Traditional IPOs are like private parties only large institutions can attend—investment banks, auditing firms, and big funds get the tickets, while retail investors can only wait to buy in at high prices on the secondary market. If we transplant this model onto blockchain, can it become something that everyone can see clearly, yet still protect their privacy? This isn't just a matter of swapping out databases; it requires finding a balance between regulatory frameworks and privacy protection.

The solution Dusk will deliver by the end of 2025 revolves around this core issue.

Looking back now, RWA has evolved from a conceptual idea into a supporting pillar of DeFi. The question is, why are major companies like Apple, Tesla, or certain unicorns still not directly raising funds on-chain? Technology isn't the main bottleneck; the real hurdles are two conflicting demands: one side requires compliance with global financial regulations, while the other side demands the protection of trade secrets and privacy.

Opting for full transparency, like Ethereum, would expose all large institution's building actions and business information. But going the anonymous route would directly cross the red lines of financial regulation in various countries. This deadlock seems unsolvable, and Dusk’s technical breakthrough lies here—it offers a sophisticated mechanism called Piecrust to address this tough problem.

Why is Dusk capable of bringing IPOs onto the chain? Let's start with the identity verification protocol Citadel. Simply put, its role is to allow you to prove compliance with regulatory requirements without revealing all your cards. Imagine a verification system that can confirm your legal identity and credentials while selectively hiding specific details—institutional investors can prove their identity and qualifications without exposing their business plans or funding chains to competitors.

This mechanism has significant practical value. For example, a leading exchange wanting to issue derivatives or initiate fundraising on-chain must pass regulatory identity checks while preventing sensitive information leaks. Citadel’s design is tailored for such scenarios. When combined with Piecrust, a privacy-preserving computation layer, transactions and fundraising activities can be conducted in a controlled, auditable manner, while still safeguarding participant privacy.

The real value of this combination lies in breaking a deadlock: previously, it was either full transparency (risk exposure) or full anonymity (regulatory red line). Now, a feasible third way exists between the two. For RWA development, this means that bringing real-world assets onto the chain is no longer a binary choice of "do nothing" or "fully expose."

By the end of 2025, the market’s need for such solutions will grow increasingly urgent. As RWA scales up, balancing compliance and privacy will become a key factor in attracting traditional large institutions. Dusk’s technological approach, to some extent, represents a possible direction—maintaining the advantages of on-chain transparency while providing participants with enough privacy space.