The stablecoin bill will bring the biggest change to this track DeFi underlying protocols are the biggest beneficiaries Stablecoins are gradually diverging, and the decentralized stablecoin space is being compressed, leaving only wealth management type (USDe) or internal use of protocols (such as GHO/USX) USDC faces compliance challenges, while USDT benefits more as a shadow dollar. Stablecoins are just the prelude to the RWA wave DeFi+AI will begin a new development paradigm, with 80% of logic being agent-based