Lily Liu: RWA will mainly serve as on-chain Collateral, and stablecoin is the core of on-chain economy.

Wu learned that Lily Liu, the chair of the Solana Foundation, stated that most RWA are valuable assets that lack market prices because they cannot be freely traded; while crypto-native assets (such as memecoin) have prices but lack intrinsic value. To fully cover the risk spectrum, crypto infrastructure should include assets that have both price and value, with on-chain stocks being a typical representative. RWA are often difficult to trade due to regulatory and licensing constraints, resulting in lower value for both issuers and the blockchain. Many RWA themselves are not directly traded, such as home mortgages, whose primary use is as collateral on-chain for borrowing stablecoins. Mastering stablecoins means mastering the on-chain economy.