Why are we optimistic about the RWA track? Vivi's teacher works on the front lines of RWA and DeFi, providing me with practical analysis. Brother Bee may be more theoretical, with the logic being the US dollar, US Treasury bonds, and Trump. ┈┈➤ The US dollar and US Treasury bonds need stablecoins ╰┈⯈ US dollar stablecoins are one of the forms of globalizing the US dollar On one hand, Trump wants to bring manufacturing back, and his method is to impose tariffs. Opposing countries will likely also impose tariffs, which will lead to a decrease in US imports and exports, reducing the trade deficit. Historically, the US has exported dollars through trade deficits. However, with a reduced trade deficit, the export of dollars will also decrease. US dollar stablecoins indirectly export dollars globally. ╰┈⯈ US dollar stablecoins increase the demand for US Treasury bonds On the other hand, there is the US government's fiscal deficit. We can't just say that increasing taxes will boost fiscal revenue, right?! This isn't the ancient era of imposing heavy taxes. Therefore, issuing more Treasury bonds is a way to increase federal government revenue. However, if too many bonds are issued, it will cause bond prices to fall and yields to rise, which increases the cost of issuing bonds for the US government. The issuance of US dollar stablecoins requires holding US Treasury bonds. Thus, US dollar stablecoins are beneficial in the long term for increasing the demand for Treasury bonds and preventing bond prices from falling. From these two perspectives, the US, at least under Trump, hopes to continue promoting on-chain stablecoins for the dollar. ┈┈➤ Trump personally promotes RWA itself includes stablecoins and products related to Treasury bonds. The development of RWA can naturally enhance the demand for US dollar stablecoins and Treasury bonds. This is why Trump will issue USD1 and WLFI. Of course, if the Trump family can profit from it, that's a bonus. But Trump's main goal is to guide the market. "Look, the president is involved in stablecoins, RWA, and DeFi." This serves as a market guide, which is Trump's primary objective. ┈┈➤ Data Overall, from 2023 to now, the total DeFi TVL across the network is on an upward trend. In comparison, the growth rate of RWA TVL may be even faster, with fewer fluctuations. According to DeFiLlama, the total RWA in the last 7 days: transaction fees of $4 million, generating revenue of $3.06 million. The growth of RWA is evident; on January 1, 2023, the total RWA TVL was $757.16 million, accounting for 1.718% of the total DeFi TVL. By September 20, 2025, the total RWA TVL is projected to be $15.723 billion, accounting for 9.281% of the total DeFi TVL. ┈┈➤ In conclusion In fact, Web3 should not be independent; rather, it should integrate with Web2 and traditional finance to truly serve society. RWA, like crypto ETFs and cryptocurrency funds, are products that merge Web3 with Web2. Of course, the impact of the RWA product ecosystem on the dollar or Treasury bonds, as well as the integration of Web3 and Web2, is a gradual and long-term process. As for whether RWA will experience a surge in popularity? This may depend on whether large-scale participatory RWA products can emerge, similar to DeFi, inscriptions, and Memes.