The market is always inventing the next story. RWA tokenization has been hot for over a year, but truly implemented projects are few and far between. One project’s progress has been seriously underestimated by the market—Dusk.

Look at what’s happening now: Dutch licensed exchange NPEX is applying for a DLT-TSS license, planning to bring 200-300 million euros of securities onto the blockchain. Their STOX trading platform opened a waiting list this month. This is not just a dream on a PPT; real institutional funds are already lining up to go on-chain. Quantoz’s EURQ stablecoin, 21X’s institutional-grade RWA integration solutions—these are not toys—they are building solid infrastructure around compliance scenarios.

From a technical perspective, why does choosing this track mean choosing this project? The EU’s MiCA and MiFID II regulations heavily restrict financial blockchain development: they require on-chain transparency and auditability, while also protecting commercial privacy. Traditional public blockchains can’t achieve the former, consortium chains lack the latter, and zero-knowledge proof technology just fits into this gap.

Data speaks the loudest. Institutional holdings are expected to reach 70% this year. Behind this ratio is the genuine recognition from Wall Street and traditional financial institutions for compliance and privacy technologies. While retail investors are still dreaming of meme coins, smart money is already deploying foundational infrastructure that can survive regulatory scrutiny. With a market cap of over $30 million, there is clearly room for recovery compared to projects in the same track.