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Original title: "IOSG Weekly Brief|Ethereum RWA Explosion: Regulatory Changes and New Growth Engine #278" Original article by Sam, IOSG Ventures TL; DR: Take the stablecoin bill as an introduction, introduce the recent public attention and discussion on RWA, and then start talking about the RWA data analysis on Ethereum (zksync can be used as a highlight) What impact will the emergence of Etherealize have on Ethereum Ethereum's stablecoin issuance and DeFi have always had a strong moat, combined with the new policy of the United States, can traditional finance and DeFi be organically linked through RWA, as the most credible and decentralized blockchain, We continue to be bullish on where Ethereum's points are The bill catalyzes and the market is concerned Against the backdrop of a rapidly evolving traditional financial and regulatory environment, the recent passage of the GENIUS Act has reignited interest in RWAs. In addition to stablecoins and major legislative developments, the RWA space has quietly reached a number of important milestones: continued strong growth and a series of notable breakthroughs – such as Kraken's launch of tokenized stocks and ETFs, Robinhood's proposal to the U.S. Securities and Exchange Commission (SEC) to give token assets the same status as traditional assets, and Centrifuge's $400 million decentralized JTRSY fund on Solana. At a time when market attention is at an all-time high and the wider adoption of traditional finance is just around the corner, it's important to take a deep look at the current RWA landscape – and especially the status of leading platforms like Ethereum. Ethereum-based RWA has shown impressive month-on-month growth, often maintaining double-digit highs; Growth in 2025 will accelerate even faster than in 2024, when it was a single-digit month. Another key factor driving this momentum is Etherealize as a catalyst for regulatory development, and the Ethereum Foundation's strategic focus on RWA. At this critical juncture, this article will take a deep dive into the evolution of RWA on Ethereum and its Layer-2 network. RWA Ecosystem Map, IOSG Data analysis: A panoramic view of Ethereum RWA growth The data clearly shows that Ethereum's RWA value has entered a clear growth cycle. Looking at the total value of Ethereum's non-stablecoin RWA, the long-term trajectory is striking – it has remained in the $1 billion to $2 billion range for many years until it enters a phase of rapid growth in April 2024. This growth momentum continues to accelerate through 2025. The core driver is BlackRock's BUIDL fund, which is now worth $2.7 billion. As shown by the orange trend line, BUIDL itself has shown parabolic growth since March 2025, driving the overall expansion of the Ethereum RWA ecosystem. RWA.xyz, IOSG By asset class (excluding stablecoins), the market capitalization of real-world assets (RWAs) on Ethereum is highly concentrated in two main categories: Treasury projects (75.9%) and commodities (dominated by gold, 20.3%), with other categories accounting for a small proportion. In contrast, private credit accounts for the highest proportion of RWA market capitalization in the overall crypto market (57.4%), followed by Treasury projects (30.9%). RWA.xyz, IOSG RWA.xyz, IOSG Further focusing on the top assets of Ethereum RWA, the pie chart clearly reveals the dominance of BUIDL. Looking back a year ago, the comparison shows that BUIDL was comparable in scale to PAXG, XAUT and other products, and now it has formed a significant surpass. Although the composition of the top 10 projects is basically stable, the growth rate of treasury bond products is significantly ahead of that of gold products, and the market share continues to expand. RWA.xyz, IOSG RWA.xyz, IOSG From the perspective of protocols, the current leaders are mainly stablecoin issuers - the top four protocols are Tether, Circle, MakerDAO (Dai stablecoin system) and Ethena. It is worth noting that the total value of the securitization protocol Securitize has significantly surpassed some stablecoin projects such as FDUSD and USDC, and has jumped to the top. Other securities protocols in the top 10 include Ondo and Superstate. RWA.xyz, IOSG Focusing on the month-to-date data for the beginning of 2024, the wave of growth began in April 2024 and achieved a staggering 26.6% increase in the month – a quarter of the total incremental increase in Ethereum RWA in a single month. This momentum continued into the next three months, and although it slowed slightly between August and December 2024, the network still maintained an increase of about $200 million per month (about 5% QoQ and over 60% annualized). Growth exploded again in January 2025, surging 33.2% month-on-month. After