The most important question for any RWA project isn’t how to issue asset. it's

1. Who's your buyers?

2.through what channel do you reach them?

Issuance is easy. But with offchain yields, asking people to take on extra crypto risk just doesn’t make sense. Everyone talks about building defi legos, but you need to sell the asset first.

Seems like crypto treasuries are the primary RWA buyers. BUIDL has $2.88B in TVL and only 69 holders, top 2 are @sparkdotfi and @ethena_labs. its still crypto buying crypto.