# RWA — X 热门讨论 (2026-09-30 13:40 UTC)
## @amirhp771 (amir(❖,❖) inkog.base.eth🟣🟢) · 09-30 13:16 · ♥217 ↻14 💬3 Rally just landed on Robinhood Chain, and the first campaign I want to see is for a dollar most people here hold without ever seeing it.
USDe.
There is about $343M of it on this chain right now.
Roughly 7% of all USDe in existence, about triple what it was in mid July, on a chain with 26M addresses.
Only 7,233 of them hold it.
So who is using it?
A lot of it works for people who never chose it.
Robinhood Earn takes your USDG, deposits it into a Morpho vault curated by Steakhouse, and lends it to borrowers posting collateral from Spark, Ethena and Maple.
You deposit one dollar. Another one sits quietly under your yield.
My pick: @ethena
Here is what sold me after digging through their dashboards.
The story most people repeat about USDe is out of date.
"Crypto collateral hedged with shorts" was the whole product a year ago.
Today Ethena's own numbers show $4.90B of supply against $4.97B of backing (101.36%), and crypto basis is only $930M of that, roughly 19%.
The rest is DeFi lending (33%), liquid stables (29%), institutional lending (13%) and RWA (6%).
Supply peaked north of $14B last autumn. It is a different animal now, and the timeline meme has not caught up.
And it is still moving.
On Sep 25 Ethena announced it is extending the basis trade to equity perpetuals with Binance, with tokenized stocks as spot collateral.
On a chain built for tokenized stocks, that one is worth watching.
The redemption door matters just as much.
Mint and redeem run against USDC, USDG, USDtb, PYUSD and USDT, with USDG at 0 bps both ways, but only for onboarded users.
Everyone else exits through the market.
Add up the redemption-ready stablecoins on Ethena's dashboard and you get roughly $1B, about a fifth of supply.
My honest take: I trust Ethena more after reading it than before.
A 101.36% backing ratio, a $62.1M reserve fund, custodian attestations, proof of reserves, all public.
Most protocols ask for blind faith in the peg. This one hands you the receipts.
That is exactly why it deserves a Rally campaign.
Rally scores accuracy, and Ethena is a project where claims can be checked against live public data.
A post about it cannot survive on vibes.
The uncomfortable part: transparent is not the same as understood.
On a chain where the front door is a brokerage app, a synthetic dollar can end up carrying real weight in the yield without depositors ever learning what backs it.
Not because the design is flawed. Because nobody asked them to look.
The timing is sharp too.
Ethena said token incentives on USDe end this month.
From October 1, the yield is only what the protocol actually earns.
What a campaign paid in ENA could reward:
◈ Explaining in plain words what a dollar backed 19% by a hedged crypto trade and 33% by DeFi lending actually is ◈ Following one Earn deposit from USDG to a borrower, and what a liquidation looks like ◈ USDe next to USDG: what backs each, how each redeems, what can break each ◈ Reading the funding-rate table next to the basis yield and saying how thin it is right now
All checkable against Ethena's public dashboards. Scored on accuracy, not follower count.
Which Robinhood Chain project deserves a Rally campaign next, and what is the one thing you think its users hold without really understanding? > 引用 @RallyOnChain: RALLY IS LIVE ON ROBINHOOD CHAIN 🚨
Robinhood built an AI-native chain, so we brought the AI-native attention layer to it.
Starting today, any project on @RobinhoodCrypto can fund a Rally campaign with its own token and put 150K+ creators to work on its story.
Welcome 💚 https://t.co/FkWc6rbgAe https://x.com/amirhp771/status/2105285608046227540
## @RippleXity (RippleXity) · 09-30 12:42 · ♥73 ↻10 💬0 🚨 JUST IN: Monica Long says most tokenized volume will be on public blockchains as @Trensik_com explodes past 5,600 active RWA users on the $XRP Ledger. https://t.co/G5DASGnnfM > 引用 @Trensik_com: 5,600+ active users on Trensik.
From 4,100 to 5,600 in under three weeks.
Thank you for trading verified RWAs on the $XRP Ledger with us.
https://t.co/DF8vEDewh7 https://t.co/9mfwXrn8NI https://x.com/RippleXity/status/2105277203009433675
## @RWAFoundation_ (RWA Foundation) · 09-30 12:26 · ♥51 ↻4 💬4 T TO TOK TOKE TOKEN TOKENI TOKENIZ TOKENIZA TOKENIZAT TOKENIZATI TOKENIZATIO TOKENIZATION ✨ > 引用 @RayBuckton: T TO TOK TOKE TOKEN TOKENI TOKENIZ TOKENIZA TOKENIZAT TOKENIZATI TOKENIZATIO TOKENIZATION ✨ https://x.com/RWAFoundation_/status/2105273164196622460
## @RWAFoundation_ (RWA Foundation) · 09-30 11:28 · ♥43 ↻7 💬6 Tokenization
RWA perps
Stablecoin
RWA’s https://x.com/RWAFoundation_/status/2105258536435671058
## @coffeedosa (coffeedosa π | PiSchool Founder) · 09-30 09:06 · ♥42 ↻5 💬3 🇰🇷 Stellar Night Seoul 2026! Live from the Stellar meetup in Seoul!
An exciting discussion on global RWA megatrends and on-chain infrastructure.
Seeing the Stellar community come together makes me even more eager to organize a major Pi Network meetup in South Korea.
I hope we can make it happen as soon as possible, bringing together Pioneers, PiPet, COIXA Wallet, and the Pi Core Team!
It's time to connect communities and turn our Web3 vision into reality!
Next time, let's make it Pi Network's turn!
@StellarOrg @PiCoreTeam @CoixaFi @PiSuperChain https://x.com/coffeedosa/status/2105222720585912658