What do you think about tokenized RWAs on Ethereum?

Real world asset tokenization seems to be one of the biggest narratives picking up momentum. Treasuries, private credit, and real estate are already being experimented with on-chain, and even uranium can now be purchased as a tokenized asset in fractional amounts.

Ethereum appears to be the main settlement layer for a lot of these projects. Institutions tend to trust its security, liquidity, and established ecosystem compared to newer chains. Some people see this as a major step toward bringing traditional markets on-chain, while others worry that RWAs introduce new risks like centralization around custodians, regulatory hurdles, and proof of reserve issues.

I am curious how this community views tokenized RWAs in relation to Ethereum’s future. Do you see them as a real adoption driver that strengthens Ethereum as a global settlement layer, or just another short-term narrative?