Stablecoins and tokenized assets are experiencing explosive growth. Paxos's total asset market capitalization has surged from $1.2 billion to $6.8 billion over the past 12 months, an increase of over 450%. Behind this are two main pillars: first, the PYUSD stablecoin launched by PayPal has performed remarkably well, contributing more than half of the growth momentum, with a current market cap of $3.6 billion, demonstrating the strong potential of traditional payment giants entering Web3; second, the PAXG tokenized gold product also holds its own, with a market cap increasing to $1.8 billion, reflecting investors' continued interest in on-chain precious metal assets. Behind these figures is the deep integration of physical assets on the chain and stablecoin application scenarios within the crypto ecosystem.