Today I want to talk about stablecoins The stable currency is the most natural existence in the crypto world. It has begun to form a new capital cycle together with US treasury bond bonds, US shell companies and online memes. The triangular battle of on chain finance, consisting of stablecoins, US stock assets, and emotional memes In fact, if you look at the underlying assets of a stable currency, you will find that behind each stable currency, there may be a piece of short-term US treasury bond bonds. As the legislation is about to pass, the scale of stable currency issuance will only become larger and larger, which means that more demand for treasury bond is forced into the crypto market, and stable currency is more like an extension tool on the chain of US dollar treasury bond. In addition, US stock assets are penetrating the cryptocurrency market, and one of the most noticeable phenomena this year is that many people are starting to look at both the US stock market and the cryptocurrency market simultaneously. Previously, Bitcoin ETFs were a special case, but now they are different. Circle is directly listed, Coinbase has become a concept stock on the exchange, and micro strategies use US stock companies to raise funds and leverage to buy BTC. These actions essentially turn on chain narratives through the US stock secondary market into US dollar liquidity and then back into the cryptocurrency circle. It can also be understood as a form of cross chain funding, where money on the chain is thought to be in the US stock market, and investors become concerned about both BTC prices and micro strategy financial reports. I personally believe that it will accelerate the anxiety of retail investors, and at the same time, it also brings a fact that the starting point of the next bull market is definitely not only on the chain, but at the intersection of the chain and the US stock market. Now, meme is digesting the remaining risk funds. If stablecoins are a safe harbor and US stock assets are the RWA entrance, then memes are the export of fund emotions? After the expansion of stablecoins, some funds will always flow into highly volatile memes. Whenever market sentiment rises, the stablecoin pool becomes short-term liquidity, perhaps this is the new ecology of on chain funds now. I personally believe that retail investors only need two types of stablecoins. One is a liquid stablecoin that can be easily exchanged for other assets, such as USDT/USDC, and the other is the main settlement stablecoin with the highest psychological security. The remaining ones, which are newly issued, have high interest rates, and strong narratives, can participate, but do not bet all your funds, because when funds cross chains, platforms, and narratives, what truly determines your sense of security is not whose APY is high, but once the market trend changes, can you run away first? I am curious that as the three funding channels of stablecoins, US stocks, and memes become closer, investors will become more free? Or more anxious? Welcome to leave a message and share ❤️ Thank you Stable coin Rwa US stock tokenization