In the RWA space, to be honest, most projects just wrap a layer of tokens around asset packages and then wait for people to buy. Liquidity? None. Use? Just sitting there collecting dust. Essentially, it's just a different place to issue bonds.

Theo Network @Theo_Network feels a bit different to me.

Their thBILL is not just a simple matter of putting U.S. Treasury bonds on the blockchain; instead, it allows this thing to be traded on Uniswap, collateralized on Morpho, and have its yields split on Pendle. A "dead asset" has transformed into a dynamic piece that can run strategies, leverage, and generate compounded returns. TVL is still increasing, and pt returns are also strengthening, importantly, it doesn't look like a false prosperity built on just throwing tokens around.

Having traditional financial giants like Standard Chartered and Wellington backing it at least shows that the institutions recognize it. Coupled with multi-chain deployment covering ETH, ARB, BASE, and even Hyperliquid, and 24-hour Optimistic Minting allowing for constant entry and exit, the experience is indeed much stronger than those projects that are "abandoned after tokenization."

When will the TGE come? I don't know. But I actually think it's a good thing not to be in a hurry. It's better to get the economic structure running smoothly than to rush to release the coin and harvest.

If RWA is really going to have the next narrative explosion point, Theo's idea of "bringing assets to life on the chain" may be more worth betting on than simply issuing.