Dusk is doing something that many projects only dare to think about but not actually do—bringing real assets from the European financial market onto the blockchain.

The core message is this: DuskTrade, this flagship application, will launch in 2026. It will tokenize all managed assets of NPEX (the Dutch licensed exchange), with a scale exceeding 300 million euros. This is not a few million dollars in a POC stage; from day one, it will connect to real institutional assets and trading flows.

Why is this so significant? Here are some core reasons—

**Built-in Regulatory DNA**
Financial licenses like MTF, Broker, ECSP are not just compliance layers added later; they are embedded directly into the protocol layer. When DLT-TSS is truly implemented, on-chain issuance will be legally recognized as legitimate issuance, completely eliminating gray areas.

**Balance of Privacy and Transparency**
Users' trading data remains private, but regulatory audits have access to clear data. This is a dream come true for institutions—privacy of data combined with auditability.

**Ecosystem Integrity**
DuskTrade handles primary issuance, secondary market trading, and, with tools like Zedger and Vault's zero-trust custody, the entire RWA loop—from issuance, trading, settlement, to custody—is completed on-chain.

Compared to BlackRock's BUIDL and Franklin Templeton's on-chain funds, Dusk follows a "European compliance first + privacy protection" approach, with a completely different perspective.

2026 may truly be the watershed year for RWA moving from the lab into mainstream markets. With credible institutions, real asset scales, a complete compliance framework, and a clear technical roadmap, this is solid hardware compared to projects still just talking stories.