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In the past five years, the most successful tokenized product has been stablecoins.



It is the first tokenized asset to truly find the "Product-Market Fit (PMF)": mapping cash, the most basic and liquid asset, into the on-chain world and building the first "value bridge" connecting TradFi and DeFi.

Its operational logic is also highly representative, where real assets (such as US dollars or short-term government bonds) are held off-chain by banks or custodial institutions, and equivalent tokens (such as USDT or USDC) are issued on-chain. Users can hold, pay, trade, or interact with DeFi protocols through a crypto wallet.

This not only inherits the stability of fiat currency but also fully unleashes the advantages of blockchain: efficient settlement, low-cost transfers, 24/7 trading capability, and seamless integration with smart contracts.
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