Pharos Research's second foundational report, "RWA Paradigm Shift and Current Status," is now available.
Key Findings:
> Paradigm Shift: STO Experimentation → The Era of USD Stablecoin Dominance (Backed by Treasury Bonds) → The Next Stage of Financial Infrastructure Based on High-Performance Blockchain and New Liquidity Designs.
> Stablecoins Dominate. By 2025, stablecoins will account for approximately 90.7% of broad RWA; total circulating supply will reach $273.18 billion, monthly trading volume will reach $2.82 trillion, and there will be 191 million holding addresses.
> Reserve Status = Tokenized Treasury Bonds. Under regulatory pressure, mainstream stablecoins have shifted their reserves to cash + highly liquid US Treasury bonds; for example, USDT's short-term Treasury bond holdings are approximately $105.3 billion.
Three Elements of On-Chain Liabilities: Medium of Exchange Stablecoins, Yield Stablecoins (YBS), and RWA Equity Assets. The key to growth lies in enabling these assets to serve as eligible collateral and to be flexibly combined within the DeFi monetary system, much like Lego bricks.
Current Status of Off-Chain Assets: Not everything can be tokenized. The real beneficiaries are standardized, highly liquid, and reasonably priced asset classes: stablecoins/Treasury bills, private lending, commodities (gold), institutional alternative investment funds, and tokenized US stocks; the share of most non-standardized RWAs is close to zero.