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right but what is the angle to say it's not a true RWA?

TTSLA isn't backed by Tesla shares. So some might have the opinion that TTSLA isn't a RWA because of that. The claim is TTSLA is more a token mimicking RWA than a RWA. Debatable but trade value/ease of movement is what matters in the end.

Makes sense! Thanks for the explanation!