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According to a report by Jinse Finance, citing US media on the 20th, after the relationship between US President Trump and billionaire Elon Musk broke down, the Trump administration has begun reviewing contracts between Musk’s Space Exploration Technologies Corp. (SpaceX) and various federal government agencies. The Wall Street Journal reported that the US General Services Administration has asked several government agencies, including the Department of Defense and NASA, to fill out forms detailing their cooperation with SpaceX and to assess whether industry competitors could perform the same tasks more efficiently. Preliminary assessments indicate that, due to SpaceX’s dominant position in rocket launches and low-Earth orbit satellite services, most government contracts would be difficult to terminate. Previously, Trump stated on social media that the simplest way to reduce federal spending would be to “terminate” government contracts signed with Musk’s companies. Musk had fully supported Trump in the 2024 US presidential election, but the two have recently had serious disagreements and public disputes over issues such as the “Build Back Better” tax and spending bill.

According to Jinse Finance, data from DefiLlama shows that the total value locked (TVL) in the Real World Asset (RWA) tokenization sector has reached $12.452 billion. Among them: BlackRock's BUIDL TVL stands at $2.598 billion; Ethena USDtb TVL is $1.456 billion; Ondo Finance TVL is $1.393 billion.