It may sound harsh but it's a hard truth: most RWA projects on the market are fundamentally just label-placing businesses.

In the past two years, the concept of RWA has been overhyped. Government bonds, real estate, bills, accounts receivable... a bunch of projects are all promoting "on-chainization," "tokenization," and "real-world assets on chain."

But the key question is—

Have these assets truly changed the operational logic of DeFi? Honestly, in most cases, the answer is no.

Their roles are only threefold: serving as a source of yield, providing an endorsement narrative, or acting as a "seems pretty stable" decoration. That's all.

But what if some projects take a different approach? For example, not just "showcasing RWA," but actually "using RWA." That would be a fundamental difference.

**Structural Changes on the Asset Side**

When stablecoins are backed by RWA like U.S. Treasuries, the value of this step isn't in the trading volume but in the fundamental change in accounting structure.

How do traditional DeFi stablecoins work? Very simply:

Highly volatile assets → Over-collateralization → Passive liquidation → System self-protection

This is a self-sufficient ecological logic.

But after introducing RWA, the asset side of stablecoins begins to show entirely new faces:

Low volatility, predictable cash flows

Institutionalized pricing anchors

Linked to macro interest rates

What does this mean?

It means the stability of stablecoins is no longer hostage to market sentiment. They start to genuinely connect with real-world interest rates, fiscal credit, and maturity structures.

This is the first time that stablecoins, at the asset level, touch the core of TradFi risk management.

**Collision of Real Finance and On-Chain Finance**

Imagine: stablecoins no longer rely on over-collateralization as a safety net but depend on predictable cash flows and government-backed credit. Then collateral ratios can be optimized, systemic risks can be better controlled, and user experience can be closer to traditional financial products.

This is not just conceptual innovation. It’s a substantial leap for DeFi stablecoin models from "crypto-world self-consistency" to "real-world integration."

So don’t be dazzled by the plethora of RWA projects. What truly matters are those that don’t just talk but are genuinely changing the infrastructure of stablecoins.