Let's take a look at what the leading exchanges are doing on Ethereum. Coinbase is conducting a trial for tokenizing US assets with Base, while OKX chooses the X chain for payments, sharing security and settlement layers with the Ethereum mainnet. BlackRock's first tokenized fund, BUIDL, is also deployed on the Ethereum mainnet.
The absolute dominance of the stablecoin market is also held within the Ethereum ecosystem, with leading stablecoins like USDC, USDT, and DAI primarily issued on Ethereum or its L2. On-chain clearing and settlement, as well as DeFi applications, all rely on the ETH ecosystem.
Although on-chain applications still appear insufficient at the moment, the fundamental issue lies not in technology, but in the incomplete alignment with laws and regulations. The lack of a clear legal framework makes it difficult for traditional finance and government capital to enter on a large scale. However, once stablecoin legislation and RWA compliance mechanisms are established, Ethereum will unleash tremendous systemic coordination potential.
The future will certainly not be simply guiding on-site funds to speculate on memes; the foundational layer of systemic coordination will dominate the economic growth trends of public chains. Everyone's investment logic will change as asset tokenization transforms, not only will the United States launch a legitimate stablecoin framework, but other countries will also compete for this high ground.