Privacy PMF Stories E2: Why RWAs Can’t Scale Without a Privacy Layer on Public Blockchains
From the outside, RWAs look like a natural fit for blockchains. You get programmable settlement that removes manual reconciliation, global liquidity that connects previously siloed markets, and composable financial primitives that let you build on top of tokenized assets.But RWAs don’t exist in a vacuum. They are inherently institutional.Real estate, treasuries, credit, private equity, invoices- these assets are issued, managed, and distributed by institutions that operate under strict regulatory, reputational, and fiduciary constraints. That means RWAs don’t just inherit blockchain properties; they inherit institutional requirements.This is why most serious RWA deployments today look the same. They’re either partially onchain or heavily permissioned, restricted to a small circle of known counterparties. Many never move past pilot stages, not because demand disappears, but because scaling exposes information institutions cannot afford to leak.When we asked teams why pilots stall, the answer wasn’t regulatory uncertainty or missing infrastructure.
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