rwas can go alot further.... since tether & paxos took the lead to tokenize usd & gold, other protocols have followed suit. this race has continued endlessly, but i think we're overlooking what comes next. this is where i see us heading: • financial markets: the original idea held issuers at gunpoint to tokenize rwas so investors can only hold their blockchain representation. the next phase beyond this will be building financial markets around these assets, starting with trading and expanding into other financial products. this will be handing the gun directly to participants to play with. • beyond passive ownership: an important part for issuers will be having control over who can hold them, ability to set jurisdictional restrictions & how redemptions work. blockchains must accommodate these requirements to attract institutional capital. • owning its own entire financial lifeblood: rwas should be able to capture a full lifecycle. in a nutshell, making it usable for collateral, hedging, lending or yield-generating strategies. the goal is to make them productive financial assets. it's no longer story that @injective is building towards this. imo, these areas could give it a lasting edge over other competing chains: 1./ Injective already has 135 rwa perpetual markets, with over $5b in trading volume. these assets trade on a fully onchain order book with shared liquidity across all dapps. 2./ in july 2026, they introduced injective mint, giving issuers the liberty of creating assets with administrative control and jurisdictional restriction. the results: + they have gone ahead to tokenize $1b in mortgages, which will run up to $10b in coming months. + they're also tokenizing korean won which will aid onboarding giants like posco and LG which already undergone a pilot with them. imo, the future of rwas is quietly taking shape on injective, and as adoption grows, its position in the rwa market will become more interesting.