Why RWA Is Hitting All-Time Highs While the S&P 500 Sells Off

On-chain RWA volume (ex-stables) grew 3.4x in 2025 — not despite macro uncertainty, but because of it. Capital is rotating from speculative crypto into tokenized T-bills, private credit, and now equity derivatives. Hyperliquid's RWA open interest hit $1.43B (100x in 6 months). S&P DJI just licensed its flagship index to a DeFi platform for the first time ever. When traditional markets close, on-chain doesn't. That's not a feature — that's the thesis.