⚓️ Ethra Ship Notes｜Vol.026 Today, I think the RWA conversation has quietly shifted. For the past two years, stablecoins have dominated the discussion. And for good reason. They're the most successful real-world application blockchain has produced so far. But stablecoins solve one problem. They move money. Tokenization is trying to solve a much bigger one. It moves ownership. That's why Matt Hougan recently argued that tokenization could ultimately become a larger market than stablecoins. I tend to agree—but with one important caveat. Issuing a token is easy. Operating a real-world asset isn't. Once an asset comes onchain, the real work begins. Who maintains it? Who reports its performance? Who verifies that everything happening offchain actually happened? Without those answers, tokenization is simply digital packaging. With them, it becomes infrastructure. Perhaps the next stage of RWA won't be defined by how many assets are tokenized. It will be defined by how well those assets continue to function after they're onchain. That's a much harder problem. And probably a much bigger opportunity. @EthraShip #EthraShip# #EthraShipProtocol#