Tokenized RWAs have crossed $30B. The market is no longer just about stablecoins. It now spans funds, credit, commodities, equities, treasuries, and other yield-bearing assets moving to onchain rails. That reinforces the BounceBit thesis: • capital should be productive • collateral should be usable • yield should connect with credit and trading The next phase of RWAs will be defined by what these assets can do after they are tokenized.