#稳定币生态 When I saw this set of data, my mind flashed back to the 2017 cycle. Back then, we were all chasing gains wildly, increasing leverage more and more, until overnight, margin calls and liquidations became catastrophic. Today’s $19 billion in liquidations, in a way, is the market self-correcting—painful but necessary.

What truly moved me is the transformation of stablecoins. I remember when stablecoins first appeared, everyone saw them merely as a payment tool. Fast forward to now, what does a stablecoin ecosystem exceeding $20 billion in interest-bearing assets mean? It signifies that this ecosystem is shifting from a speculative game to asset management. This is not just simple numerical growth; it’s a paradigm shift.

From $4 billion to $18 billion in RWA growth, and a fourfold increase in the proportion of trading derivatives—these footprints outline not a virtual economy illusion, but the formation of real financial infrastructure. By 2025, the market will finally shift from the frenzy of “making quick money” to the rationality of “building assets.”

Having experienced several cycles, I increasingly believe in one rule: the survival of a project depends not on how flashy its technology is, but on whether it can evolve from a speculative tool into a productive one. The recent changes in the stablecoin ecosystem are a demonstration of this logic. Leverage clearing, improved asset allocation, real asset integration—each step is building credibility, and credibility is the real ticket for the crypto market to move from the fringes to the mainstream.