Those who are still saying that crypto only has aircoins have long missed the main battlefield: the on-chain DeFi protocol now moves US dollar stablecoins and RWA (U.S. bonds, money market funds, and credit assets) directly to the chain, and the whole process of capital flow, mortgage, and liquidation can be checked in real time. Maker swapped more than half of its coffers for short-term Treasury yields, allowing the DAI savings rate to be fed entirely by "real-world interest rates"; BlackRock's BUIDL fund 24 × 7 circulates on-chain, with 90% collateralised by Ethena USD; JPM uses Onyx Network to make billion-dollar tokenised repositories every day, and the counterparties are Goldman Sachs and BNP; Franklin Templeton tokenised BENJI, a short-term bond fund, and connected it to Aave RWA Vault; SocGen borrowed DAI directly from Maker with EURCV collateral for financing. We have paved a new highway for global settlement and financing, and traditional big investment banks are also on board to save clearing time and reduce financing costs. Continuing to focus on the meme, what you don't see is that a more transparent and efficient financial system is already running on-chain, and the next wave of liquidity will rush directly from the dollar Treasury and on-balance sheet assets of banks. Circle, Coinbase, Fireblocks, Paxos, and Anchorage have made the four major pieces of "USD, custody, clearing, and risk control" into back-end services; BlackRock, JPM, Franklin, and SocGen put real assets directly into this backend; Payment networks at the level of Visa and Mastercard are ready to use it as a new settlement channel. The era of Aircoin is indeed noisy, but the financial infrastructure has been quietly reconstructed behind the scenes: real liquidity has begun to flow from the treasury bonds, bills, and repo markets to the chain, the settlement cost has changed from T+2 to T+0, and the compliance and transparency are higher than those of the traditional back office. The fuel for the next wave of growth is not to print new tokens, but to migrate the backend of banks that hasn't been touched for 60 years to smart contracts. The big one is coming