The bridge from 'legal to ledger' is the main point of friction and not the blockchain layer when it comes to scaling RWAs (real-world assets) like commodities or properties; In order for an RWA to be successfully scaled, it needs to be more than just a receipt as a token, but rather have the same legal status as the underlying asset across fragmented jurisdictions. The smart contracts have always worked, but the local property law and securities law often don't have the plug and play type of interoperability that would facilitate global liquidity. Institutional investors are waiting for custody solutions for assets that are not on the platform's balance sheet and are bankruptcy-remote. Without this level of structural safety, there is too high of a counterparty risk when large-scale capital is introduced. The primary focus on tokenizing has been on private credit and government bonds because these two asset classes would provide standardized cash flows and a higher turnover and therefore are a great place to test T+0 settlements before moving onto a more complex world like investing in physical real estate. There is no doubt that the ultimate goal is the ability to consistently trust that a manor holds the same legal value as a physical deed that is held in the vault. We have to rethink moving from "everything goes on-chain" to moving to "everything is compliant" when considering transitioning to a digital settlement system. Success will require creating the proper systems to ensure existing regulation doesn't stop the efficiency of automating settlement.