed on public blockchains.

It is precisely these three constraints coming together that make general-purpose public chains seem somewhat powerless in RWA scenarios. This is not a problem that technology can simply bypass.