In the RWA sector, many people tend to fall into the trap of an either-or mindset. Seeing BlackRock's BUIDL reach a scale of $2.5 billion, they think this path has already been established. But that's not the case.

The logic behind BUIDL is very clear—launching in March 2024, mainly tokenizing low-risk assets like U.S. Treasury bonds, using Securitize across eight chains, with full on-chain visibility. Holding, trading, and dividends are all transparent, with accumulated dividends exceeding $100 million. Backed by major institutions, supported by a leading exchange, and settlement times compressed from days to seconds. This "compliance and security" approach has indeed attracted a wave of institutional funds.

But Dusk has chosen a different path. It’s not aiming to compete for the biggest slice of the pie but is instead tackling the industry's toughest challenge—balancing compliance and privacy. Using Hedger's privacy engine (a combination of ZK and homomorphic encryption), sensitive information like transaction volume, balances, and order books are hidden from outsiders, while regulatory audit channels remain open. This approach, in collaboration with the Dutch licensed exchange NPEX, is actually exploring a new possibility.

Both paths have their focus—one expanding outward, the other deepening privacy inward. The game of RWA requires the synchronized evolution of both approaches.