This article explores the structural changes brought about by stablecoin legislation, explores the development trends of on-chain asset management and RWA, analyzes the logic behind the rise of coin-stock linkage in market structure, and discusses the evolution and potential impact of tokenization in the traditional financial system. As global compliance efforts accelerate, crypto finance's second growth curve is gradually unfolding. This article provides a systematic observation framework.

In May 2025, the U.S. Senate passed the GENIUS Act, marking a major shift in stablecoin regulation and U.S. dollar strategy. This article analyzes how the bill strengthens the dollar's anchoring position in the Crypto era through compliant stablecoins, and explores its new round of profound impact on the global financial system, DeFi mechanisms, and asset management.

The article revolves around the far-reaching impact of Trump's tariff policy on the global market, exploring the macroeconomic chaos at the intersection of the Kondratiev Wave, the failure of traditional models, and the opportunity for qualitative change in the Crypto market, especially Bitcoin.

LSD’s definition narrative ignited the market, and LYD emphasized Yield to weaken the negative impact of Staking on Liquid.

The turning point brought about by the second curve is two-way, that is, it will have a qualitative change and far-reaching impact on both the Crypto Market and TradFi.