This article, drawing on the U.S. crypto market structural legislation, the Clarity Act, and related discussions at the Davos Forum, systematically analyzes the true sources of stablecoin yield from financial principles. It dissects the four mainstream models using "first principles": on-chain lending, RWA, centralized wealth management, and algorithmic subsidy models. Sustainable yield must be able to answer the two fundamental questions: "Who is paying?" and "Where does the capital flow?" Stablecoin yield is essentially the on-chain reconstruction of the ancient financial concept of interest, evolving from a fringe experiment into a component of financial infrastructure being taken seriously by global policymakers.

The Ethereum Foundation is engaging more deeply in the ecosystem development of the Hong Kong and Asian communities through more frequent and direct communication.

From a 5-year, 3-year, 1-year, and 3-month perspective, Bitcoin's drawdown in 2025 was not significant relative to historical drawdown magnitudes.

The crypto industry in 2026 will stand at a clear watershed, marked by the institutional entry of institutional capital and the end of the traditional four-year halving cycle. The underlying logic of industry development is undergoing a fundamental shift. Institutionalization, regulatory clarity, the fusion of AI and Crypto technologies, the transfer of value to the application layer, and stablecoins and RWA becoming core bridges constitute five irreversible consensuses, collectively driving the industry from "speculation and narrative-driven" to a structurally mature stage defined by "cash flow, utility, and compliance."

New York Stock Exchange Plans to Launch Tokenized Securities Trading and On-Chain Settlement Platform; Tokenized Assets May Grow to $400 Billion by 2026, with Banks and Asset Managers Accelerating Entry.

The train of the era is roaring forward; will you choose to be under the carriage or inside it?

Using real data to pinpoint where asset tokenization truly fails: the market structure that supports these assets has never been properly established.

2025 was not a year where crypto lost its growth momentum, but rather a year when institutional capital truly began to dictate market direction.

This article will elaborate in detail on Hong Kong's RWA regulatory practices and representative projects.

Gold itself possesses a globally unified pricing mechanism, a long-term liquidity foundation, and mature physical delivery standards, making it a crucial sample for testing whether "asset tokenization possesses verifiability and long-term operational capability."

All past experiences have shaped who I am today.

The market capitalization of RWA excluding stablecoins has surpassed $20 billion, and stablecoin transaction volume reached a staggering $33 trillion in 2025, both setting new historical highs.

The institutional RWA landscape in early 2026 reveals an unexpected trend: there is no single winner because there is no single market.

It aims to move RWA beyond institutional narratives, forming a sustainable aggregation of attention and liquidity on-chain, much like a clearly identifiable sector.

This report will dissect Figure's Q3 financial results and evaluate whether its "blockchain-native" strategy constitutes a true moat, as well as its long-term investment value in the increasingly crowded RWA sector, based on recent updates to its revenue sources and business model.

Entering 2026, the crypto market is undergoing a profound structural transformation. The long-repeated "four-year bull-bear cycle" is losing its explanatory power over the market, being replaced by a process of structural evolution characterized by parallel asset logics, diverging capital behaviors, and a slowing price rhythm.