If you only regard this message as 'RWA is new again', you will miss its destructive power: when the tokenized national debt funds of the world's top asset management begin to be included in the trading collateral system, the clearing layer of the crypto world is being rewritten - from a 'retail sentiment casino' to an 'institutional risk control factory'.
This is not a commotion, this is a transition: margin is increasingly resembling traditional finance, and clearing is becoming more like discipline.
What does discipline mean? It means you will experience more frequently: positions can be opened, but channels are more cautious; funds can come in, but exits are more regulated. So the question returns to the most essential one: in the era of institutional clearing, is your 'cash exit' still in your own hands?
This is why I naturally want to pull the protagonist back to USDD. USDD is not about seizing the role of RWA, but rather addressing the harder questions behind RWA: when the liquidation layer becomes institutionalized and the entry more standardized, you need a 'on-chain cash base' - decentralized, over-collateralized, transparent and verifiable, minimizing reliance on centralized buttons to prove yourself.
The structural advantages of USDD are even scarcer in this era:
Over-collateralization provides a buffer, making stability more interpretable;
PSM provides deviation correction paths, making anchoring more executable;
Multi-chain native and composability allow cash not to be trapped in a single system.
If you take the news from 2025 as a signal, its implication is: the crypto world begins to treat 'yield-bearing treasury bonds' as basic collateral. Retail investors betting purely on volatility will find it increasingly difficult. You need to layer your positions: aggressive positions continue to play volatility, survival positions use USDD as the cash base; if you want to increase cash, use USDD → sUSDD to 'wait' (based on the current page). Don't hand over the survival position to the liquidation machine, as it will only be more efficient when you are most vulnerable.
The true impact of RWA is not moving assets on-chain, but moving risk control into the crypto world. The significance of USDD is to give you agency over on-chain cash in the era of risk control.
Disclaimer: The above content is the personal research and views of 'carving a boat to seek a sword', solely for information sharing and does not constitute any investment or trading advice.