The question touches on several deep themes: transformation of the cryptocurrency industry, institutionalization of DeFi, and growing interest in assets that 'bridge' traditional and digital finance. Circle, with its valuation of $7.2 billion and focus on stablecoins and real assets (RWA), is right at the forefront.
Here's how I see the current shift and which projects deserve special attention:
New narrative: Institutionalization through RWA and stablecoins
Circle, Paxos, BlackRock (with BUIDL), MakerDAO, and even JPMorgan (through Onyx) — all trying to 'digitize' real assets and offer traditional capital 'DeFi without chaos.' This is a shift from hype to infrastructure.
Projects and protocols worth paying attention to:
1. Circle (USDC, CCTP, Perimeter Protocol)
Why it matters: One of the most regulated and transparent stablecoins. Collaborates with major banks and fintechs.
Outlook: Possible listing on Nasdaq — a sign of maturity. Perimeter Protocol (for RWA) could become the new standard.
2. MakerDAO / Spark / NewBridge
Why it matters: Transition from DAI to RWA collateralization, now over 60% of DAI is backed by real assets (e.g., T-bills).
New focus: SubDAOs, launch of Spark Protocol, collaboration with Monetalis and funds, purchase of bonds.
3. Ondo Finance (OND)
Products: USDY (backed by Treasuries), RWA pools, tokenized bonds.
Why it matters: Makes RWA accessible to institutions and DeFi. Supported by Coinbase, BlackRock, and other ventures.
4. Maple Finance
Focus: Decentralized lending for companies.
Turn: Now offering loans against real assets, not just crypto collateral.
5. Centrifuge / Tangible / Goldfinch
Centrifuge: Used by MakerDAO to tokenize real assets (e.g., invoices, loans).
Tangible: Tokenizes gold, real estate, and even wine.
Goldfinch: Lending in countries where the banking system is inaccessible.
6. BlackRock BUIDL Fund (on Ethereum, through Securitize)
Milestone moment: The first tokenization involving a TradFi giant. Opens the gates for other institutions.
7. Paxos / PayPal USD (PYUSD)
Paxos focuses on compliance with SEC/NYDFS.
PayPal USD — an attempt to integrate stablecoin into mass payment platforms.
What it means for investors/technologists:
Stablecoins and RWA — the new 'internet of bonds.' This is not just a trend; it's a new financial infrastructure, and those building it could become the next Visa/Swift in Web3.
Projects that can collaborate with regulators, build decentralized rails, and solve real pain points (liquidity, custody, audit) will gain an advantage.
