Bought some FEFER, the logic is:

If the next round cycle truly revolves around stablecoins and RWA,

the fiercest competition is likely not about who issued another dollar stablecoin.

But rather, who is the first to pave the stablecoin path to their own doorstep.

In the past, stablecoin project parties acted like they were selling water in someone else's mall.

The water is yours.

The shelves belong to someone else.

The parking lot belongs to someone else.

The cash register also belongs to someone else.

Every time a user transfers money,

Gas, liquidity, cross-chain, exchange, compliance entry,

each has to be taken by different people.

Now everyone doesn't want to tolerate it anymore.

Circle makes Arc,

USDC is directly used as Gas,

foreign exchange, payment networks, RWA settlements are all being crammed in together.

Stable uses USDT0 as native Gas.

Stripe and Paradigm incubate Tempo,

Plasma is also competing in the stablecoin payment space.

Note, this is not simply an L1 battle.

This is about stablecoin project parties, payment companies, banks, and exchanges,

all wanting to upgrade from "selling water" to "paving roads, building toll booths, setting up clearinghouses".

If RWA truly starts to scale onto the blockchain,

bonds, stocks, mutual funds, cross-border loans,

all need a stablecoin cash leg to complete settlements.

Whoever controls the cash leg,

gets to decide:

where the assets are settled;

where the liquidity comes from;

who receives the fees;

who determines compliance.

So the most worth watching next,

is not yet another so-called million TPS new chain.

But rather four positions where real money begins to flow:

stablecoin minting, redemption, and exchange.

cross-border payments and cards.

RWA issuance and delivery.

AI Agent's accounts and payments.

Stablecoins are oil.

RWA is goods.

The chain is a port.

The most valuable in the next round,

may not be the loudest ship.

But rather the port that allows all ships to dock, settle, refuel, and pass through.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。