a brief correction in February, Ethereum maintained double-digit growth for four consecutive months, with month-on-month growth exceeding the 20% mark in April and May. RWA.xyz, IOSG BUIDL With BUIDL's rapid rise to become the largest project in the Ethereum RWA ecosystem by market capitalization, a detailed understanding of its growth path is crucial. The month-on-month growth chart reveals that the indicator remained relatively stable through March 2025 and then showed an explosive jump in March 2025. However, the latest May data shows that the ultra-fast growth trend has slowed slightly, but there is still an increase of $210 million, an increase of 8.38% month-on-month. Developments in the coming months are a key window to watch – we need to track whether growth continues to slow or continues to grow explosively. RWA.xyz, IOSG BUIDL's explosive growth stems from a number of factors. The growth was largely driven by institutional demand, and the competitiveness of the products was a key driver of success: 24/7 operations, faster settlement than traditional finance, and high yields within a compliance framework. Notably, DeFi integrations are realizing synergies and unlocking more utility, such as Ethena Labs' USDtb product, which has 90% of its reserves backed by BUIDL. At the same time, the recognition of BUIDL as a high-quality collateral continues to grow, and the launch of sBUIDL by Securitize further unlocks the DeFi integration scene. BUIDL's asset distribution is highly concentrated: about 93% is concentrated on the Ethereum mainnet, which is difficult for other ecosystems to achieve. At the same time, as AUM continues to expand, BUIDL's monthly dividend has reached a new high, reaching $4.17 million in March 2025 and soaring to $7.9 million in May. BUIDL distribution, screenshot from RWA.xyz Stablecoins Given the structural impact that the GENIUS Act will have on the regulatory framework for stablecoins, it is important to systematically examine the trajectory of the Ethereum stablecoin market. Since 2024, the sector's total market capitalization has continued to show a solid upward trend, maintaining a resilient monthly growth pace, albeit at a slightly slower pace than other RWA segments. RWA.xyz, IOSG Among the smaller projects (< $500 million), most of them experienced a sustained contraction in early 2024. However, towards the end of 2024, the market value of most projects continues to rise, and the market value of GHO, M, USDO continues to grow. At the same time, a number of new stablecoin projects have emerged across the 50 M market capitalization, the Ethereum stablecoin ecosystem projects are more diverse, and the small-capitalization projects have continued to prosper since 2025. Medium-sized projects ($5-$5 billion) will only have FDUSD and FRAX in 2024; BUSD plummeted from $1 billion in January 2024 to less than $500 million in March 2024 due to the termination of the offering. However, in 2025, USD 0 and PYUSD will both break through the $500 million threshold, and mid-sized stablecoins will be more diversified. The top stablecoins (> $5 billion) continue to be dominated by USDT and USDC: USDT stabilized at $40 billion for most of 2024, jumped to $70 billion in early December, and then gradually stabilized until the recent market cap decline; USDC has steadily grown from $22 billion in January 2024 to $38 billion in May 2025. At the beginning of 2025, USDS and USDe both exceeded $5 billion, but USDT and USDC are still far ahead in terms of market share. RWA.xyz, IOSG USDT and USDC occupy an absolute dominance, which directly affects the entire stablecoin ecosystem. The growth in November 2024 is particularly noteworthy: USDT surged 30.16% month-on-month and USDC grew by 16.31%. This spike was followed by months of growth, with USDC growing more solidly in subsequent months, all of which grew by more than 5% per month. According to the issuer, Tether attributed this to "the influx of collateral assets on exchanges and institutional desks in response to the expected surge in trading volumes"; Circle highlighted that "USDC circulation increased by 78% year-on-year... In addition to user demand, it is also due to the rebuilding of market confidence and the improvement of the standard system driven by the regulatory rules of emerging stablecoins." However, there has been a clear shift in market momentum recently – USDT on the Ethereum chain has stalled in the past four months, and USDC has declined for the first time in May 2025 after months of growth. This phenomenon may signal that the market is moving towards a new phase of the cycle. RWA.xyz, IOSG L2 Ecology In the broader RWA ecosystem, Ethereum retains absolute dominance with a market share of 59.23% (excluding stablecoins), but it still