**[4E: Standard Chartered Optimistic About $2 Trillion RWA Tokenization; Strategy and Coinbase Earnings Boost Sector Sentiment]** October 31 news: Standard Chartered Bank's latest report predicts that, excluding stablecoins, the tokenization of real-world assets (RWA) will reach $2 trillion by the end of 2028, a 56-fold increase from the current approximately $35 billion. Geoffrey Kendrick, Head of Digital Asset Research, pointed out that Ethereum will become the primary hosting platform due to its strong stability and network effects. The report suggests that the widespread adoption of stablecoins is laying the foundation for the on-chain transformation of traditional assets such as money market funds and stocks. Bitcoin financial company Strategy (MSTR) released its third-quarter earnings report, with net profit of $2.8 billion, slightly exceeding expectations. As of October 26, the company held 640,800 BTC at an average cost of $74,032 per coin. The company raised its preferred stock dividend to 10.5% and projected fiscal year 2025 net profit to reach $24 billion, assuming Bitcoin's year-end price hits $150,000. Boosted by this, MSTR's night trading surged over 9%. Coinbase's third-quarter revenue grew 37% year-on-year to $1 billion, with Ethereum transactions accounting for 22%, indicating a partial market activity shift from BTC to ETH. The company also increased its holdings by 2,772 BTC, with its stock price rising 5% in night trading. Mining company Riot Platforms achieved a net profit of $104.5 million and revenue of $180 million, setting a record high, with 1,406 BTC mined in a single quarter. CEO Jason Les stated that the company is accelerating the expansion of data centers and transitioning toward diversified computing power and AI infrastructure. Additionally, JPMorgan's report highlighted that USDC has surpassed USDT in on-chain activity and market capitalization growth, benefiting from enhanced regulatory compliance and institutional adoption. **4E Commentary:** From RWA prospects to mainstream public company earnings, institutional inflows and regulatory clarity are strengthening the fundamental logic of on-chain assets. Ethereum's dominance in the RWA and stablecoin ecosystem may become a key support for the 2025 crypto cycle.