After spending a long time in the DeFi circle, you can definitely feel that subtle sense of disconnection.

On one hand, the on-chain world is daily discussing the grand narrative of "disrupting traditional finance." On the other hand, traditional capital largely ignores all of this. It’s not just arrogance; to be blunt—their previous attitude was indeed unworthy.

It wasn’t until recently that a project integrated AAA-grade structured credit and short-term government bonds directly into the collateral system that things truly changed. This is not just a simple step forward for RWA; it’s the first time the on-chain world has touched the core nerves of the traditional credit system.

How did those previous RWA projects operate? Honestly, most of them stayed on the surface. Don’t misunderstand—RWA is indeed a crucial direction, but the reality is—most projects are essentially just "digital displays of assets," not genuine "capital structure reorganization."

Assets, tokens, packaging… all are in place. But three things are missing: layered credit pricing, precise risk quantification, and deep integration with the dollar system.

The project now integrating AAA-grade structured credit and short-term government bonds is doing exactly what others have been avoiding.

Why are these two asset types so critical? The key point is—they are not high-yield assets, but high-credit assets.

AAA-grade structured credit, after extreme risk decomposition, isolation, and rating, and JTRSY as a short-term government bond, essentially extend the creditworthiness of the US dollar itself. These two represent the most scarce things in the financial world: verified, quantifiable assets with genuine pricing power.

What does this mean? It means that on-chain asset pools are moving from virtual mapping into the territory of credit pricing.