RWA on-chain exposure is already heavily skewed toward equities, with public stocks alone making up ~65% of active market cap.

Private equity and venture add another ~18%, which means most real world value onchain is still tied to growth assets, not yield instruments.

The narrative says tokenization starts with Treasuries, but the data shows risk is where capital is actually going. Even with ~$1.5B+ onchain market cap and 40+ issuers, the composition looks more like an extension of equity markets than a new fixed income layer.
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