A large portion of active funds in the cryptocurrency market have flowed into US Treasury bonds and RWA projects. Since the implementation of the GENIUS Act in 2025, Regulatory requirements require compliant US dollar stablecoins to hold a 1:1 reserve fund, It is similar to the disguised mandatory requirement that the stable currency reserve must hold US treasury bond bonds. Due to the explicit prohibition of stablecoin issuers from directly paying interest to ordinary users in the bill, And stablecoin issuers need more token issuances, so they cooperate with RWA related projects to release interest to retail investors holding stablecoins. At present, the total market value of the RWA sector has exceeded 33.7 billion US dollars, and the scale of tokenized US bonds has approached 15.5 billion US dollars. In fact, most RWA projects can provide a stable yield of around 5%, which is almost 2-5 times higher than the current mainstream Defi. The on chain finance, which claims to be free and decentralized, ultimately became the acquirer of traditional finance.