Currently, only stablecoins and RWAs are likely to have incremental growth in Crypto, capturing liquidity from the real world. RWA seems far away from ordinary people, but some coins are crazily pulling the market, such as OM, WHITE, etc This round of RWA evolution seems to be like this: ->DeFi protocols led by MakerDAO purchase US bonds to capture real returns ->TradFi deepens the integration and interaction between DeFi and TradFi through the onboarding of stablecoins with real on chain returns, represented by USDe, and the establishment of tokenized funds by veteran financial institutions such as BlackRock ->The true meaning of RWA is to tokenize real assets on the blockchain. First, COIN MSTR TSLA, which is strongly related to Crypto, will be listed on the US stock market. Later, it will evolve into US stocks, real estate, Bitcoin ETFs, and then pledged. Ultimately, it may become a new asset issuance method of stock tokens Although there have been explorations in the field of stock tokens or real asset tokenization in the past, and earlier STOs, including the previous round of Terra, have also engaged in on chain speculation of US stocks, they lacked an important prerequisite in the past: BTC becoming a truly mainstream financial asset through ETFs