The old money on Wall Street cannot watch RWA in the cryptocurrency industry constantly compete for their business. Stablecoins and US stocks are both serving the financial needs of the United States, and stablecoins at least have US bond reserves behind them, which are profitable. And now the US stocks on cryptocurrency exchanges are all trading in the air. Ondo and xStocks have reserves of US stock assets of less than 2 billion US dollars, but the daily trading volume of tradefi is also several billion US dollars, which is quite scary. The key is that DTC, DTCC, NYSE, Nasdaq and other old money infrastructure have not been able to make a penny and are completely out of regulation. CBRS pricing power has also gone to the exchange, and funds have moved from US stocks to the cryptocurrency circle. Everything is developing too smoothly, and old money cannot avoid trouble.