R2 Macro Outlook highlights a pivotal shift in global financial markets as the Federal Reserve's rate-cutting trajectory becomes clearer, boosting liquidity. The report emphasizes the rising demand for stablecoins and the strategic rethinking by users, wallets, and exchanges to offer more stable and transparent yields. R2 identifies real-world yield as a key sector poised for growth in the upcoming crypto cycle, driven by the reversal of interest rate trends and the intrinsic connection between stablecoins and real yield. R2 is actively developing infrastructure to facilitate the transparent and composable delivery of real-world yield on-chain. The next six to twelve months are expected to see accelerated adoption of real yield, fueled by declining interest rates, expanding stablecoin markets, and intensified competition among wallets and exchanges to dominate yield entry points.