RWAs and Stablecoins Defining the Future

Key Insights

• The U.S. government’s explicit support for dollar-backed stablecoins, reinforced by the GENIUS Act’s advancement in the Senate, signals a maturing regulatory framework.
• Ethena’s delta-neutral model has propelled USDe to become the third-largest stablecoin. Its rapid adoption highlights renewed market confidence in innovative stablecoin designs.
• Pendle’s Boros platform tokenizes perpetual funding rate yields, enabling traders and protocols to hedge volatility and create more predictable returns.
• Ondo Finance is bringing publicly traded securities onchain, bridging traditional finance and DeFi through tokenized stocks, ETFs, and bonds.
• Over 93% of stablecoins are still backed by offchain assets, which exposes the cryptoeconomy to counterparty risks. The f(x) protocol’s fxUSD aims to eliminate this reliance by using fully onchain collateral while generating sustainable yield through a novel bifurcated asset model.

Primer