As a crypto analyst with five years in DeFi and NFTs, I’ve seen the quiet revolution unfolding: stablecoins are no longer winning by minting more tokens. The real battle is over who can build the most valuable applications. From cross-border trade to real-world asset tokenization, value is migrating from issuance to utility. In this deep dive, I break down why Circle’s Nasdaq debut isn’t just a milestone—it’s a symptom of a deeper shift. If you’re still chasing scale, you’re already behind.