IntroductionWhile markets were still trapped in the tightening panic of “Red September,” the Federal Reserve’s rate cuts quietly flipped the entire narrative. This is not another routine liquidity tide—it is a paradigm shift from “money on-chain” to “assets on-chain.” The 2020–2021 bull run was powered by abundant liquidity and meme frenzy; the 2025 engine will instead be driven by the compliant stablecoin payment layer and yield-bearing real-world assets (RWAs). Rate cuts have reopened the f...