RWA (Real World Asset On-Chain) has been very popular lately, and I’ve also followed the trend to research it. I’ve reviewed reports from several leading consulting firms and found a set of data that is truly shocking: the total size of non-public market assets such as global private equity, private credit, real estate funds, and commodity trade finance exceeds $200 trillion.

But here’s the problem—among these, the truly digitalized assets that can flow smoothly on the chain are almost negligible. Why is it stuck? There are many bottlenecks, but the core issue is one: privacy and compliance.

Can an investment portfolio of a fund, transaction details of a trading company, or leasing contracts of buildings be as transparent and open as ERC-20 tokens? Of course not, those are the lifelines of businesses. The cost of information leakage is too high.

At this point, a project I paid attention to earlier comes to mind—Dusk Network. Suddenly, I realize that what it aims to do might be even bigger than I initially understood.

**It aims to tackle the toughest challenges**

Dusk has never targeted ordinary transfers or DeFi mining. Its goal is to serve those "institutional-grade assets" scenarios that require top-level privacy and strict compliance.

For example, digital private equity: fund shares are privately transferred among compliant investors, with transaction details kept confidential, but the transfer itself and compliance must be auditable by regulators.

Another example is supply chain finance: financing based on real orders between a car manufacturer and suppliers, with accounts receivable on the chain. The order amount and price are sensitive information that needs to be hidden, but the existence and authenticity of the accounts receivable must be proven to the financiers.