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The total RWA market has surpassed $38.8B, with 4.24 million holders. But a report from Castle Labs throws cold water: 77.6% of tokenized assets are just "wrappers." What are wrappers? Assets are on-chain, but they can't be cross-chained, can't be used as collateral, and have no liquidity in secondary markets. It's like putting a newspaper on a website—looks new, but essentially unchanged. Chain distribution: ETH leads with 17.3B, BNB also leads with 17.3B, BNB 5.6B, Solana 4.3B, Stellar 4.3B, Stellar 3.3B. ETH volume is the largest, but many RWAs on Ethereum are minted and then just sit idle. The real activity is on Solana—xStocks has a quarterly trading volume of $430M, mostly turnover. Liquidity is the lifeblood of RWA, not issuance volume. The next phase is about "whether it can be used as collateral and whether it can flow cross-chain." Which chain's RWA do you think is truly useful now, and which are just filler? #本周FOMC揭晓，加息能否落地？