Determined by regulatory trends and capital flows. A potential future combination could be: tokenized Treasury bonds serving as the risk-free leg foundation, combined with a term structure curve pieced together using CME basis / Bitfinex term structure / on-chain interest rate swaps—or a governance-neutral aggregate index.

While the entire industry is discussing "RWA tokenization," the next truly structural opportunity might be "on-chain native credit creation."

The entire stablecoin yield economy is being forcibly restructured from "yield against holdings" to "yield for usage." Tokenized money market funds, serving as underlying reserve assets, are emerging as one of the most robustly benefiting compliant yield infrastructures in this new paradigm.

We have systematically outlined five core issues: ① The political economy of the CLARITY Act; ② The prudential regulatory logic and market impact of the GENIUS Act; ③ The nature, compromises, and future trajectory of the stablecoin yield war; ④ The stakeholder dynamics of a four-party game; ⑤ The global chain reaction of its passage or failure — aiming to provide researchers, practitioners, and policy observers with a comprehensive analytical framework.

We have extracted these verified facts from the literary narrative and, following six analytical threads, conducted a structural analysis of the actual risks associated with WLFI.

This article will analyze the development trajectory of Robinhood's wealth management business in 2025 based on data, and discuss its strategic advantages across five core dimensions: customer acquisition and asset transfer mechanisms, evolution of the profit model, ecosystem closure, brand repositioning, and operational cost structure.

This article provides an in-depth reconstruction of the Resolv Labs attack incident and broadens the perspective to the macro history of yield-bearing stablecoins as a whole. It deconstructs the chain collapse of USDX/xUSD/deUSD in November 2025, along with the severe damage to the "Curator" ecosystem of lending protocols in this event, the systemic failure of risk-free automated scripts under extreme market conditions, and the layered contagion risks embedded within the DeFi Lego blocks.

With the launch of Builder Code and the maturation of the EVM ecosystem, Lighter is expected to form its own ecosystem flywheel in the second half of 2026.

Marked by ICE's investment in OKX, the capacity consolidation in the crypto asset trading sector is nearing its end. Within the foreseeable macro cycle, as traditional regulatory frameworks like the Basel Accords substantially cover crypto asset exposures and persistently high compliance costs continue to squeeze platform profit margins, global crypto liquidity will irreversibly concentrate towards a few oligopolistic nodes possessing "traditional licenses + native infrastructure."

What core pain points in underlying engineering does this Agent Skill, which has been embraced by major companies and core developers alike, actually solve? What are its fundamental differences from, and how does it synergize with, the currently trending MCP?

Web 4.0 not only possesses the technical feasibility for rapid implementation, but its early forms have already quietly launched within the geek community through x402, the Base network, and the Conway terminal.

The emergence of the x402 protocol acted as a catalyst, injecting new narratives and capital flows into the long-dormant AI Agent sector.

RWA has a bright future, but there are only a handful of infrastructures specifically designed to manage traditional assets and enable on-chain liquidity.

We still need to adhere to long-termism, squeeze out the long-standing abscesses in the process, and adapt to and face the pain caused by returning to long-termism.

ETHTaipei 2025 will be technology-focused and will inspire innovation potential. From Vitalik’s forward-looking insights to the practical results of hackathons, this is a feast of knowledge and an annual opportunity for you to connect with global Ethereum leaders, top projects, and developer communities - all in ETHTaipei.