The concept of RWA was discussed to the point of numbness last year, yet the vast majority of projects are still circling around the tokenization of US Treasury bonds—while the returns are stable, the ceiling is clearly visible.

The real change worth noting will appear at the end of 2025: Laser Digital, the digital asset division under Nomura Securities, is starting to push deeper asset on-chain experiments through KAIO. This could mean that traditional financial giants are no longer satisfied with low-risk trial runs and are beginning to explore more complex on-chain asset structures.

Simply put, when seasoned Wall Street veterans personally get involved in on-chain assets, the rules of the game may truly start to change. Will the RWA sector see a second spring because of this? Let's wait and see.