faces key challenges. Screenshot from RWA.xyz Notably, zkSync jumped to second place with the Tradable project's single driver, while Stellar relied entirely on the Franklin Templeton BENJI Fund ($455.9 million) in third place. Although the RWA book data of the two public chains is impressive, its structural shortcomings cannot be ignored: lack of asset diversity and dependence on a single project. BENJI's Composition, screenshot from RWA.xyz As zkSync and Stellar demonstrate, most L2 networks are currently facing the same challenge of insufficient biodiversity, with their RWA market value highly dependent on 1-2 core projects. For example, Arbitrum: Of the total market capitalization of US$256 million, BENJI contributed US$111.9 million (accounting for 43.7%), and Spiko accounted for US$93.5 million (accounting for 36.5%), with a total monopoly of more than 80% of the market capitalization; Polygon also shows a similar distribution pattern, with core market capitalization sources concentrated in two major projects: Spiko and Mercado Bitcoin. Spiko's Composition, screenshot from RWA.xyz Expanding the horizon to the entire L2 ecosystem, the RWA value and market share of each network are significantly differentiated (see the table below). Except for zkSync, only Polygon and Arbitrum have formed a substantial scale effect, and the rest of L2 is still in the early stage of development. The success of Polygon and Arbitrum is highly dependent on a single driver, Spiko, which contributes about one-third of the total RWA value in both networks. RWA.xyz, IOSG Looking at the evolution of the overall RWA market value of the Layer-2 network, its growth cycle is not fully synchronized with that of Layer-1: the growth will not start in mid-2024. zkSync's integration into Tradable has resulted in a $2 billion market cap increase. But even when this impact is taken out, the L2 growth trend is still here – L2 networks have continued to grow by double-digit quarter-over-quarter since September 2024. In contrast, in the previous phase, RWA expansion has always been sporadic and weak. In summary, the end of 2024 marks a shift in the development of L2 ecosystem RWA: entering a strong growth cycle. RWA.xyz, IOSG Etherealize: The new engine for Ethereum RWA As a key force driving Ethereum RWA adoption, Etherealize was born out of a deep insight into the bottleneck of the industry: when protocol layer breakthroughs fail to translate effectively into physical applications, institutional engagement often stalls. To this end, Etherealize systematically bridges the gap between technological breakthroughs and practical implementation by developing customized tools, building a network of strategic partnerships, and being deeply involved in policymaking. At present, Etherealize mainly promotes the popularization and application of Ethereum RWA through market education and content dissemination, as well as data panel tools. On the one hand, the team has written and published a number of in-depth articles about Etherealize and the Ethereum ecosystem, and participated in a number of well-known podcasts and interviews with traditional financial and crypto media, making a big impact through dialogues with industry opinion leaders. On the other hand, Etherealize actively communicates with regulators, and has successfully held a number of seminars and symposia on digital asset compliance and regulatory issues, and continues to put forward constructive solutions on how to standardize and promote the RWA process. Recently, Etherealize founder Vivek Raman was invited to present at the House Financial Services Committee hearing on "American Innovation and the Future of Digital Assets", continuing to expand Ethrealize's important role in regulatory interactions. At present, Etherealize has only launched a data dashboard on the product side for market education and promotion, but the team explains in the roadmap that it will develop SDKs for institutions, etc., and is recruiting founding engineers, so it is worth continuing to pay attention to Ethereal's progress in promoting RWA products. In the next roadmap, Q2 2025 will focus on the release of an institutional-grade SDK that combines a managed interface, compliance process, and gas optimization module to help banks and asset managers build a secure and auditable issuance process, significantly lowering the barrier to entry for traditional financial institutions to participate in Ethereum RWA. On top of this, a pilot project of Noir-based enterprise wallets will be launched in the third quarter to ensure that privacy protection reaches the enterprise level and meet the confidentiality needs of RWA transactions through the "privacy by default" mechanism. In the fourth quarter, the team will focus on the