The tokenization of real-world assets (RWA) has reached a significant milestone, hitting $25 billion. This growth is occurring independently of traditional cryptocurrency market cycles, highlighting the sector's resilience and potential. However, the true value of RWA tokenization lies not in direct token exposure but within the lending infrastructure layer that supports it. Key players in this space include Morpho and 0xfluid, which represent different aspects of the RWA tokenization trade. Both platforms offer unique opportunities and challenges, underscoring the complexity and evolving nature of the RWA tokenization landscape.