In fact, this is also why I believe that on chain securities firms will have opportunities. Buying US Treasury bonds to obtain certificates on the chain falls within the scope of RWA, while third-party lending through certificate collateral or leveraging for quantification falls within the scope of RWAFi. The former requires compliance, KYC, and AML, while the latter requires auditing of protocol security. If on chain securities firms can reduce loan interest rates to within 2%, then this logic of running a nested doll is also feasible.