RWA tokenization: is this actually going anywhere, or still mostly hype?

Been seeing more chatter around real world asset (RWA) tokenization lately, curious what people here think.

The pitch is straightforward. Take an asset like real estate, private credit, or a treasury instrument, and represent ownership as a token on chain. That token can be transferred and fractionalized far faster than the legacy custody and settlement process most of us are used to.

What's making me pay attention is that this isn't just crypto native firms anymore. Asset managers and banks are actually building tokenized treasury and private credit products, not just talking about it. The appeal for LPs is 24/7 liquidity and lower minimums, which opens up deals that used to be locked behind high entry thresholds.

Obviously the legal wrapper and compliance side still has to hold up. A token means nothing if the underlying custody and jurisdiction structure isn't solid. That part seems to be where most of the actual cost and complexity sits, not the blockchain layer itself.

If anyone's evaluated the buildout cost or vendor landscape for this, there's a decent breakdown here: RWA platform development pricing breakdown

Curious if anyone here is seeing this come up in live deals, or if it's still mostly a slide in someone's pitch deck.