The previously highlighted USA₮ and USDT are Tether's "overt" strategies aimed at maintaining its stablecoin market share. The "covert" strategy, focusing on institutional settlement and asset tokenization, is handled by its strategic investment project Rayls (@RaylsLabs), with the core objective of establishing inter-institutional settlement interfaces. Rayls' core development team, Parfin, has raised a total of $32 million in funding. Investors include lead investor Tether, crypto venture capital firms Framework Ventures and ParaFi Capital, as well as Accenture Ventures (a subsidiary of Accenture) and Latin American clearing hub Núclea. The architecture employs a privacy node + public chain model, allowing institutions to tokenize receivables and deposits within private nodes. Through ZKP and FHE technologies, it achieves a balance between transaction confidentiality and regulatory auditing. Assets are cross-chained to access public L1 DeFi liquidity, enabling retail investors to access previously closed-loop profit rights held by banks. Key implementation data and progress: - Selected for Brazil's Central Bank CBDC pilot program and provided with privacy technology solutions Núclea tokenizes $10,000 in receivables weekly; AmFi plans to bring in $1 billion in asset liquidity. RLS is listed on platforms such as Binance Alpha+ and Coinbase, with a FDV of approximately $70 million. - The token includes a 50% burn mechanism, and public chain gas fees are settled in stablecoins. - The official launch of the mainnet in Q1 2026 is a key milestone for institutional funds to be on-chain. Returning to the point, with BTC breaking down and officially entering a bear market, facing the absence of widespread liquidity-driven altcoin rallies and the ineffectiveness of top-selling indicators, this is a crucial lesson we must learn. Therefore, paying close attention to projects with high ceilings like Tether and Rayles is an essential skill for those of us trying to find gold in the crypto.

I thought there was another stablecoin...

No 😄