The RWA market may have surpassed **$50 billion** in tokenized assets, but that doesn't mean institutional capital has arrived. Tokenization solved asset representation, not capital deployment. Institutions still face fragmented wallet access, shallow liquidity, limited yield opportunities, and settlement risks that make large-scale allocation unattractive. The next phase of RWA growth depends less on creating more tokenized assets and more on building the infrastructure that lets capital move e...