The RWA track in 2026 is already crowded. Projects that appear to be thriving are mostly still telling stories and conducting small-scale tests, with few achieving real implementation. Dusk Network is an exception—it hasn't rushed to shout slogans, but instead quietly laid the groundwork, building institutional-grade on-chain finance infrastructure from three dimensions: privacy, compliance, and performance.

Technical accumulation began back in 2018, and Dusk has spent years refining these three directions. The recent major move is DuskEVM coming online, whose power lies in: developers experienced with Solidity can integrate with almost zero migration costs, while natively integrating hardcore privacy technologies like zero-knowledge proofs and homomorphic encryption. In other words, transaction verification and privacy protection can be achieved simultaneously—this is no small technical feat.

Even more noteworthy is the collaboration behind it. NPEX, a licensed Dutch securities exchange, isn't conducting virtual tests but plans to actually migrate hundreds of millions of euros worth of SME securities onto the chain. These securities will go through their entire lifecycle on the Dusk chain—issuance, trading, and automatic dividend distribution—all complying with the European DLT pilot regulatory framework. This isn't just proof of concept; it's a sign that traditional European finance is formally stepping into the era of on-chain programmable securities.

To support this system, Dusk is equipped with a complete toolchain. The XSC token standard is tailor-made for regulated securities. Citadel's identity and permission management framework encodes legal requirements directly into the protocol. There's also the Succinct Attestation mechanism, which can compress transaction finality to the second level—critical for institutional clients, as settlement efficiency directly impacts risk appetite.

Ultimately, Dusk isn't doing pure privacy chain. It's building a complete privacy RWA solution that institutions dare to use, regulators can recognize, and developers can quickly adopt. While the market is still debating "whether privacy chains are actually useful," Dusk is already moving real euro assets onto the chain.

For those bullish on the trillion-dollar RWA track, infrastructure that has actual institutional demand, real asset implementation, and a complete technical stack may be the most easily overlooked opportunity right now. Once DuskEVM officially launches and NPEX's first batch of securities goes live, this chain's institutional story will become much clearer. RWA ultimately comes down to who gets real money moved on-chain first—and from this perspective, Dusk already seems to be ahead.