Spent an afternoon mapping which rail Dusk's tokenized-asset pilots actually settle on, and the detail that stuck was smaller than expected. #dusk $DUSK pitch for regulated RWAs leans hard on confidentiality — Phoenix as the shielded execution model built for institutions who can't broadcast position sizes or counterparties. But DuskEVM, the layer where most current RWA tooling and early issuer integrations are actually landing, runs transparent by default, same as any standard EVM chain. Moonlight exists as the disclosed-balance rail, and it's the one seeing near-term deployment traction, not Phoenix. So the asset class that supposedly needs privacy most is, for now, onboarding onto the more visible rail while the confidential one stays positioned as the eventual endpoint. Nobody's hiding this — it's in the docs — but it's easy to read "privacy-enabled RWA chain" and assume the privacy ships with the first integrations rather than after them. Sequencing isn't the same as the pitch. Makes me wonder how many issuers evaluating @Dusk are pricing in Phoenix as already-live versus still-roadmap.