š° This article directly reduces DeFiās core problems to one thing: who can issue assets, and who can distribute those assets afterward.
The authorās view is that the U.S. can use blockchain to distribute dollars, U.S. Treasuries, and related assets. Over the past 10 years, the share of the U.S. dollar in global foreign exchange reserves has fallen from 65% to 58%, but it remains dominant. Meanwhile, the size of the U.S. Treasury market has reached $40 trillion; the 2025 fiscal deficit is $1.8 trillion, and the 2026 forecast is expected to exceed $2 trillion.
š„ After assets are put on-chain, the first beneficiaries may still be trading protocols. The article notes that with Uniās fee switch turned on, Uniās FDV has doubled threefold over the past few months. Based on revenue by DeFi protocol, stablecoin issuers account for 79.8% of the 30-day revenue among the top 15 protocols, DEXs for 11.8%, derivatives represented by Hyperliquid for 6.6%, and lending for 1.8%.
š” The author breaks DeFiās main models into five categories: stablecoins & asset issuance, lending, asset management, trading, and derivativesāamong which āthe power to mintā is what they value most. Tether, Circle, and Sky take different paths: the first two mainly use short-term U.S. Treasuries and dollars as collateral, while Sky leans more toward over-collateralization and DeFi-native mechanisms.
To be honest, whatās really interesting isnāt that yet another trading protocol emerges, but howāafter asset issuanceāthe distribution layers for liquidity, payments, exchange, and lending will unfold. Whoever can connect āissuanceā with ādistributionā may capture the bigger share of revenue streams.
š¤ In the next round of DeFi, what do you think is more worth watching: stablecoin issuers, or trading and lending protocols that absorb the liquidity of these assets?
#DeFi #ēسå®åø #RWA #å åÆéč
The authorās view is that the U.S. can use blockchain to distribute dollars, U.S. Treasuries, and related assets. Over the past 10 years, the share of the U.S. dollar in global foreign exchange reserves has fallen from 65% to 58%, but it remains dominant. Meanwhile, the size of the U.S. Treasury market has reached $40 trillion; the 2025 fiscal deficit is $1.8 trillion, and the 2026 forecast is expected to exceed $2 trillion.
š„ After assets are put on-chain, the first beneficiaries may still be trading protocols. The article notes that with Uniās fee switch turned on, Uniās FDV has doubled threefold over the past few months. Based on revenue by DeFi protocol, stablecoin issuers account for 79.8% of the 30-day revenue among the top 15 protocols, DEXs for 11.8%, derivatives represented by Hyperliquid for 6.6%, and lending for 1.8%.
š” The author breaks DeFiās main models into five categories: stablecoins & asset issuance, lending, asset management, trading, and derivativesāamong which āthe power to mintā is what they value most. Tether, Circle, and Sky take different paths: the first two mainly use short-term U.S. Treasuries and dollars as collateral, while Sky leans more toward over-collateralization and DeFi-native mechanisms.
To be honest, whatās really interesting isnāt that yet another trading protocol emerges, but howāafter asset issuanceāthe distribution layers for liquidity, payments, exchange, and lending will unfold. Whoever can connect āissuanceā with ādistributionā may capture the bigger share of revenue streams.
š¤ In the next round of DeFi, what do you think is more worth watching: stablecoin issuers, or trading and lending protocols that absorb the liquidity of these assets?
#DeFi #ēسå®åø #RWA #å åÆéč
