4E: Standard Chartered is bullish on RWA's on-chain potential to reach $2 trillion; Strategy and Coinbase earnings reports boost sector sentiment.

According to Mars Finance, a recent report from Standard Chartered Bank predicts that the tokenization of Real-World Assets (RWA), excluding stablecoins, will reach $2 trillion by the end of 2028, a 56-fold increase from the current approximately $35 billion. Geoffrey Kendrick, Head of Digital Asset Research, points out that Ethereum will become the primary platform due to its superior stability and network effects. The report argues that the widespread adoption of stablecoins is laying the foundation for the on-chain transformation of traditional assets such as money market funds and stocks. Bitcoin finance company Strategy (MSTR) released its Q3 earnings report, showing a net profit of $2.8 billion, slightly exceeding expectations. As of October 26, it held 640,800 BTC with an average cost of $74,032. The company increased its preferred stock dividend to 10.5% and projects net profit of $24 billion for fiscal year 2025, assuming a Bitcoin price of $150,000 at the end of the year. Boosted by this, MSTR's stock rose over 9% in overnight trading. Coinbase's Q3 revenue grew 37% year-over-year to $1 billion, with Ethereum transactions accounting for 22%, indicating a shift in market activity from BTC to ETH. The company also increased its holdings by 2,772 BTC, and its stock price rose 5% in overnight trading. Mining company Riot Platforms achieved record highs of $104.5 million in net profit and $180 million in revenue, mining 1,406 BTC in the quarter. CEO Jason Les stated that the company is accelerating its data center expansion and transforming towards diversified computing power and AI infrastructure. Furthermore, a JPMorgan report indicates that USDC has surpassed USDT in on-chain activity and market capitalization growth, benefiting from regulatory compliance and increased institutional adoption. 4E Commentary: From the prospects of RWA to the financial reports of mainstream listed companies, institutional inflows and regulatory clarity are strengthening the fundamental logic of on-chain assets. Ethereum's dominance in the RWA and stablecoin ecosystem may become a key support for the crypto cycle in 2025.