#稳定币市场发展 Seeing Binance's USD1 savings product with an annualized rate of up to 20%, and the shift in public opinion that stablecoins are no longer viewed as enemies of banks, my first reaction is: this situation is indeed fracturing.

The previous narrative that "stablecoins will drain bank deposits" has been broken, and the underlying logic is solid—deposit stickiness is much stronger than imagined, and users won't migrate the entire financial service ecosystem for a few basis points. But the current change is even more interesting: banks are no longer passively defending; instead, they are being forced to accelerate.

From a follow-trade strategy perspective, this means the risk premium across the entire stablecoin ecosystem is decreasing. The tail risk of "policy overnight change" has been absorbed by regulatory frameworks, and stablecoins are gradually transforming from high-risk assets into infrastructure-level entities. Binance's aggressive 20% annualized pricing reflects, on one hand, increased market competition, and on the other hand, a growing confidence among practitioners in the long-term stability of stablecoins.

For someone like me who observes and manages trades, it's worth paying attention to whether major players are quietly increasing their positions in stablecoin-related trades. If leading traders start using stablecoins as the main settlement layer instead of just a temporary stopover, it indicates that this shift is not just public opinion but genuine, substantial recognition.

I'll wait to analyze a week's worth of follow-trade data to see if I can find any definitive signals.