People saying stablecoins and RWAs on Ethereum aren't adding value to ETH the asset are missing something. Liquidity. Trillions in stablecoins and RWAs on Ethereum is DEX/CEX liquidity for ETH. Assets like: - dollars, treasuries - gold, commodities - euros, yen, yuan, pounds - stocks indicies All these will have ETH trading pairs. With tens of trillions in assets on Ethereum then ETH will have the deepest liquidity in the world against the broadest range of assets in the most bank seizure resistant way. Saleability makes a money. Austrian economists like Menger saw saleability as the primary characteristic for a money - the most saleable good in an economy is destined to be used as money. Can you sell the asset in size without moving price? Can you sell it against all other assets? Can you sell it from anywhere, without restriction? Gold was adopted as a global monetary standard during the because the demand and liquidity for gold was reliable and deep regardless of location. Through DeFi, ETH liquidity is reliable and deep regardless of location. It has no capital controls. It cannot be shutdown. More assets on Ethereum increase the saleability of ETH. More assets on Ethereum make ETH a better store of value money. Store of value is the end game. There's been an obsession this cycle with viewing L1 assets like ETH based on revenue from blockspace sales. But this is flawed. Blockspace will continue to expand, validator MEV will continue to reduce - this is called scaling - and it is necessary because the alternative to scaling onchain is scaling offchain in centralized finance. So if a blockspace scales, then supply increases and revenue goes down. In the end game revenue for L1 assets doesn't matter, it's only saleability, it's only store of value. Bitcoin has already skipped to the end game, but is scaling mostly offchain. ETH is heading toward end game as well, but scaling mostly onchain, and still misunderstood. All of this assumes people want to hold ETH. It is true, tens of trillion of stablecoins and RWAs on Ethereum will not automatically make ETH the most saleable good. In order to do this, we also need an ETH market cap in the tens of trillions. If people decide not to hold ETH, and store value in gold, or stocks, or bitcoin, or a basket of L1 assets instead, then ETH will not maximize its saleability. Money is a consensus technology. But I think the consensus for ETH is growing - ETH has lower issuance than Gold and Bitcoin - it has similar nation state grade anti-tampering as Bitcoin (in some ways better) and adds DeFi. These properties uniquely position ETH as a top contender in ongoing competition for global store of value. The bottomline Stablecoins and RWAs on Ethereum make ETH more saleable and thus more valuable.(RYAN SΞAN ADAMS - rsa.eth 🦄)