I bought some FEFER, the logic is: If the next cycle really revolves around stablecoins and RWAs, The most intense competition may not be who has issued another stablecoin in the US dollar. But who first built the path of stablecoins to their doorstep. Previously, stablecoin projects were like selling water in someone else's mall. The water is yours. The shelf belongs to someone else. The parking lot belongs to someone else. The cashier is also someone else's. For every additional amount of money transferred by the user, Gas、 Liquidity, cross chain, exchange, compliance portal, Everyone has to be divided into different layers by different people. Now everyone doesn't want to endure it anymore. Circle does Arc, USDC is directly used as gas, Foreign exchange, payment network, and RWA settlement are all going up together. Stable uses USDT0 as the native gas. Stripe and Paradigm incubate Tempo, Plasma is also competing for the path of stablecoin payments. Note that this is not a simple L1 battle. This is the stablecoin project team, payment company, bank, and exchange, Everyone wants to upgrade from selling water to building roads, toll stations, and clearing houses. If RWA really starts going live on a large scale, Bonds, stocks, funds, cross-border loans, All require a stablecoin cash leg to complete settlement. Who controls the cash leg, Whoever is qualified to decide: Where to deliver assets; Where does liquidity come from; Who is responsible for the handling fee; Who the final say compliance. So the most noteworthy thing next is, Isn't there another new chain claiming to have millions of TPS. But rather four locations where real money begins to flow: Stable coin minting and redemption. Cross border payments and cards. Issuance and delivery of RWA. Account and payment of AI agent. Stablecoins are oil. RWA is cargo. Chain is a port. The next most valuable round, It may not be the ship that shouts the loudest. But it's the port where all ships can dock, settle, refuel, and clear customs.