After experiencing rounds of intense volatility, the cryptocurrency industry is quietly undergoing a transformation. More and more participants are shifting from the "speculative trading model" that pursues extreme returns to the "wealth management model" that seeks stable cash flow — this is not an isolated phenomenon but a major trend across the entire ecosystem.

Why is this happening? It's simple. Those who have gone through several market crashes understand that the high-risk, high-reward theory often turns into high-risk, high-loss in practice. In contrast, stablecoin wealth management may seem to offer modest returns, but its strength lies in stability and predictability. This shift in demand is reshaping the product landscape of DeFi.

Take stablecoin wealth management schemes like USD1 as an example. Their core logic is a combination of low-interest lending and high-yield investment — users collateralize assets to obtain stablecoins to participate in wealth management, with low borrowing costs and high investment returns. This design addresses a long-standing pain point in stablecoin wealth management: yields are too low.

Even more noteworthy is the over-collateralization mechanism. It is not just a routine risk control measure but also naturally aligns with regulatory frameworks' expectations for stablecoin compliance. When compliant stablecoins move from concept to reality, such products become an advantage.

As this wave of transformation progresses, the number of participants within the ecosystem will continue to grow, and the ecosystem's value will also increase. Understanding the logic behind this shift early and deploying in the stablecoin wealth management ecosystem might just be the key to capturing the next major opportunity in DeFi.