international market: the team plans to establish cooperation with Singapore's Digital Port and Switzerland's Crypto Valley Association to localize product functions and compliance with the regulatory environment and market needs in Asia Pacific and Europe. At the same time, in order to reduce the friction between different Layer‐ 2 networks, the team will take the lead in promoting the standardization of rollups, and build a unified cross-link interface to realize the free flow of assets, and then integrate RWA under the Ethereum ecosystem to enhance interoperability. Finally, in order to bridge the gap between traditional financial institutions and blockchain technology, the team will continue to adhere to the 24×7 support model, providing end-to-end professional services from legal document preparation to smart contract deployment. Ethereum RWA strategic moat First-mover advantage The decision-making process of traditional financial institutions is different from that of DeFi: regulatory scrutiny, pilot verification, and proof of concept (PoC) can significantly extend the deployment cycle. At the beginning of the project, the institution will adopt a cautious strategy and start expansion after the pilot results are verified. Although Ethereum's head project BUIDL dominates, it still takes nearly a year of accumulation before ushering in explosive growth. Ethereum's core strength lies in its ecological first-mover status, which has completed experimental collaborations with a number of top financial institutions long before the rise of the RWA wave. Ecological accumulation In addition to institutional cooperation, the maturity of the RWA ecosystem requires long-term precipitation. Ethereum to maintain leadership: Breadth: Covering diversified asset issuers and depth of the agreement structure: The market value of many projects has exceeded the order of US$1 billion, forming a scale effect The integration of traditional finance and DeFi continues to deepen. Most RWA projects prioritize the deployment of the Ethereum mainnet and directly use the Ethereum ecosystem's mature decentralized lending, market making, and derivatives protocols to improve capital efficiency. Recent cases include Ethena's adoption of BUIDL as a 90% reserve asset for the USDtb stablecoin. The GENIUS Act's policy of forcing stablecoin reserves to tilt toward U.S. Treasuries is promoting the integration of U.S. Treasuries, on-chain Treasury products, and stablecoin protocols. At the same time, major DeFi protocols incorporate BUIDL into their core collateral systems. Ethereum maintains an advantage in RWA liquidity: the number of active addresses, token types, and liquidity depth are all leading. Although there is uncertainty in the collaboration mechanism of the Layer 2 ecosystem, it is still the core path for scaling. safe Security is the cornerstone of the RWA ecosystem, and smart contract technology maturity is key. As RWA projects become more logically complex, the requirements for smart contracts are also higher. In May 2025, the Sui on-chain Cetus protocol was hacked ($223 million in losses), exposing the lethal risks of oracle manipulation and contract vulnerabilities. Despite the $162 million recovered from the on-chain freeze, this type of passive contingency mechanism highlights the limitations of risk control. In contrast, Ethereum's core strengths lie in a more decentralized architecture, a track record of reliable operation, and a thriving developer ecosystem. Technological evolution The Ethereum technology roadmap will accelerate RWA development. First of all, improve L1 performance to bridge the core gap with high-performance public chains. Second, promote L2 interoperability and focus on the application layer, opening up the docking channel between traditional finance and on-chain RWA. At the same time, Ethereum's privacy roadmap strengthens security standards and privacy protection mechanisms (such as integrating privacy tools into mainstream wallets, simplifying the censorship-resistant transaction process, etc.) to provide protection for RWA transactions and build an asset confidentiality system that meets institutional-level requirements. The Genius Act: A double-edged sword for regulation The new stablecoin regulatory system not only strengthens centralized control, but also injects regulatory certainty into the market. Currently, Section 4(6) of the Act does not explicitly allow stablecoin issuers to pay interest to holders, and although the market may spawn alternatives, this issue remains uncertain. At the same time, the Genius Act requires stablecoin reserves to be 1:1 for highly liquid safe assets such as U.S. dollars or U.S. Treasuries. The USDC stablecoin's reserves have been allocated almost entirely to U.S. Treasury