Straightforward: Stablecoins are RWA, and currently the most successful and "native" RWA case.

Many people are still tangled up in concepts. Let's first clarify the transaction structure. RWA, in simple terms, is about mapping ownership or income rights of off-chain assets onto the blockchain, turning them into tradable tokens. It sounds complex, but it can be understood in three layers:

**The bottom layer is real assets.** US Treasuries, real estate, corporate bonds, carbon credits—anything. This is the "anchor."

**The middle layer is the legal layer.** An SPV or trust must hold the assets to ensure token holders have legal claim rights. Without this layer? That’s just air tokens. This "middleware" is more important than you think.

**The top layer is the on-chain tokens.** They can be freely transferred, lent, used as collateral, fully integrated into the DeFi ecosystem.

See, in the past, buying US bonds required opening a brokerage account, settling T+2, and was limited by working hours. Now, RWA allows you to trade US bond shares on-chain 24/7, with T+0 instant settlement. That’s the efficiency difference.

**So why is it that stablecoins are the MVP of RWA?**

What’s behind USDT and USDC? US dollars in cash and short-term US Treasuries, held in custodial accounts by institutions like BlackRock. Token holders have legal claim rights to these assets. These stablecoins can be traded on-chain anytime.

This perfectly fits the three-layer structure of RWA—asset layer, legal layer, token layer—none missing. Stablecoins are cleaner and more streamlined than most RWA projects.