This afternoon, while catching up on sleep debt at a coffee shop, a friend suddenly bombarded me with a voice message: "KAIO has taken over the underlying layer of the Telegram Bond Fund!" I almost spilled my coffee. I quickly checked X and found it wasn't just a rumor. At that moment, I realized this wave of RWA isn't just about narrative; it's about the actual on-chain flow of funds. So I decided to organize my thoughts and write this for those of you who are also struggling with this. The most crucial step this week: @KAIO_xyz was selected by TON to take over the compliance and settlement track of the Telegram Bond Fund, a $500 million investment. This means the closed loop of "bonds → programmable assets → collateralizable/strategyable" is starting to function. I believe this step shifts the RWA narrative from "storytelling" back to cash flow and coupon returns, representing a true institutional entry point. Its foundation is solid: Sei's Hamilton Lane private lending platform and Nomura's Laser Digital's LCF have already been implemented, proving its on-chain product and channel capabilities; The BlackRock money market fund listed on its official website is also being integrated. Compliance gateway + sovereign AppChain + cross-chain liquidity routing are its "three-piece suite." The initial focus is on patiently building a robust system and clearing mechanisms, rather than rushing into fancy tricks—this is Siyuan's strategic choice. Another plus: the collaboration with Kaito institutionalizes the "attention → allocation" mechanism, giving good research the potential to translate into real funding preferences; The TaskOn event just concluded this week, and the buzz is still returning. In terms of timing, short-term focus is on dissemination and new asset expansion, while long-term focus is on the consolidation of compliance standards and cross-chain interoperability. In summary: if you want to bet on RWA truly becoming institutionalized, bonds are the most reliable approach; KAIO is doing the "dirty work" that others are unwilling to do but must. Siyuan will continue to monitor this.