Morning spent searching for a charger, and I casually checked some data: stablecoin supply is once again being used as "evidence that off-chain funds are coming in," and some people are starting to speculate about causality just by looking at ETF inflows. To put it simply, correlation really doesn't equal causation; sometimes people just prefer to keep their money in places that seem less volatile, waiting for opportunities, sentiment, or even for withdrawal channels to smooth out.

Recently, RWA, U.S. Treasury yields, and on-chain yield products have been compared side by side in a table. I find it a bit uncomfortable: the same term "yield" can have completely different risks and retrievability behind it. Anyway, I personally focus on the process: how the money flows in and out, where it’s held in custody, how settlement is triggered… these are more concrete than grand narratives.