validator economics is rotating through treasury policy: reading the Will stablecoins tape

Cycles rhyme, but the plumbing underneath keeps changing.

That debate sits next to today’s market focus around “Will stablecoins survive once the banks catch up?.”

When RWA tokenization and protocol revenue disagree, sizing down beats inventing a clever story.

Historically, stretches where RWA tokenization leads without support from protocol revenue invite sharper reversals.

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