RWA is one of the hottest concepts in the past two years, with attempts to put government bonds, loans, and real estate on-chain. But to be honest, there are not many projects that have really taken off. Huma Finance chooses to focus on credit: on-chain lending, but the collateral is not crypto assets, but real-world receivables and loan assets.

Why are some people optimistic? Several reasons:

1. The market is large enough. The scale of real-world credit assets is measured in trillions, and even if 0.1% goes on-chain, the size is much larger than pure DeFi.

2. More stable funds. Putting stable income assets (like small loan pools) on the chain can attract traditional capital.

3. The model is replicable. Different regions and different types of loans can be integrated.

But Huma's challenges are also obvious:

Risk control. Real-world loans have default risks, and going on-chain only changes the vehicle; the risk does not disappear.

Compliance. RWA is inseparable from compliance, especially for credit assets, where policy risks are higher than purely crypto assets.

Scale bottleneck. The early funding pool is small, lacks liquidity, and investors may not be convinced.

I have seen some cases where Huma is trying to collaborate with some real-world lending institutions to package receivables on-chain and then issue on-chain debt rights. This approach is much more reliable than creating a 'on-chain loan market' out of thin air because it at least has real assets to support it.

From an investment perspective, the value capture logic of the HUMA token is also worth paying attention to. The token may be used for transaction fees, governance, or even future collateral requirements. If the ecosystem can get going, the token will have value support; otherwise, the token is just a layer of shell.

Huma Finance is tackling a tough job, but if it can establish a foothold in risk control and compliance, it has a chance to occupy a seat in RWA.

👉 Interactive question: Which type of RWA do you favor more? A. Government bond assets B. Credit assets. Comment with a letter.

@Huma Finance 🟣 #HumaFinance $HUMA