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
Qorban was previously an analyst at a stablecoin startup. His primary interests are DeFi, stablecoins, and macro finance.
Mohamed is a protocol research analyst with a background in Aerospace and Trading, specializing in AI and fundamental research. He holds an MEng in AI from UIC and an MA in Public Policy from the University of Chicago, where he focuses on AI ethics. A decade-long crypto participant, Mohamed explores the intersection of emerging technologies, particularly AI and Quantum Computing.
Jake is a Senior Research Analyst on the research team. He previously worked as a Senior Research Analyst at Messari, as an Investment Analyst at an AI crypto research platform, and as a Venture Analyst at a digital assets venture fund. He has advised multiple crypto protocols on tokenomics.
Hayden is a Research Analyst specializing in the intersection of crypto-economic incentive mechanisms and their role in DeFi, DePIN, and AI ecosystems. Prior to joining Messari, Hayden worked as a Research Analyst at The Block and as a Venture Associate at a crypto-native venture capital fund.