Stablecoin is a peer-to-peer electronic cash system, but Bitcoin is not.

The long-term slow bull structure of Bitcoin is not linear, nor will it rise every day, but a wave path formed by several policy switches, geopolitical conflicts, technological changes and market sentiment. However, as long as the path of Bitcoin's "asset attribute evolution" continues to be clear, it has the potential to become the most certain target of participation in this round of global capital revaluation.

Corporate Bitcoin reserves are exploding, and an “Orange Flag” movement is sweeping the world.

Stablecoins have long been regarded as the "crown of the cryptocurrency industry." When systematically sorting out the revenue mechanisms behind stablecoins, this article summarizes them into nine categories, including on-chain lending, real assets (RWA), AMM market making, CeFi deposits, protocol savings rates (such as DSR), fixed-rate notes, derivatives hedging, pledge income, and strategy aggregation Vault.

The future financial world will not be defined solely by stablecoins, but by the ecosystem that forms around them.

Let’s review Circle’s history and its relationship with China.

On June 3, 2025, the electronic screens in the Wall Street trading hall were suddenly flooded with blood. The price of Bitcoin broke through the $110,000 mark, and short positions were collectively liquidated within an hour. $2.7 billion of funds poured in through the Bitcoin spot ETF, pushing the price to a historical peak.

A New Catalyst for the Crypto Bull Run?

Accelerating the circulation of money is the core application of cryptocurrency, and putting RWA on the chain is in line with this trend.

A comprehensive inventory of the main categories and representative projects of the RWA ecosystem in 2025.

In general, the launch of Aave Umbrella has optimized the pressure on the supply side of AAVE tokenomics and improved capital efficiency from the perspective of the project. However, it is necessary to observe the impact of the transition of participants in the original incentive scenarios on the protocol. As for stkGHO participants alone, they may need to look for other Yield scenarios.

Avantis announced last night that it has completed an $8 million Series A financing round. It is not too late to interact now - the LP annualized rate is up to 20.5%, plus 5 times the points efficiency.

Yet another crypto-embracing president has arrived on the political stage.

Trump's eldest son: After being unable to obtain banking services, the family has gone all in on Bitcoin and cryptocurrency.

During the BTC 2025 conference, BTC fluctuated and adjusted, ETF fund flows diverged, market wait-and-see sentiment intensified, and policy and funding impacts continued.

BIS report: Stablecoins affect U.S. short-term Treasury bond interest rates and may weaken the central bank's policy tools.