Stablecoin, RWA and Decentralized Finance: The Triple Catalysts Driving the Revaluation of ETH

Recently, the performance of cryptocurrency stocks has been outstanding, prompting investors to consider several key questions: Where will the market increment be after the stablecoin bill is passed? Why have certain tokens surged due to Ethereum's hotspots? What is the connection between RWA opportunities and Ethereum? Why is there still optimism for ETH despite short-term price fluctuations? This article will systematically address these questions from a foundational logic and long-term perspective.

"The rise of ETH is not driven by individual institutions, but rather a collective choice of mainstream institutions as they make transformative arrangements. The critical point of trend change is approaching."

1. Data Analysis

The total market value of stablecoins has reached a historic high of $258.3 billion. The U.S. "Genius" bill has passed the Senate and is under review in the House of Representatives. The Hong Kong "Stablecoin Regulation" will take effect on August 1. The U.S. Treasury Secretary predicts that if the U.S. stablecoin bill is passed, its market value is expected to rapidly increase to over $2 trillion in the coming years.

Asset tokenization ( RWA ) market has grown from $5.2 billion in 2023 to $24.3 billion, an increase of 460%. According to industry forecasts, by 2030-2034, 10%-30% of global assets could be tokenized, potentially reaching a scale of $40-120 trillion, more than 1000 times the current amount.

Mainstream institutions are actively laying out related businesses:

• BlackRock BUIDL Fund: Tokenized US Dollar Pegged Fund, AUM reaches $2.86 billion, 95% deployed on Ethereum.

• Securitize: Collaborating with multiple institutions to issue tokenized products, with a total market value of $3.7 billion, 80% deployed on Ethereum.

• Franklin Templeton BENJI Fund: tokenized fund, AUM $743 million, 10% deployed in ETH.

The layout of these institutions represents the transition from years of infrastructure construction to large-scale deployment.

2. Reunderstanding RWA

RWA( physical assets ) digitize real-world assets through blockchain technology and map them as on-chain tokens. Its core advantages include:

1. Programmability: Achieving asset management automation through smart contracts.

2. Instant settlement: Peer-to-peer trading reduces counterparty risk.

3. Liquidity Enhancement: Standardization of segmentation makes low liquidity assets easier to trade.

4. Global Accessibility: Breaking geographical boundaries to expand the investor base.

Current main tokenization areas:

1. Private lending: the largest scale, reaching 14.3 billion USD.
2. Government Bonds: $7.4 billion, a traditional institutional entry point.
3. Stocks: The exchange is accelerating its progress.
4. Product: primarily gold.
5. Private Equity: Actively Exploring.

3. Stablecoin-RWA-DeFi Integration

Stablecoins are the foundation of traditional finance integrated onto the blockchain, making currency programmable. The development of RWA benefits from institutions exploring new integration models. When a large number of assets are on-chain, DeFi will play a role in achieving efficiency, automation, and compliance, or ushering in a new round of vigorous development.

RWA and DeFi Integration Case:

1. Securitize connects DeFi through sTokens: such as BlackRock BUIDL with Euler protocol, Apollo ACRED with Morpho protocol.

2. Ethena's USDtb fusion BUIDL achieves a stable yield floor.

4. ETH Becomes Mainstream Choice for Institutions

ETH is currently the main public chain for institutional asset tokenization, accounting for 58.41% of the total scale. Reasons why institutions choose ETH:

1. Highest Security: Ten years of security record, strong stability.

2. Mature Decentralized Finance ecosystem: good liquidity,完善 protocol.

3. Decentralization and global reach: balancing interests center.

Etherealize believes that ETH is a new type of asset: the "digital oil" powering the new financial system of the internet. ETH has multiple functions, including computational fuel, value storage, and settlement collateral.

The reason ETH is lagging behind BTC is that its narrative has not yet been widely accepted by institutions. However, the repricing process is accelerating:

1. Institutional demand surges
2. The demand for native crypto yield is rising
3. Strategic accumulation of ETH
4. ETH has become a reserve asset for institutional funds

In summary, while ETH is not the only long-term choice for institutions, it is currently the optimal solution for large-scale asset on-chain. Combining data and trends, the trend of ETH being reassessed has already emerged.