The RWA sector has been talked about for quite a while, but to be honest, there aren't many projects that can really make a mark. Recently, I've noticed an interesting move from Stable—they are holding a pre-fund pool of $1.325 billion, and they just invested $75 million in Concrete, specifically to mint the thBILL Token.

This configuration approach can actually illustrate the problem quite well. thBILL has only been online for three months, and the growth rate of its TVL has clearly exceeded expectations, with institutional funds flocking to compliant tokenized US Treasury products like this. Such a large allocation by Stable either indicates confidence in the asset structure behind thBILL or an early bet on the explosive window period of the RWA track. In any case, from the perspective of fund flow, those institutions that claim to be optimistic about RWA are now putting their money where their mouth is.