bonds, in line with the new rules. Other major issuers, however, will have to completely restructure their reserves or risk being forced to exit the US market. This will have a direct impact on specific designs such as algorithmic stablecoins and Delta Neutral stablecoins. By anchoring collateral to U.S. sovereign credit, regulators gain greater intervening power (and simultaneously drive demand for Treasuries), but loopholes in legislation can create new systemic risks – as the Commodity Futures Modernization Act of 2000 (CFMA) has taught in history. On the positive side, the bill's clear compliance boundaries could accelerate institutional entry: banks and asset managers can meet the regulatory certainty they have long seeked. More large companies and institutions will be licensed to issue stablecoins. For example, the joint crypto stablecoin being discussed by several major U.S. banks, or Meta's reconsideration of the possibility of launching a new stablecoin project. Ethereum's Resilience: A Diverse Ecosystem The resilience of the Ethereum stablecoin ecosystem stems from its diversity. Since the beginning of 2025, the market value of many stablecoin issuers has increased significantly, and many new stablecoin projects have emerged, including rich design dimensions: multiple collateral structures, yield strategies, and governance models. The GENIUS Act imposes a 1:1 reserve requirement on Treasury bonds, putting compliance pressure on most projects, forcing them to choose between restructuring their reserves or temporarily withdrawing from the U.S. market. The resilience of the Ethereum ecosystem sets it apart from public chains dominated by a small number of stablecoin/RWA projects – which reduces the risk of homogenization after the project is generally regulated. The diversified structure forms a natural risk isolation mechanism: even if some stablecoins adjust their strategies due to compliance requirements, there will still be projects that continue to promote innovation and maintain a decentralized core, and will not fully become part of the U.S. debt system. However, subsequent developments will also depend on the strategic positioning of the Ethereum Foundation and Etheralize. epilogue Ethereum's RWA ecosystem has seen explosive growth over the past few months. Among them, BUIDL is the strongest driving force for the development of the RWA in the near future, while a large number of treasury bond projects have also shown strong growth momentum. Behind the scale expansion, treasury bond projects have increasingly shown a trend of merging with Ethereum's existing DeFi and RWA ecosystems, such as BUIDL as collateral for lending or stablecoin projects. Ethereum still has a significant advantage in the RWA space. Whether it is the first-mover time advantage, security, deep ecological precipitation, grand technology roadmap update, or the strong leadership of BUIDL, the diversification of Layer 2 and the deep empowerment of Etherealize, these factors have jointly built the core barriers of Ethereum in the wave of traditional financial chain. With the promotion of the Genius Act, the integration of US dollar credit into the on-chain world is accelerating. This not only brings a larger influx of funds, creating more revenue and growth opportunities, but also poses a challenge: it makes the underlying support of the Ethereum financial system more biased towards fiat currency (USD), thus introducing fiat credit risk and making the on-chain settlement system an extension of US dollar hegemony; The on-chain world is no longer an independent parallel financial system. In the context of this explosive growth, there are also hidden concerns, the core of which lies in Ethereum's exploration of its own positioning - that is, whether it supports deep binding with the dollar system. Link to original article

The script for PUMP token issuance— Launch and pump initially, trapping a large number of retail investors. Then it declines steadily, eventually stabilizing sideways. I won't be giving them my money. Unless the drop is severe enough. Platforms that already have significant recognition and then issue tokens. Almost never generate substantial wealth effects; the opportunities are mediocre. The valuation premium during TEG is certainly very high. Tokens like blur and uni also belong to the category of issuing during a hype phase. But they must first go through an epic washout phase, and only with favorable market conditions can there be a chance for a rally. Otherwise, it's really hard to find investment opportunities, as there are too many examples of one-off flows.

