Space Time:
June 26, 2025
Guests of this episode:
This year, the crypto market has seen a critical turning point - crypto companies are racing to IPO, traditional capital is accelerating its influx, listed companies are densely deploying crypto assets, and the "institutional crypto hoarding" led by MicroStrategy is spreading to a broader Altcoin domain. Meanwhile, the RWA (Real World Assets) track continues to heat up, expanding from government bonds and real estate to tech company equity, injecting a new imaginative space for the industry. In this Space episode, three guests jointly explored the deeper logic and future trends behind these phenomena.
Following is the essence review (content has been appropriately organized for easier reading)
Crypto IPO Boom - Mainstream Acceptance or Hype?
Chaz: I believe this "crypto IPO boom" is first a manifestation of Web3 companies seeking new opportunities. The funding scale of the Web2 market far exceeds the crypto field, and listing provides a compliant channel for traditional funds to participate in the crypto world. We see rapid progress in the stablecoin bill, even gaining support from political figures like Trump, which undoubtedly provides a policy soil for the emergence of crypto concept stocks.
In the current market, everyone is eager to find the next "MicroStrategy" - a successful template that buys crypto assets through bond issuance and sees its stock price soar, which has generated strong FOMO (fear of missing out) sentiment.
The market is showing a "double helix rising" phenomenon: as more funds flow in to purchase cryptocurrencies, coupled with reduced market supply, the assets' prices will rise; meanwhile, the listing of related stocks further attracts more traditional investors to participate in this "long" wave through the stock market. This is both a concept hype and an opportunity for Web2 funds to find new growth points.
Sara: I think this needs to be viewed case by case. For stablecoin issuers like Tether and Circle that have proven their model and achieved rapid growth (such as Circle's rise after listing), the IPO indeed reflects the market's optimism about their profitability and business model.
However, I'm reserved about Web2 companies that merely want to "transform" into the crypto field. If they lack genuine application scenarios and sustainable business models, we'll only truly see who's "swimming naked" once the market wave recedes. Additionally, events like the Trump family announcing the issuance of stablecoin UST1 can attract attention in the short term, but their long-term stability and uncertainty after the four-year term undoubtedly carry certain risks.
Young: I'm relatively positive about this phenomenon. We see that companies preparing for listing are top players in the industry, such as OKX, which has reportedly been planning for five years or even longer. These crypto-native companies are the first batch to demonstrate very strong profitability and substantial cash flow, with solid fundamentals.
From a long-term perspective, this is a key step in accelerating the connection between the crypto market and traditional financial markets. Looking back at the rise of Grayscale Fund in 2020 and the subsequent approval of Bitcoin and ETH ETFs, traditional finance has been seeking compliant ways to introduce more funds into the crypto field. Now, the IPO of crypto companies provides traditional investors with a direct opportunity to participate in this emerging industry, which is not just a market theme hype, but an indispensable positive signal in the mainstreaming process of crypto assets.
How do you view the trend of "Bitcoin Reserve Stocks" and "Altcoin Stocks", and what potential risks might exist?
(The translation continues in the same manner for the rest of the text)Government Leverage and Dollar Dominance: Stablecoin issuers map the "government leveraging" behavior of the traditional financial world by purchasing government bonds. The U.S. government sells bonds to raise funds and pays interest, which becomes stablecoins like USDC on-chain and is used for investment and circulation. The U.S. government will undoubtedly support and promote this process, as it can enhance the dollar's dominant position in the global economy.
Global Demand for Dollar Assets: For many people in third-world countries, directly purchasing dollar assets faces significant barriers. The massive demand to convert local currencies into dollar stablecoins is huge, which will undoubtedly accelerate the development of RWA.
High-Quality Dollar Assets On-Chain: As RWA assets are brought on-chain, they will attract more funds into the chain, create more stablecoins, and subsequently purchase these high-quality dollar assets.
Therefore, I believe the future "altcoin season" in the crypto market might be different, or one could even say there won't be an altcoin season.
The future crypto world may only have three main assets: pure trading tokens (mainstream coins), meme coins driven by attention, and tokens backed by high-quality Web2 assets.
For example, some exchanges and public chains like Solana are already advancing the on-chain practice of wrapped stocks. Although 99.99% of on-chain assets may still be considered "garbage", bringing high-quality Web2 assets on-chain will be an important direction in the future.
Ethereum currently dominates the RWA field. How do you view the opportunities for other chains (such as Solana) in RWA?
Young: I believe the RWA trend will drive stronger "internal circulation" within each blockchain ecosystem. For example, tokenized U.S. bond assets can circulate within its ecosystem, which will create a "hard demand" for decentralized exchanges (DEX), similar to an "ICO" in the RWA field. On-chain DEX for RWA will be a very strong profit model.
In contrast, the stock market finds it difficult to generate the same hype as crypto MEME coins. The entry point for RWA lies in trading, value discovery, asset liquidity, and exchange.
Chaz: Personally, I believe that in addition to Ethereum, Ethereum Layer 2 solutions like Base and Arbitrum will still be the main players. Solana's positioning is different; its advantages in high throughput and low cost give it some competitiveness in the RWA field, but I think it will still play a catch-up role.
[The rest of the text remains unchanged as it contains information about BioMatrix, BBS.NYC, and Solayer.]
