Recently, many people are struggling with a choice: should they favor the established stablecoin giants that have already been listed, or follow the emerging RWA Token track?

This matter needs to be analyzed from two dimensions: one is the certainty of investment, and the other is the imaginative space for returns.

**The Path of Stablecoins**

Circle went public in June last year, and its valuation is now in the range of over $20 billion. The biggest advantage is transparency - the financial reports of publicly traded companies are laid out on the table, regulated by the securities regulatory authority, with not so many "black box" operations.

USDC, as the world's second-largest stablecoin, has a scale that speaks for itself: over $70 billion in circulation, with a market share of about a quarter. The most critical aspect is the reserve structure—100% cash backed by short-term bonds, with some also managed by institutional-grade asset management companies. This structure makes the risks basically controllable.

Just look at the financial report. In Q3 alone, Circle earned 740 million dollars just from reserve interest, with a year-on-year growth rate of 66%. This money is real and benefits from the high interest rate environment of the Federal Reserve. The business logic is simple and straightforward: the larger the issuance of stablecoins, the fuller the interest pool.

The regulatory environment has also been reassuring this year, with the relevant legislative framework basically taking shape. Giants like a leading exchange and an international payment network are using its infrastructure. Risks certainly exist—such as declining interest rates or intensified competition—but the probability of a "blow-up" is close to zero.

**The path of RWA track**

Ondo represents another kind of logic. Its price volatility is shockingly large—peaking at over 2 dollars at the beginning of the year, it has been smashed down to the current 0.4-0.7 dollars. This is the norm for crypto assets: both increases and decreases depend on market sentiment.

Both paths have their own algorithms. The former is stable but has a clear ceiling, while the latter bets on growth but comes with maximum risk. Which one to choose depends on your risk preference.