Stablecoins and RWA are moving from narrative markets toward usage markets. The strongest signal is not only onchain size, but whether flows, compliance boundaries, and end-user scenarios are becoming clearer at the same time.
Stablecoins create settlement certainty; RWA products still need durable answers around asset verification, revenue distribution, and cross-jurisdiction enforcement.
Onchain data can reveal structural shifts early, but it still needs to be read alongside business demand, regulation, and participant incentives.