Don't just focus on the meme projects; the real drama is happening elsewhere.

Major traditional banking giants have started playing seriously on public blockchains. On December 11th, a $50 million commercial note was issued directly through the Solana network—buyers were Coinbase and Franklin, settled entirely in USDC. Note, this is not some proof of concept; it’s a real securities transaction, the first of its kind in American financial history.

The rules of the game are being rewritten.

**First, look at the shift in technological approach**
In the past, these institutions only dared to operate within their own consortium chains. Now? One hand is issuing stablecoins on the Base chain (settlement in just 2 seconds), while the other is directly issuing assets on Solana. They’ve finally realized: public blockchains are the true global settlement infrastructure.

**Next, see the efficiency advantage**
Cross-border transfers now cost just 1 cent and complete in 2 seconds. In the face of this data, the traditional SWIFT system is like an old rotary phone. Such efficiency gaps cannot be bridged by improvements alone; they represent a generational technological leap.

**Most importantly, the gameplay**
Their strategy is clever—they use the underlying technology of public chains but cloak it in compliance. This way, they enjoy the technological benefits of blockchain while firmly controlling access to finance. That’s high-level operation.

When giant institutions managing $3.7 trillion in deposits begin migrating their operations onto the chain en masse, it signals that the "formal phase" of on-chain finance has truly arrived.

Technological evolution is never linear. Understanding the underlying logic of fund flows is far more useful than chasing hot trends.