Original Interview: Justin Sun, Founder @ TRON; Guests: Eric Trump, Executive VP @ The Trump Organization; Zach Witkoff，Co-Founder @ World Liberty Financial； Original compilation: Groove Small Deep Editor's note: In this discussion, Justin Sun, Zach Witkoff, and Eric Trump have a conversation around World Liberty Financial and the future of cryptocurrency. They criticized the traditional financial system for its low transparency, poor accessibility, and inefficiency, emphasizing that the USD1 stablecoin is committed to bringing financial freedom to the world's 1.4 billion unbanked people by providing transparent and fast cross-border payments through blockchain technology. They believe that cryptocurrencies will disrupt the outdated banking system, and that the innovation environment in the UAE and the United States under the new leadership will lead the change. The following is the original content (the original content has been edited for ease of reading and comprehension): TOKEN2049 OKX Main Stage, image source from TOKEN2049 WLFI Update Justin Sun: Zach, it's great to be here today! We've seen it a few times before in Dubai, and in just a few months, World Liberty Financial and all the projects we've worked with have made amazing progress. Congratulations! It's been a wonderful journey. What's next? Zach Witkoff: Justin, thank you for your support. Tron is an amazing technology, and we're fortunate to work with you and other innovative projects. You have been a leader in this field, and we are very grateful. Justin Sun: Absolutely. World Liberty Financial has been in the spotlight lately, with constant updates and a market capitalization of $2 billion, which is amazing! Can you share a little bit more about this project and what you see for the future? Zach Witkoff: World Liberty Financial was founded because we found many flaws in the traditional financial system. There are so many questions that I can't list them all today, but I'll start with a few. The first is the lack of transparency. The big banks lack transparency, and no one knows what they're doing inside. They tend to serve only the top elite and even exploit customers. Then there's accessibility – a staggering 1.4 billion people around the world are unbanked. Third, cross-border payments are inefficient. My co-founders, Chase Hero and Zach Folkman, and I traveled the world and talked to governments, some of which had to pay as much as 9% in order to get dollars, which was outrageous. We are also excited today to announce that USD1 has been selected as the official stablecoin for MGX's $2 billion investment in ByteDance. Thanks to MGX and ByteDance for trusting us, this is just the beginning. Zach Witkoff, image via TOKEN2049 How is crypto reshaping the modern financial system? Justin Sun: Absolutely. Eric, you've said that the modern financial system is not "modern" at all. We see a similar "cancel culture" problem in the traditional financial system. Can you share your experiences and perspectives and how we are reshaping the financial system? Eric Trump: I've spent my whole career working in the traditional financial system, which works well for the top 1% or 0.1%, but not at all for most people. It wasn't until my family got involved in politics that I realized how fragile the system was. As soon as you say something they don't like, they will "cancel" you, ostracize you, or even chase you. This introduced me to cryptocurrency. I'm a big fan of hard assets – I've built buildings all over the world all my life. But for political reasons, the banks attacked us like beasts. I've found out that those who attack us are also targeting the crypto community. As the saying goes, the enemy of your enemy is your friend. That's why real estate and the crypto world come together. Real estate is illiquid, difficult to transfer, and only a few people can participate on a large scale. Cryptocurrencies, on the other hand, are highly liquid, easy to transfer, and can be participated by anyone, making them a perfect hedge for hard assets. Eric Trump, image via TOKEN2049 This experience made me see how outdated and dilapidated the modern financial system can be. Why does it take 90 to 120 days for a big bank like Chase Manhattan to lend to a 25-year-old customer? They are still using paper forms and outdated processes, and blockchain can do these in an instant, at a lower cost and with greater efficiency. Every week I'm chasing a wire transfer because the SWIFT system is simply unreliable. Cryptocurrencies can transfer Bitcoin, USD1, or other currencies around the world in seconds – cheaper, faster, and more transparent. When the bank canceled our family's account for political reasons, we became the most "canceled" people in the world. I believe that cryptocurrencies and our efforts at World Liberty Financial will make those banks regret it. They will be left behind, and the financial system will be completely