#加密概念美股 Circle The IPO wave triggered is essentially a milestone in the integration of traditional finance and the crypto ecosystem. In the short term, it looks at the game of expectations for the Federal Reserve's interest rate cuts and the House vote on the 'GENIUS Act'; in the long term, it bets on the increase in RWA penetration (currently on-chain scale of $12 billion + annual growth of 50%) and the replacement of cross-border payments (such as SWIFT-compatible stablecoin settlements). The next batch of listed companies will focus on 'compliance entry-type' platforms (trading, custody) and 'asset bridging-type' service providers (RWA, payments), while pure conceptual projects detached from practical applications may face bubble bursts.