The essence of this article is to clarify what stablecoins really are. It can be said that stablecoins are the most basic application of RWA, where the beneficiaries are Tether and Circle, and they have little to do with most users. When we use USDT and USDC, we are helping Tether and Circle generate profits.

The true RWA should involve issuing Web2 assets in the Web3 space, allowing Web3 users to directly or indirectly hold Web2 assets and enjoy all the benefits from the Web2 domain.

The essence of RWAFi is to leverage this profit on-chain through collateralization and then obtain additional returns through utilization and leverage.

However, currently, there are almost no RWA projects that can achieve this. There are indeed some projects that are not fully compliant, which can provide the ability to buy U.S. Treasury bonds or U.S. stocks through USDT or USDC, but the U.S. Treasury bonds or stocks you purchase cannot be directly traded in the U.S. Treasury and stock markets.

To put it simply, if the platform you bought from disappears one day, what you will have is a pile of worthless tokens, or even no tokens at all, just centralized stored data. Moreover, most platforms, even if they sell you U.S. stocks, will not provide you with complete dividends.

This is also why I have always emphasized that RWA must be compliant as a prerequisite, and that the "on-chain broker" based on RWA is the core focus of RWA. On-chain brokers will represent the biggest opportunity in the next few cycles, with a scale far exceeding that of T2 exchanges.

This post is sponsored by @ApeXProtocolCN | Dex With ApeX

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