Stablecoins, once the domain of DeFi and airdrop players, are now fully taken over by U.S. stocks, Wall Street, and government bond funds. This is not a small narrative, but a reconstruction of the on-chain dollar order.
What does Circle's upcoming IPO in the U.S. mean?
✅ Significance 1: Stablecoins are turning into 'digital U.S. Treasury bonds.'
The essence of USDC is U.S. Treasury yields + on-chain settlement capability.
Stablecoins are shifting from 'on-chain payment tools' to 'interest rate arbitrage + dollar dissemination tools' in the eyes of Wall Street. Whoever controls stablecoins controls the next round of on-chain financial sovereignty.
✅ Significance 2: RWA is the 'landing craft' for TradFi to enter the crypto world.
RWA ≠ Tokenization of real estate, but rather the on-chain reissuance of 'government bonds, funds, cash flow assets.'
From BlackRock, Franklin to Binance, Solve, all RWA projects are answering one question:
How to package real returns, distribute them on-chain, and combine them freely?
🔍 Which projects are worth paying attention to or positioning in advance?
Below is the Alpha list where 'stablecoins + RWA' intersect:
🧭 The narrative for the next round has already been written:
Circle's IPO → Standardization of stablecoin compliance
RWA expansion → Globalization of on-chain U.S. Treasury yields
Interest rate agreements explosion → Opening of the on-chain fixed income market
This is not niche Alpha; it is mainstream finance actively 'going on-chain.'
If 2020 was the year Uniswap opened the door to on-chain asset liberalization,
then after 2025, it will be Circle, BlackRock, and others
turning 'on-chain dollars' into core assets of the new global financial landscape.
It is not a peak yet; it has just begun.