A New Era in Finance: The Trillion-Dollar Asset On-Chain Revolution, Stablecoin × RWA × Decentralized Finance Reshaping the B-end Financing Ecosystem

1. Global Launch: Regulatory Restructuring and Paradigm Revolution

The global regulatory landscape is being restructured at an unprecedented pace regarding cryptocurrency asset rules. The implementation of the EU's MiCA regulations, the passage of the US GENIUS Act, and the Hong Kong Monetary Authority's promotion of the Ensemble project sandbox... Behind the rush of countries to introduce stablecoin legislation is a struggle for digital financial sovereignty. The deeper reason lies in the fact that the "stablecoin + RWA + DeFi" model is disrupting traditional financial infrastructure, becoming a key magnet to attract trillions of dollars in assets onto the blockchain. For small and medium-sized enterprises that hold assets but are deeply mired in financing efficiency challenges, the core value of this financial revolution is to address three major pain points: difficulty in accessing global funds, challenges in pricing non-standard assets, and high costs of cross-border settlement.

2. Stablecoins: The "value anchor" for trillion-dollar assets on the blockchain.

As the cornerstone connecting the real world and the on-chain ecosystem, stablecoins provide the core value measurement and circulation medium for the RWA system. Although the TVL of the RWA sector has reached a new high of $12.863 billion, it is still negligible compared to the global $80 trillion in real assets. The bottleneck lies in the absence of stablecoins—this is particularly fatal for B-end enterprises facing a dual dilemma:

Liquidity fragmentation: Traditional cross-border payments require 3-5 days for settlement, with an annual friction cost exceeding 4%.

Blind Spot in Asset Pricing: Non-standard assets like charging pile revenue rights lack a global valuation reference system.

Its empowering of the real economy has shown signs of dawn: BlackRock's BUIDL government bond fund has achieved 24/7 trading of interest-bearing assets through tokenization; Longxin Group has tokenized the revenue rights of charging piles through blockchain technology, opening up financing channels for operators lacking collateral.

When stablecoins become reliable on-chain base currencies, the non-standard assets of small and medium-sized enterprises (such as accounts receivable and equipment income rights) gain the impetus to go on-chain – tokenized private credit and government bonds occupy 92% of the RWA market share, with a surge of 260% to 23 billion USD in the first half of 2025, heralding the arrival of the wave of on-chaining B-end assets.

3. DeFi Engine: The "financial operating system" driving the value fracturing of RWA

After stablecoins establish a value foundation and RWA completes asset digitization, DeFi protocols become the core engine for value release. This "automated financial factory" integrates RWA with DeFi modules through composability, addressing the three major financial pain points of small and medium-sized enterprises:

Smart contracts are reshaping the credit system: the American company Figure has minted $12 billion in mortgages into on-chain eNotes, replacing paper notes, reducing the cost of individual loans by over 100 basis points, and compressing settlement time from weeks to days (95% of loans operate on this system). However, small and medium-sized enterprises with weak technological reserves are being excluded from this efficiency revolution due to the high technical barriers of smart contract development and oracle deployment — this predicament precisely reveals the key battleground for the next stage of breakthroughs: how to inject liquidity into non-standard assets, dismantle cross-border barriers, and overcome the peaks of technical compliance risks.

4. New Financial Landscape: The Path to Breakthrough and Future Outlook

As the efficiency revolution driven by "stablecoin-RWA-DeFi" collaboratively reconstructs financial infrastructure, the liquidity dilemma of non-standard assets faced by small and medium-sized enterprises, high costs of cross-border settlement, and high thresholds for technological compliance are being systematically addressed. The low collateral rate dilemma for assets like charging pile income rights in the traditional financial system is being overturned by a 33% premium rate brought about by compliant tokenization; the leap in cross-border payments from 3-5 days settlement and 4%-6% friction costs to second-level T+0 clearing and 0.5% smart contract costs unleashes unprecedented efficiency dividends; the Hong Kong profits tax exemption policy and the improvement of the Singapore KYC framework have further reduced the technical compliance threshold from tens of millions in investment to an affordable range.

The asset tokenization revolution predicted by BlackRock CEO Larry Fink has reached a critical point. Stablecoins have become the cornerstone of settlement, RWA carries asset value, and DeFi activates financial efficiency—small and medium-sized enterprises only need to leverage professional forces for technological packaging and regulatory penetration to transform physical assets into credible nodes in the global capital market. As cross-border trade settlements are compressed from days to seconds, and billion-dollar level clearances are automatically executed by smart contracts, this transformation driven by a trinity architecture is permanently reshaping the genetic chain of the financial system.