In fact, the essence of this article is to clarify the essence of stablecoins. It can be said that stablecoins are the most basic RWA applications, but the beneficiaries are Tether and Circle, and they have nothing to do with most users. When we use USDT and USDC, we are helping Tether and Circle create profits. The true RWA should be to issue Web2 assets in the Web3 domain, allowing Web3 users to directly or indirectly hold Web2 assets and enjoy all the benefits of the Web2 domain. The essence of RWAFi is to obtain additional income on the chain through collateral, reuse, and leverage. But currently, there are hardly any RWA projects that can achieve this. Indeed, some non compliant project parties can offer to buy US bonds or stocks through USDT or USDC, but the US bonds or stocks you buy cannot be traded directly in the US bond and stock markets. Speaking of human words, on that day the platform you bought disappeared, and all you received was a pile of junk coins, not even junk coins, only centrally stored data. Moreover, most platforms, even if sold to you in the US stock market, will not give you a complete dividend. This is also why I have been emphasizing that RWA is based on compliance as a prerequisite, and the "on chain securities firms" based on RWA are the core focus of RWA. On chain securities firms will be the biggest opportunity in the next few cycles, with a scale far exceeding that of the T2 exchange track. This tweet is sponsored by @ ApeXProtocolCN | Dex With Apex