What you actually own when a real-world asset goes on-chain
Topic
The liquid RWA-sector tokens retail can actually trade, what each protocol really does for revenue, and how to read market-size headlines without being misled.
Buying ONDO is not buying tokenised treasury exposure, and it is not buying equity in Ondo Finance either. The three-layer distinction that most RWA investors miss, and the one mechanism that determines whether a sector token captures anything at all.
The RWA market is worth $40 billion, or $300 billion, or $2 billion, depending entirely on what the person quoting the figure decided to count. The four definitional choices that move the number most, and how to extract something useful.