The standard structure of RWA: Off-chain asset side - Middle layer - On-chain liability side The best form of expression for the on-chain liability side is stablecoins, not equity tokens. This is because liquidity is essentially a form of leverage. Whether it's AMM or CLOB trading pairs, the leverage ratio of stablecoins (market cap/liquidity pool) is much higher than that of equity tokens, allowing for greater exit liquidity. Moreover, stablecoins are also easier to integrate with DeFi, creating even more exit liquidity.