In 2025, the global financial system is undergoing a silent revolution. U.S. lawmakers propose the Treasury to purchase 1 million Bitcoins as strategic reserves, giants like BlackRock push for tokenization of U.S. Treasury bonds, and Ondo Chain goes live on mainstream exchanges... these signals indicate that RWA (Real World Asset tokenization) has transitioned from concept to implementation, and Bitcoin may become the 'digital gold reserve' of the new century.
How will this transformation reshape the global capital landscape? Has the on-chain dollar hegemony begun to take shape? How should the crypto world respond?
1. Federal Reserve buying BTC? Bitcoin may become the 'new gold'
The 'Bitcoin Strategic Reserve' bill proposed by U.S. senators is not unfounded. Under the pressure of $36 trillion in U.S. Treasury bonds, the traditional dollar system anchored by gold and oil is facing challenges.
- Han Feng (Academician of the U.S. National Academy of AI Sciences) pointed out from a quantum mechanics perspective: 'The essence of the universe is information, and Bitcoin, as 'the gold of information', will become a new carrier of value.'
- Chris Lee (former CFO of OKX/Huobi) analyzed: 'U.S. capital has controlled over 1.7 million BTC; if included in reserves, it could alleviate the dollar credit crisis.'
- Mu Mu (RWA expert) estimates: 'If Bitcoin is benchmarked against gold's market value ($22 trillion), there is still a 10-fold growth space, which could give rise to a 'on-chain + off-chain' dual-track currency system.'
- Song (Dogecoin community leader): proposed 'computing power equals power'; believes Bitcoin, if reserved by the state, needs to break through $1 million per coin, but its decentralized nature may challenge government control.
What does this mean?
- Bitcoin may become the third largest reserve asset after gold and oil, and may even enter the Federal Reserve's balance sheet.
- The U.S. or the combination of 'BTC + U.S. Treasury' builds a new generation of global financial anchoring system.
2. RWA explosion: Wall Street is 'on-chainifying'
Ondo goes live on Coinbase, BlackRock issues tokenized funds... RWA is no longer a niche experiment but a trillion-dollar track that institutions are eagerly laying out.
(1) Tokenization of U.S. Treasury bonds: DeFi play that doubles returns
Traditional U.S. Treasury bonds yield about 4% annually, but through an RWA + DeFi combination (such as collateralizing U.S. Treasury bonds to provide liquidity), the overall yield can reach over 10%.
(2) Real estate and commodities on-chain: Opportunity or bubble?
- Supporters (Chris Lee): 'Tokenization of standardized assets (Treasuries, stocks) is the breakthrough point; Ondo Chain has proven that compliance is feasible.'
- Skeptics (Song): 'Hard on-chain real estate is a false demand; true RWA should reconstruct financial production relationships, not just simple mapping.'
- Innovative cases: Land mortgage lending in Cambodia, NFTization of tuna fishing rights in Australia, showcasing the potential of on-chain P2P finance.
(3) The compliance war: Why has Hong Kong fallen behind?
The U.S. is rapidly advancing through 'permissioned chains + institution-led' initiatives, while Hong Kong misses opportunities due to regulatory fragmentation. In the future, compliance capability will determine the success or failure of RWA.
3. On-chain dollar hegemony: USDT is just the beginning
USDT (with a market cap of $160 billion) has become the de facto 'on-chain dollar', and if U.S. Treasury bonds are fully tokenized, global capital flows will be completely reshaped.
(1) Dual-track currency system
- Off-chain dollars: Traditional SWIFT system
- On-chain dollars: USDT, USDC, Treasury bond stablecoins
(2) Breaking points for emerging countries
- Gold ETF tokenization: Bypassing the dollar system and settling directly with on-chain gold.
- Computing power game: Song proposed 'computing power equals power'; if China opens Bitcoin mining, it may change the on-chain financial landscape.
(3) Crypto spirit vs. Wall Street control
- Risks: If RWA is entirely led by institutions, it may form an 'on-chain colonial system.'
- Opportunity: True DeFi + RWA should allow global users to share profits, rather than just serve traditional capital.
4. Future outlook: How will RWA change the world?
- Short-term (1-3 years): Tokenization of U.S. Treasury bonds, gold, and blue-chip stocks will explode, and BTC may enter national reserves.
- Medium-term (3-5 years): The on-chain dollar system takes shape, emerging countries seek alternatives (such as gold stablecoins).
- Long-term (5-10 years): RWA may reconstruct the global balance sheet, forming a 'on-chain + off-chain' dual-track financial world.
Conclusion
RWA is not only a technological upgrade but also a transfer of financial power. Can Bitcoin become a new reserve asset? Will on-chain dollars monopolize global liquidity? These questions will determine the wealth landscape of the next decade.
(The views in this article come from guests of Cointime Space)
