One more thing to add: among Payfi/stablecoins/RWA, aside from the projects I mentioned earlier like CRCL, Plasma, ENA, and Ondo, another one I’m personally keeping an eye on is @tempo. The reason I didn’t write about it last time was mainly because I thought it might not issue a token. But after listening to the latest episode of the Bankless podcast, I now feel that Tempo will probably issue one in the end. If my optimism about Plasma comes from Tether’s investment, the founder’s incredible execution, and its strong connections with major blue-chip DeFi projects and Binance’s resources, then my optimism about Tempo is purely based on Stripe being the strongest B2B distribution channel serving millions of merchants, and Paradigm—arguably the most technically hardcore and well-known VC in the space—directly stepping in to build (not just invest, but actually build). Hyperliquid’s stablecoin “recruitment” battle has already proven to the market how important distribution channels are beyond just issuance. Could the future of stablecoin public chains be a dual-king model of Plasma for B2C + Tempo for B2B?