📌 Blockchain and crypto will now focus on RWAs and stablecoins.
After Bloody Thursday, I summarized some of my thoughts and market trends on the plane while on a business trip to Hong Kong.
Details can be found in the Fire Ant tweet here.
✔️ Sponsors of this Hong Kong Consensus:
Midnight, Solana, Humanity, Gold Dollar, Hex Trust, Animoca Brands, Tron, etc.
This proves that those who spend money on sponsorships still have a good life. This means there are ways to make money.
In terms of sponsorship, Layer 1 and infrastructure used to dominate the market, but now, large Layer 1s, investment firms, trust companies, and RWA projects are joining the ranks.
📔 How can coin projects make money?
Ultimately, everyone agrees that coin projects need to make money. There are two types of revenue models in crypto.
1. Making money from coin enthusiasts (Uniswap, Hyperliquid, etc.)
2. Making money externally (Tether, Circle)
The above are the same for each company and project. Type 1 can be seen as limiting the project's valuation based on the size of the altcoin market. The type I'm most interested in is type 2.
[RWA and Stablecoins]
If you think about it, holding Tether makes us Tether's customers, but they don't provide any compensation or rewards for using it. However, it's no exaggeration to say that they are the biggest money-makers in the coin market by holding US Treasury bonds. In effect, they issue stablecoins and invest in RWA, but the company takes all of the RWA interest income.
ℹ️ Net Profit of Stablecoin Issuers in 2025
Tether: 13 billion (approximately 18 trillion won)
Circle: 156 million (approximately 200 billion won)
I believe the approximately 20 trillion won in net profits from these two companies should be returned to the coin market. Taking inflation into account, I believe this inflow of funds into the coin market will allow the overall TVL of the coin market to maintain its true value.
Currently, the largest market in the coin market is the stablecoin market, and I expect the inflow of funds to flow from stablecoins to RWA to the coin market.
The coin market is shrinking. While one-off events like Binance's Bitcoin buys are beneficial, it's time for companies making money from coins to reform the structure to make the entire market sustainable.
If a new stablecoin or RWA project emerges and threatens their position, Tether and Circle will inevitably join the movement, and this sector could potentially replace or even dominate the altcoin market.
