In 2024, the RWA concept is still being hyped, but by 2026, the real test will begin. The EU MiCA regulatory framework is fully implemented, and compliance is no longer a bonus but a prerequisite for entry. Many projects choose to bypass it, but some are facing the challenge head-on.

Why do institutions insist on entering the market? That’s a good question. Simply put, it’s about privacy. Imagine a fund managing 1 billion euros—if every rebalancing is transparently visible on a blockchain explorer, competitors could easily copy your moves. That’s the real pain point in business competition.

But there’s a catch: fully anonymous privacy chains can be shut down by regulators under anti-money laundering (AML) claims. How to break through? Zero-knowledge proofs are a clever solution. This cryptographic technology enables "public invisibility, regulatory auditability"—a one-way transparency. Ordinary users cannot see transaction details, but regulators with the key can verify everything. This is the real confidence that allows large funds to take the plunge.

Recently, a hot topic in the industry is the waitlist for a trading platform launched by a leading privacy solution. The tough part is the partner—a traditional financial institution with a genuine regulatory license. This isn’t a makeshift setup but serious financial infrastructure. The two parties plan to introduce 300 million euros worth of tokenized securities, which is no small feat in the RWA track.

From conceptual hype to real capital, this turning point may come faster than many expect.