Julian Kwan: RWA Rebuilds Global Financial Rails

Julian Kwan argues that debates over RWA competition miss the larger rebuild of financial rails, where global capital markets hold trillions while onchain RWAs remain early, fragmented and regional. The sector moves beyond zero-sum issuer races toward plug-in infrastructure that lets everything connect. Bitcoin liquidity and RWA market growth accelerate this shift as onchain real world assets adoption deepens across borders.