That would need regulatory compliant DeFi and that's hard to pull off so that the whole decentralization element would serve any purpose in it. As many aspects of it will be centralized anyway. I mean there are ways, but it needs to be flawless system. And cutting edge new tech rarely is flawless without years of testing.
Then there's the issue of learning curve. It needs to be easy to use, fast, reliable and make actual sense so it wouldn't just be easier to replace with CEX. I know there already are some projects that are pretending to be RWA's but so far all they offer are synthetics and tokens that are reflecting value of some real assets. They aren't really anything new.
I mean, if we're talking about tokenizing RWA, it's impossible for it to not have a centralized element; especially when we're talking about the likes of t-bills and such. An entity needs to be handling all those "RWAs" in the back end.
And more than just an element, and more centralized then Tether for example. Because with the current rules for actual RWAs and not synthetics limits transfering the ownership of RWA, so that you can't transfer rights purely by sending a token. Not in a way it would be legally binding in anywhere. Permissionless transaction of such asset combined with actual ownership would contradict both AML laws and customer protection laws. Hence the token would only be a symbolic unnecessary gesture, that wouldn't be needed top of actual legal contract.
So, problem remains... What part exactly is blockchain serving in this? To get around this, you need at least a build in KYC, and ability to reverse transfers. It can be done, but not in a way people have been trying to do it. And not in a way people think have grown to understand cryptos, and most likely not with any existing blockchain.
