The RWA narrative isn't just about tokenizing government bonds.

Real estate is one of the areas where I think tokenization could have a much bigger long-term impact.

That's why $BST caught my attention.

Blocksquare is building infrastructure around the tokenization of real-world assets, with a particular focus on real estate.

And the interesting part isn't simply putting a property onchain.

It's what happens after.

If real estate becomes programmable and easier to fractionalize, investors could potentially access markets that have historically been slow, expensive and difficult to enter.

But tokenization alone doesn't create value.

For $BST, I'd be watching:

→ How many real-world assets actually get tokenized

→ Whether investors genuinely use the platform

→ Liquidity in tokenized real estate markets

→ Regulatory progress

→ And whether ecosystem growth creates meaningful demand for the token

That's the difference between an RWA narrative and an RWA business.

Anyone can tokenize an asset.

The hard part is getting real capital to use it.

That's the metric I'd watch most closely.