#RWA市场 These two messages are connected and actually represent two aspects of the same story.

Tether's mobile wallet integration of AI and support for XAUT tokenized gold seem to be an iteration of wallet features. But digging deeper, this is a real signal that the RWA (Real-World Asset) track is moving toward practicality. On-chain gold is no longer just a proof of concept; it’s about building a financial tool that ordinary users can truly hold and trade.

Meanwhile, that paper on the relationship between stablecoins and banks gave me some interesting insights. I experienced the Libra controversy in 2019, when everyone was shouting "banks are doomed." But what is the reality? After all these years, the explosion of stablecoins has not triggered a large-scale outflow of bank deposits. The reason is simple—sticky deposits are more powerful than we think. People won’t abandon their integrated financial systems just for a few basis points of yield.

The truly interesting change is that the existence of stablecoins itself has become a whip for competition, forcing banks to raise interest rates and optimize efficiency. This is not destruction but an evolutionary push.

Now that the GENIUS bill has been signed, the RWA ecosystem is gradually clarifying under the US regulatory framework. Tether’s move—integrating AI into wallets and including real asset tokenization products like XAUT—is actually building a new layer of financial infrastructure. It’s not about "stealing banks’ business," but rather creating a new foundational layer that banks can access.

The historical comparison is clear. Record companies in the CD era once fiercely resisted streaming, only to realize it was a gold mine. The financial system is now repeating this story. The question isn’t whether the technology will win, but when institutions will shift from a defensive mindset to an offensive one.

Stablecoins are not revolutionary destroyers but catalysts for evolution. This time, what we see is the genuine broadening of the usability boundary for real asset on-chain.