changed. Zach Witkoff: Justin, we at World Liberty Financial often say, "Pigs get fat, greedy pigs get slaughtered." Justin Sun: Haha, that's right! World Liberty Financial is a great example of how we can change the world with finance. If those banks don't join us sooner, they're going to be left behind, right? Zach Witkoff: Exactly. The banks had only two options: either they would reverse their huge "freighter", which would take a lot of time; Or, as you say, thrown in the dust. Time will tell which path they choose, but hopefully they are on the right side of history. Justin Sun: Absolutely. Eric Trump: It's almost impossible for banks to turn around because their entire business model relies on arbitrage and fees that cryptocurrencies can easily replace. Transferring money from New York to Abu Dhabi is a nightmare – finding a bank branch, dealing with exchange rates, trusting each other, and paying for the issuing bank, the receiving bank, currency conversion and technology. Cryptocurrencies make all of this redundant. If banks don't embrace cryptocurrencies now, they'll be as obsolete as the old-fashioned film cameras of the digital age. Their system hasn't changed much since the '70s, and encryption is developing 100 times faster. They can't keep up with the innovation of the people in this room. Nothing makes me happier than seeing the banks that viciously attacked us and others defeated by us. Justin Sun: That's right. One of the great advantages of the crypto world is transparency. Everything that happens on the blockchain is clear at a glance. Trust in traditional finance has hit rock bottom. In the U.S., banks can go bankrupt overnight; In Hong Kong, clients don't even know where the $5 million money went. Blockchain makes this impossible because everything is transparent. Zach Witkoff: Justin, that's a great point. We built USD1 not only to enable seamless cross-border transactions, but also to ensure transparency and consumer safety. Our industry can't have any more scams. USD1 will be the most transparent and regulated stablecoin in the world, with monthly audit reports. We are backed 1:1 by short-term Treasuries and cash equivalents. Think about it, would you rather keep your money in a 1:1-backed asset, or in a tiered reserve bank account where you don't even know the details? How does WLFI democratize finance? Justin Sun: Eric, everyone is familiar with your family and business, but may not know your commitment to financial freedom. Can you talk about how World Liberty Financial delivers that value? Eric Trump: In 2019 and 2021, I got letters from some of the big banks – these are the ones we've been working with for 20, 30 or even 40 years – that our accounts were cancelled. This happened in the United States, the world's economic superpower. I can't believe that this "cancel culture" has taken the world by storm, and thankfully the Middle East, especially the UAE, has resisted this absurdity very well. You will find that a person sitting in a high bank building can ruin your life, business, and livelihood. Our family has enough resources and influence to fight back, but most people don't. In countries with high inflation or a lack of technology, people are completely excluded from the financial system. But now almost everyone has a phone in their pocket. With mobile phones and stablecoins like USD1 that are backed 1:1 by U.S. Treasuries, people can invest, participate in the global economy, and no longer be at the mercy of unreliable governments or currencies. Cryptocurrencies are like the spread of knowledge on the Internet, creating a level playing field. This is a blessing for humanity and why we are proud of USD1 and World Liberty Financial. The U.S. dollar is highly prized globally – many places in South America, Asia want the U.S. dollar because it's stable and tradable. Digitize the U.S. dollar and bring it to the world with USD1, safely and conveniently. That's why World Liberty Financial is exploding, and that's why everyone is talking about USD1. Justin Sun: Absolutely. This is in line with our original intention of founding Tron – to build a crypto ecosystem that serves financial freedom, not for money. Big banks shut out billions of people because they were unprofitable. We are proud to partner with USD1 to launch this stablecoin that will give all 7 billion people the opportunity to enjoy financial freedom. Zach Witkoff: Justin, you just accidentally slipped through the cracks, but I'm happy to announce that USD1 is natively integrated into Tron. We will start minting hundreds of millions of dollars in USD1, which is expected to reach billions of market caps soon. Thank you very much for your support. Our goal at World Liberty Financial is to democratize finance, bridging DeFi