PayPal considers launching stablecoin $PYUSD to seek new revenue sources. In the cryptocurrency space, the most profitable business is Tether, which earned more than $1 billion in the second quarter alone. PayPal has hundreds of millions of users and has huge potential to enter the stablecoin market. Coinbase generated $374 million in exchange fee revenue in the second quarter, while it earned $240 million from $USDC and Circle interest income. The reality of cryptocurrencies is that the profit margins are higher for buying Treasury bonds than running an exchange. Therefore, DeFi strategies will focus on tokenization of government bonds and RWA. The addition of PayPal may mean more lobbying funds. For example, MakerDAO has more than $2 billion in short-term treasury bonds, and the interest is being poured back into the token buyback. RWA paired with DeFi "Lego" is expected to achieve higher on-chain yields. The $FXS project is also worth keeping an eye on as they look to vertically integrate tokenized treasury bonds into the DeFi stack. In terms of risks, regulation and interest rate cuts by the Federal Reserve may have an impact on the track.