This study addresses one of the most fundamental questions in physics and cosmology: How does observable matter emerge? Within the framework of the Black Hole Fractal Steady-State Universe (BFSSU) and Dynamic Mass Flow (DMF) cosmology, observable particles are interpreted not as the most fundamental constituents of the universe, but as localized and relatively stable manifested states arising from a more fundamental Dynamic Mass Flow substrate. As a specific pathway for such manifestation, this study proposes that the photon can be reinterpreted as a correlation mode formed within the DMF substrate, providing an intermediate structure between the underlying substrate and observable particle states. The proposed particle-emergence process is expressed schematically as: DMF substrate → photon correlation mode → particle state. When the DMF substrate approaches a critical state determined by a combination of DMF density structure, density gradients, hierarchical flow, local fluctuations, and interactions with observable matter, correlation modes may form and become excited, potentially enabling a further phase transition into observable particle states. From this perspective, matter generation need not be regarded exclusively as a unique event confined to the early universe, but may instead represent a potentially continuing cosmological process wherever the required physical conditions are realized. High-energy astrophysical environments—including stellar coronae, black-hole accretion disks, active galactic nuclei, and related extreme regions—are identified as possible candidate environments in which such transitions may become physically relevant. The model further considers a complementary transition in the opposite direction: particle state → gravitational contraction → black hole → DMF state. Black holes are therefore interpreted not merely as terminal sinks of matter, but as transition regions through which localized observable matter may move toward a more fundamental DMF state and subsequent redistribution. Connecting the two directions yields a larger cosmic circulation: DMF → correlation modes → particles → cosmic structures → gravitational contraction → black holes → DMF. In this picture, the universe is reinterpreted not as a one-directional system in which matter is generated, evolves, and ultimately disappears, but as a dynamic circulation system in which different physical states emerge from a common underlying substrate and subsequently return to and reorganize within that substrate. This study establishes the conceptual structure of the DMF phase-transition model and provides a foundation for its next stage of development: quantitative determination of the critical transition conditions, mathematical formulation of DMF dynamics, observational discrimination between particle generation and acceleration of pre-existing particles, and empirical testing in high-energy astrophysical environments. https://orcid.
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Takafumi Matsuoka (2026) studied this question.
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