Wallets are once again under bombardment. Although Iran is currently so penetrated that it has almost lost its ability to resist, and this one-sided war seems soon to come to an end, Israel is not in a hurry to cease hostilities. Its goal is very clear—not only to pull out the tiger's teeth but also to cut off its limbs to ensure it can never pose a threat again.
Israel continues to pressure the United States to provide weapons that can target underground objectives as soon as possible in order to destroy Iran's secret nuclear facilities buried dozens of meters underground. While the Trump administration hopes to end the conflict quickly, it is unwilling to bear military expenses, which is consistent with Trump's usual style—he can call for pressure but is never willing to spend money. Therefore, Trump continues to send messages to Iran's Supreme Leader Khamenei, claiming that his whereabouts are known and he could be eliminated at any time, attempting to force Iran to surrender unconditionally. However, Khamenei, as an 86-year-old theocratic ruler, has already entered old age, and the threat of death may have little consequence for him. Unless Iran fights until the last soldier, it is unlikely to easily capitulate. If Israel shifts from airstrikes to ground attacks, the situation may become a protracted war like the Russia-Ukraine conflict, which is exactly what the market least wants to see.
Last night, the U.S. Senate passed the (stablecoin legislation) (Genius Act), which will be submitted to the House of Representatives for review next. If both houses reach an agreement, the bill will be submitted to the President for signing and taking effect. The market generally expects the House to complete the vote in a few weeks, and the passage of the bill has almost become a foregone conclusion. The accelerated layout of stablecoins by major institutions shows the signs—JPMorgan has launched JPM Coin on the Base chain, Circle's stock price has continued to strengthen after its IPO, while other crypto stocks such as Coinbase, MicroStrategy, and Sun Yuchen's SRM have seen declines.
Circle's counterintuitive rise indicates that funds are concentrating in this area. PayPal has long launched the PYUSD stablecoin, and the recent popular Plasma project is driven by stablecoin and RWA agreements supported by PayPal. As for USD1 supported by Trump, from Binance's strong promotion, it is likely to become the mainstream stablecoin on the platform in the short term, similar to BUSD back in the day. The U.S. Treasury Secretary also commented on the (stablecoin legislation) last night, predicting that by 2030, the scale of on-chain stablecoins will reach $3.7 trillion, nearly double the current market value of Bitcoin.
Such a massive influx of capital will inevitably give rise to multiple altcoin bull markets. However, as mentioned yesterday, the future altcoin bull market will no longer be a widespread rally, but rather a polarization—on-chain infrastructure and leading players in various sectors will dominate, while many small coins may not even get a taste of the action, and even existing old coins on CEXs may be completely unrelated to the bull market. Therefore, the key to this round of altcoin investment lies in reallocation, decisively abandoning those projects waiting for the market to rescue them, and concentrating funds on truly advantageous targets with users, capital, and resource advantages.
Now let's talk about the recently popular 'stock tokens.' Currently, besides the cryptocurrencies applying for ETFs which belong to standard stock tokens and can attract a large amount of stock market capital, many publicly listed companies are also accumulating cryptocurrencies, which can also be classified as stock tokens. The largest among them is MicroStrategy, which holds a significantly leading number of Bitcoins, and Tesla is also among them.
In addition, there are Cipher Mining (CIFR), Marathon Digital (MARA), Riot Platforms (RIOT), Galaxy Digital (GLXY), CleanSpark (CLSK), Hut 8 (HUT), etc. The Japanese listed company MetaPlanet is also actively laying out, and last night, the U.S. company Fold announced plans to raise $250 million to purchase Bitcoin, while UK Vinanz, Spain's BBVA, and other companies are also joining the ranks of accumulating Bitcoin.
Ethereum's stock tokens include SBET, Tron has SRM, and the Solana ecosystem has KIDZ, DFDV, UPXI, etc. Supporters of XRP can pay attention to VVPR, while Fetch.ai's stock token is TRNR. Today, the ophthalmic listed company Eyenovia announced it would invest $50 million to accumulate Hype tokens. There are many types of stock tokens, and I personally do not reject this concept; instead, I believe it represents the ultimate form of the so-called 'valuable coins' from previous rounds.
If a cryptocurrency doesn't even have stock tokens, it is really hard to call it a valuable coin. In the future, there will be more and more crypto projects that can withstand scrutiny from regulatory bodies like the SEC, and stock tokens will become the 'Trojan horse' for the crypto industry to penetrate the traditional financial system. Coinbase has applied to the SEC to open stock token trading, similar to Robinhood. Although this is a tactic that FTX once used, one must admit that SBF's vision and direction are correct, making him a 'Jia Yueting of the crypto circle.'
Other large and small exchanges will soon follow suit to support stock token trading. The ultimate form of U.S. stocks may be 'stock coins'—in the future, truly high-quality U.S. stocks should have sufficient trading volume and liquidity on the blockchain. This is also closely related to the (stablecoin legislation), as the essence of cryptocurrency is to lower financial thresholds, allowing ordinary people to enjoy financial services without cumbersome scrutiny. However, one must take things step by step; the first step at this stage is the popularization of stock tokens.
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