RWA markets that Pendle runs yield markets for: 1. Tokenized stocks 2. Private equity funds 3. Reinsurance 4. Treasuries 5. Structured credit. 6. AI infrastructure 7. Private credit 8. HELOC In less than 4 years, Morgan Stanley expects the global tokenized RWA market to reach $3 trillion to $10 trillion. We're so, so early.