#稳定币市场 When I saw this set of data, the first thought that came to mind was — we are truly witnessing a structural shift.

Remember the 2017 bull market? Back then, stablecoins were just supporting characters, mainly used for arbitrage and quick entry and exit. But now? The liquidation of $19 billion in margin calls has cleared out speculative bubbles in the market, and the remaining players are starting to seriously consider asset allocation. Over $20 billion is flowing into interest-bearing stablecoins, and this is not a small number — it indicates that large funds have shifted from "how to double quickly" to "how to earn stable returns."

Even more interesting is the expansion of RWA, from $4 billion to $18 billion. What does this curve reflect? It shows that the boundary between traditional finance and on-chain world is becoming blurred. When the proportion of DEX and CEX derivatives trading increases fourfold, we are actually witnessing a reconstruction of financial infrastructure — no longer a gambling arena, but a market with genuine counterparties, liquidity, and risk management.

This reminds me of the old projects that persisted since 2014. Their secret to surviving until today is that they didn’t overpromise or leverage excessively. The current market structure is becoming more aligned with this rationality — a balance sheet-driven approach means fundamentals are starting to speak, and the survival space for air projects is being squeezed repeatedly.

History always rhymes, but it never repeats. This shift feels more solid than any previous one.