According to @ Raph_Sloch@ BlackRock's RWA attempt will usher in a big deal! Why have Wall Street institutions all set their sights on the cryptocurrency market, which is still relatively small, only around 3 trillion yuan? ⚡ Profitability: DeFi>RWA>Traditional Finance ⚡ Dozens of times the attractiveness has led Wall Street institutions to go on the blockchain one after another. Specific data: As an institution, the revenue from operating a stablecoin (RWA) business model is much higher than investing in cryptocurrency through TradFi (ETF channel), with the former being about 20x higher than the latter 🔵 Not only does the profitability fall behind, but investors are also more willing to invest in cryptocurrency using USDT/USDC compared to the scale. 🔵 Especially after Trump 2.0 announced his victory, in just four months, the value of RWA assets including USDT&USDC increased by 37.8%. The annual revenue (Forward ARR) generated by major DeFi applications in the market reached $900 million. And the on chain locked value (TVL) is only $32.05 billion, which is 2/15 of the institution's total assets (USDT&USDC&crypto ETF). 🔵 Manage fewer assets to achieve greater profits. Calculation method: 1. ARR (annualized revenue)/TVL (total locked in value) - measures the profitability of DeFi protocols, that is, how much revenue can be generated by depositing funds. 2. Net Interest Margin/Circulating Value - measures the profitability of stablecoins, i.e. how much interest income can be generated based on circulating stablecoins. 3. Taking crypto ETF as an example, calculate using management fees. Data source:@ DefiLlama @CoinSharesCo @Blockworks_ DAS2025 Regarding the special topic of OKGResearch 2025- Other content on Wall Street on the blockchain: 🔖 https://(medium.com)/@OKGResearch/list/onchain-wall-street-1f23e60586b3