Nobody Checks Where RWAs Actually Settle 👀 $ONDO put tokenized treasuries in front of retail this year and $XRP has been carrying the institutional story longer than most chains have existed. Both still run on ledgers where every balance and every counterparty is readable by anyone who bothers to look. That works fine for a treasury fund whose holdings are public anyway. It stops working the moment a bank tokenizes the deposits of ordinary customers, because those balances belong to people who never agreed to publish them. Monument Bank is doing that on Midnight, a Bank of England regulated institution bringing up to £250M of customer deposits on chain while keeping each balance private and provable to whoever has the right to check it. Midnight is a standalone L1 built for programmable privacy, so a transaction proves a fact without publishing the data behind it. NIGHT covers governance and value, and DUST regenerates from holding NIGHT to pay for private transactions, so the fee never asks you to top up a balance. The validator set already runs through Google Cloud, MoneyGram, Worldpay, and Blockdaemon, which is a strange roster for a chain nobody talks about. Every RWA conversation right now assumes the ledger stays public and the privacy gets solved later. Deposits are the point where later runs out, because a bank cannot list its customers' money in a place competitors can read. Where does the next wave of RWAs land, open ledgers or private ones? #RWA #Privacy