RWA market cap on Avalanche is up nearly 12% over the past 30 days. Distributed RWA market cap is up 22%+. This is just the beginning. The ~$20T asset-based finance (ABF) market is one of the biggest opportunities to bring real-world credit onchain. This week, we’ve been in a number of conversations with traditional private credit managers and allocators who are increasingly interested in deploying capital into ABF opportunities that are originated, verified, administered, and distributed onchain. Many of these allocate anywhere from $200M to billions of dollars across private credit, structured finance, and ABF strategies. For all the crypto-native users and liquidity in the market today, traditional capital allocator AUM is orders of magnitude larger. That is the user base @avax is competing for. And we’re building the ecosystem to make it possible: originators, credit infrastructure platforms, fiat-to-stablecoin rails, legal enforceability, asset verification, servicing, administration, and distribution — all designed to make Avalanche the infrastructure layer for institutional capital.