DePINone Labs

A comprehensive inventory of the main categories and representative projects of the RWA ecosystem in 2025.

This report focuses on the transformation of the stablecoin ecosystem: from an early emphasis on issuance to the current focus on distribution and actual usage.

The involvement of traditional financial giants and the accelerated attempts by governments around the world make it possible for RWA to truly change the hollowing out and scaling issues of blockchain finance.

Solana is becoming the preferred platform for DePIN projects due to its high throughput, low transaction costs, mature developer ecosystem, and a large number of users. We see a DePIN empire ecosystem emerging from Solana.