#稳定币市场与应用 On-chain data has updated an important signal. The $19 billion in liquidations has completely changed the market structure, shifting from a speculation-driven environment to an asset-liability sheet-driven one — what does this mean?

Look at several data points: stablecoin supply has increased by over 50% year-over-year, with $20 billion flowing into interest-bearing products. This is not just simple holding behavior; it indicates capital seeking yield channels. RWA has expanded from $4 billion to $18 billion, showing that traditional financial assets are being systematically allocated on-chain. Derivatives trading volume has increased fourfold, indicating that the market is filling gaps in financial infrastructure.

Objectively, this shift means: first, highly leveraged speculators are being weeded out, leaving funds with genuine allocation needs; second, stablecoins are upgrading from a payment tool to an asset management tool, and the growth rate of interest-bearing stablecoins warrants ongoing monitoring; third, the market is building credibility, with increased participation from traditional institutions.

In the short term, key areas to observe include capital flows — which stablecoins are absorbing these $20 billion, changes in derivatives volume on DEXs and CEXs, and capital allocation across RWA sectors. These data points will directly influence subsequent allocation strategy judgments.