The biggest hurdle DeFi has - at least related to RWAs - is capital. In its purest form, lending through DeFi is just asset based lending. You have a tradeable asset as collateral. You look at the liquidity, volatility and advance rate and make a lending decision. You aren’t underwriting the asset or the borrower. One analogy is the asset backed commercial paper (ABCP) market, but there are others. Here’s where it gets interesting. The ABCP market is $400 billion, and it’s ONE of many short dated financing markets. If I look at Aave (the largest) there is currently $9.85 billion in stables for borrow. The reality is, there isn’t enough lender demand to fund any meaningful migration of RWAs onto public blockchain. @Figure could consume all of the stables on Aave in months, for example, and we are a tiny slice of the mortgage space. We need to figure out how to get the prime money funds (those that can invest in more than treasuries), the conduit investors, the pension/endowment cash managers, etc. to start using DeFi. We’ve contemplated getting certain DeFi pools on Democratized Prime rated (analogous to ABCP A1/P1), encouraging money managers to set up DeFi dedicated protocols, becoming an ABCP issuer ourselves and other paths. I also believe when the GENIUS Act kicks in, there will be a deposit->stablecoin->DeFi event, but unsure of how fast that happens (prohibition of interest is an impediment to speed here) I’m hoping we can collectively solve this problem. Assets won’t migrate to public blockchain if there isn’t capital to support them.