Recently, more and more projects have abandoned the traditional way of issuing air coins or nesting dolls, and are really starting to do business like banks. Instead of creating a new name for on chain finance, they are directly taking over the most authentic, profitable, and least open layer of the financial system to the public. Why can banks make long-term profits? It is because they hold a large amount of low volatility, predictable cash flow assets, including accounts receivable, private credit, trade financing, short-term working capital of enterprises, etc. These assets generate interest and cash receipts every day, but are almost inaccessible to retail investors. The logic behind this is simple: Rayls connects the asset supply side of institutions to the chain, connects the funding demand side of retail investors to the chain, and seals the risk points with privacy and certainty settlement in between. This is the structure that TradFi is truly willing to use. @RaylsLabs also provides institutions with a complete path. Institutions first tokenize and circulate their assets in private EVMs, then use ZK+homomorphic encryption to achieve confidentiality but verifiability, and finally bring the assets to the public chain for global distribution, integrating DeFi's liquidity and portfolio capabilities. Moreover, as the market weakens, this more stable way of providing returns will be more popular, as everyone dares to easily buy at the bottom. Fixed high-yield wealth management will be more popular, so it is estimated that FDV will have the opportunity to continue to rise. Brazilian payment infrastructure like N ú clea has been continuously running the tokenization flow of accounts receivable, and AmFi has also clearly stated its plan to bring billion level accounts receivable assets onto the chain. The core developer Parfin has received investment endorsement from Tether, especially Tether, which lacks narrative. What it lacks is the ability to truly bring stablecoins into the institutional asset side.