#RWA代币化与资产 The crypto market landscape in 2025 is really quietly changing. Looking at this data makes it clear: $19 billion in liquidations have cleared out excessive leverage, and the market is shifting from a pure speculation cycle to one driven by balance sheets — in simple terms, projects without real assets backing them are no longer sustainable.

The most noteworthy development is in RWA, expanding from $4 billion to $18 billion. What does this mean? The big trend of real assets being tokenized has begun. Stablecoins are no longer just payment tools; $20 billion is flowing into interest-bearing stablecoins, strengthening their financial attributes.

This is a turning point for us retail investors: the era of purely speculative, no-fundamental airdrop projects is becoming increasingly rare. Conversely, projects with real asset backing and healthy finances are now more likely to succeed. Derivatives trading on DEXs and CEXs has quadrupled, and on-chain financial infrastructure is accelerating its maturity.

My advice now is to be more selective when choosing projects — carefully examine the project team’s asset reserves and revenue models, and don’t just focus on the number of airdropped tokens. The era where quality outweighs quantity has arrived; doing your homework can help you avoid many pitfalls.