Here are a few positive details that the crypto market has overlooked: Regulation is rapidly taking shape. - On January 28, the U.S. SEC's Division of Corporation Finance released a statement regarding tokenized securities. - SEC Commissioner Hester Peirce mentioned in a speech on February 19 that stablecoins are an important infrastructure for blockchain financial transactions, noting that they will make it more feasible for broker-dealers to engage in businesses like tokenized securities. The overall direction still points to stablecoins + RWA + securities. Next is the direct benefit of RWA: Reuters reported on February 23 that the SEC granted WisdomTree a special exemption for its tokenized money market fund (Treasury MMF), allowing intraday trading, no longer limited to the end-of-day pricing process of traditional mutual funds. Breaking it down, the SEC is starting to validate the practical feasibility of intraday trading + on-chain settlement. The best news may be the growth in adoption: - According to data, the number of stablecoin holders has approached 240 million, with a 5.69% increase over 30 days. - There are about 710,144 on-chain asset holders, with a 7% increase in the past month. Even with a large-scale market downturn, the circulating tokenized assets still grew by 6%. In addition to the benefits of the RWA family mentioned above, the Ethereum Foundation announced on February 24 that it has begun staking part of its treasury, approximately 70,000 ETH, with rewards flowing back to the foundation's treasury. In other words, after going through two full cycles, the Ethereum Foundation has finally realized that it is a crypto institution that needs to manage its balance sheet.