Why is Coinbase the king of RWA? Why SELL CRCL? 》 $Coin is the ultimate overlord of the RWA (Real World Asset) track, far behind Circle ($CRCL)! Not only USDC, Coinbase is building a financial empire that integrates stock tokens, treasury bonds, and money market funds, opening the next round of asset digitization revolution. Compliance Moat + Institutional Trust Endorsement: The Base Network is dominated by Coinbase and has become the gold standard for compliance and transparency in the RWA space. Institutions and big money only trust platforms with regulatory guarantees – Coinbase has become the industry benchmark, and Circle is still catching up. More than USDC - full coverage of stock tokens, Treasury bonds, and money market funds: Coinbase has long jumped out of the single track of stablecoins, and has incorporated stock tokens, US Treasury bonds, and money market funds into the ecosystem with its S&P 500 constituent status and acquisition of Deribit. Users can trade, borrow, and earn income 24/7, and the liquidity and composability of assets far exceed those of traditional finance. Network Effect + Deep Liquidity: The Base network is becoming the first choice for RWA issuers, and more and more RWA projects are flocking to the Coinbase ecosystem to enjoy secure, compliant, and institutional-grade liquidity. The deeper the liquidity, the stronger the network effect, and Coinbase is dominating the RWA industry-wide capital entry. Absolute "gatekeeper" status: Coinbase not only holds a stake in Circle, but also controls the sharing and decision-making power of the key protocols of USDC and RWA. Circle's RWA expansion and USDC business are inseparable from the endorsement and traffic distribution of Coinbase, which is the "highway toll station" of the RWA track. Stock tokenization - the next super outlet: Circle is also testing the waters with the acquisition of startups, and Coinbase has fully put traditional assets such as stocks, ETFs, and treasury bonds on the chain, with a target market of hundreds of billions of dollars. Circle is just a follower, Coinbase is the real leader. Passive dependence, lack of dominance: Circle's RWA ambitions are firmly locked by Coinbase, and all major collaborations and divisions require Coinbase's nod, and the initiative is completely sidelined. Catch-up, not leader: Circle's recent acquisition of Hashnote, among others, has already flowed to Coinbase, a compliant, liquid, institutionally sanctioned platform. No moats, no premium capabilities: As RWA and stock tokenization enter the mainstream, Circle's role is increasingly marginalized, with real profits and money flows concentrating on super platforms like Coinbase. Conclusion: "The RWA superwave has arrived, and Coinbase has fully dominated core assets such as USDC, stock tokens, and treasury bonds by virtue of scale, compliance, and network effects. Circle is passive, dependent, and sluggish, and is destined to only eat scraps. If you want to capture the next trillion-dollar asset migration dividend, the only option now is to buy COIN and sell CRCL! If you miss this wave, you can only sigh in the future! ” Coinbase is the ultimate entry point for the digitization of real-world assets, so don't pay for second-rate players.