I attended a private cocktail party hosted by a pro from A9 these past couple of days.

in a villa in Chiang Mai, Thailand

All drivers, all of them are Alphards or Vellfires.

Everyone has bodyguards, but I don't know what they're afraid of?

We also don't understand why these pros love to smoke cigars.

Crying and not being able to get through fat, what is there to draw?

During the dinner, they repeatedly mentioned RWA.

Also let me pay attention to the @Theo_Network project.

Speaking of #TheoNetwork, it doesn't resemble an RWA project; it feels more like a group of people moving the "Wall Street financial system" onto the blockchain.

After listening to this for a while and digging deeper, my conclusion is just one sentence:
This project is not here to ride the narrative; it is here to build the underlying infrastructure.

1️⃣ Positioning fiercely: On-chain capital → Institutional-level gateway to the global financial market

Theo has not intended to do such a small thing as "national debt tokenization" since day one; what it does is:

Stably bring institutional funds, low-risk assets, and highly liquid portfolios onto the chain.

This is Wall Street level difficulty, and almost no one dares to do it in Web3.

2️⃣ Stable temperament: The team comes from HFT, market makers, and hedge funds.

Their way of doing things is very uniform:
Stable, resilient, verifiable, no storytelling, all based on indicators.

You can see this at a glance from the product, asset structure, and partnership list.

The strength of 3️⃣ thBILL is not its TVL, but its "institutional-level logic."

3 months TVL 150 million is just the result.
The key point is:
• endorsed by Wellington, Standard Chartered Libeara, FundBridge
• Actively integrated by Pendle, Morpho, Euler, Uniswap, Arbitrum
•The youngest selected asset in Arbitrum DRIP
• 1 month online → Arbitrum's second largest RWA protocol

This is not "the bond yields for retail investors."
This is an on-chain bond infrastructure.

4️⃣ Stable × Concrete × Theo: This is the on-chain version of the "financial supply chain combination punch"

The most critical action is coming👇

Stable (Tether System) aims to facilitate stable payments.
Concrete is responsible for the implementation of real assets.
Theo provides the highest grade US Treasury asset thBILL

Concrete has been confirmed:
In the 1.325 billion pre-stored in Stable, first take 75 million dollars into thBILL.

This means:
Theo is being treated as "base collateral" rather than an RWA product.

5️⃣ thGLD: Turning gold from "lying idle and collecting storage fees" into "interest-earning collateral"

Under the MAS (Singapore) regulatory framework, with:
•Mustafa Gold
•Libeara (Standard Chartered)
•FundBridge

Together create a financialized asset of gold on the chain.

If thBILL is on-chain US Treasuries,
thGLD is the institutional-grade upgraded version of on-chain gold.

6️⃣ Theo is not issuing assets, but building an "on-chain bond market".

Its infrastructure is full-stack:
•Issue
•Distribute
•Liquidity
•Multi-chain interoperability
• The settlement system that market makers can directly participate in.

Others are issuing coins,
Theo is working on financial tracks.

7️⃣ The indicators are all based on real business, not narrative.
•Annual recurring revenue: 6.5 million USD
•Daily average real transaction: 3-5 million
•Currency Market Fund TVL: over 120 million USD
• Financing: $20 million institutional investment

This set of numbers has a very "traditional finance" style:
Stable, accurate, solid, without relying on storytelling.

8️⃣ The route is very Wall Street: first prove capacity, then expand risk.

Theo's expansion order is very financialized:
1. First, make high-capacity, low-risk assets (U.S. Treasury bonds) at an institutional level.
2. Expand to commodities and personal credit
3. Finally, create a highly liquid multi-asset system.

This is BlackRock's approach.

Theo seems to be working on RWA, but is actually building institutional-level financial infrastructure on the blockchain.
This is the kind of project that "doesn't talk much, but is very powerful." @KaitoAI