Our Chief RWA Officer @ArtemTolkachev spoke at EBC12 in Barcelona about vaults as the next infrastructure layer for onchain asset management. From the collateral side, almost anything can be tokenized. The questions are whether it can actually function as collateral: → Liquidity: how quickly can the asset turn into cash under stress? → Composability: where can the token actually be used onchain? RWAs also come with their own risk stack: legal claims, redemption terms, offchain custody, and underlying markets that close. That means underwriting them as credit and reading the documents, not just the deck. Onchain markets run 24/7/365, but the underlying markets often don’t. For a growing set of tokenized assets, T+0 liquidity already exists through different layers, and we expect more solutions to emerge as the market develops.