Decentralized finance (DeFi) applications are increasingly reliant on real-world assets (RWAs) to function effectively, yet they face significant challenges due to the inherent limitations of blockchain technology, which cannot independently access external data. Discussions among industry participants highlight a divide in perspectives regarding the value of RWAs. Some argue that RWAs are essential for DeFi's growth, while others express skepticism about their utility, particularly when RWAs are treated as non-bearer securities. Concerns have also been raised regarding the legal frameworks necessary to support on-chain bearer assets, as existing US tax laws present obstacles to tokenizing RWAs in a manner that maximizes their potential. The ongoing debate emphasizes the complexities of integrating RWAs into the blockchain ecosystem, revealing a tension between centralized financial entities and the decentralized ethos of blockchain technology.