and traditional finance. In the next four to five years, DeFi and traditional finance will be seamlessly integrated and will no longer be separated. What else should the U.S. do in crypto? Justin Sun: Zach, the new U.S. administration is working hard to make the crypto industry more competitive. What else do you think they can do to shape the future of America in conjunction with World Liberty Financial's efforts? Justin Sun, image from TOKEN2049 Zach Witkoff: We should learn from the UAE. They innovate while preserving family and cultural values and are one of the most innovative countries in the world. They make decisions quickly while protecting consumers in a reasonable way and not hindering innovation. If the United States can follow this model, the prospects are limitless. Justin Sun: Eric, you've been to Dubai many times and have seen the city grow from zero to where it is today. When I first participated in Token 2049, it was much smaller than it is now. Today it has become a crypto hub. What do you think? Eric Trump: I've been coming to the UAE since 2006 and have been working here since 2011, 2012 to build a great golf course and recently announced the Trump International Hotel on Sheikh Zayed Road. The UAE is quick to say yes to a good idea. In Europe, by contrast, bureaucracy is desperate – in Ireland, it took seven years and countless dollars to adjust a golf course green from a miniature snail. It's not the same in the UAE, where we got a one-month permit for a 1,150-foot building with the world's tallest swimming pool because they embrace innovation. The UAE looks to the future and plans for 30 years from now, rather than dwelling on the past. This fits perfectly with the idea of crypto. The rest of the world is not yet aware of the future trends. A year ago, a friend of mine who runs a bank in Connecticut called crypto "funny money." Now he's running up and asking me how I can invest in World Liberty Financial and Bitcoin. We are in the early conversational phase of the crypto revolution, and the one who sees the trend now will be the winner. The UAE and the United States, under excellent leadership, have seen this. The old financial system — banks with a 9-to-5 and an hour and a half lunch break, employing thousands of people to do inconsequential things — is outdated. Flexible, forward-thinking regions like the UAE and the US will win this crypto revolution. Justin Sun: I've been to Dubai many times and last year I got my UAE ID card, which is much faster than the US DMV! I'm going to the U.S. in May to see the dramatic changes that a new government has brought about 100 days after it came to power. It's really going in a good direction. Zach Witkoff: Absolutely. As Eric says, good leadership leads to good results. The UAE is one of the most successful countries in the world, with a high level of happiness among its citizens. People come and don't want to leave because there is great leadership here. They are leading in crypto, artificial intelligence, robotics, and USD1 will play a key role in this new digital world. Justin Sun: Finally, Zach and Eric, what other thoughts do you have on crypto and financial freedom? Zach Witkoff: World Liberty Financial has a lot of big plans, so stay tuned. We are moving forward with multiple DeFi integrations and hope that USD1 will become the stablecoin of choice for the DeFi and CeFi ecosystems. At the same time, co-founders Zach and Chase, as well as Eric and his brother, are also working to integrate USD1 into the traditional retail payment system. Our goal is for you to spend USD1 at a hotel in Abu Dhabi or a deli in New York. That day is not too far away. Thank you, Justin, for your tremendous support. Eric Trump: [jokingly] Zach almost got beaten up, you have to say USD1 at the Trump International Hotel, not the Four Seasons! Our team – Zach, Chase, Scott, and others – work tirelessly every day to modernize finance. The crypto industry must self-regulate to avoid scams while improving the user experience. DeFi is too complicated right now – wallets, Aave, MetaMask, gas fees, Swap, and the average person can't understand it at all. We need to make it simple and intuitive, and the faster we can do that, the faster we can adopt it at scale, and the faster we can beat the big banks that hate us. On behalf of my family and team, thank you to Dubai, Abu Dhabi, the UAE, and everyone here for your trust in World Liberty Financial. We love you! Zach Witkoff: Love you guys! Thank you! Justin Sun: Love you guys! Thank you! 「Original link」

Hyperliquid: → Dominating onchain perp volume → Miniscule relative to cexes still Liquidity is there. Performance is ~basically there. So what's stopping the rest of that volume from coming onchain? Latency. Real-time latency.