#稳定币 The Solana Breakpoint Summit released several on-chain signals worth tracking. The most direct is the rapid expansion of the stablecoin ecosystem—JupUSD launching next week, USDGO debuting in Q1 next year, and OSL's USDGO also in planning, along with Circle's Circle Gateway cross-chain solution. This indicates that stablecoin liquidity on Solana will become further fragmented. In terms of capital flow, Keel's $500 million RWA investment plan has already received responses from over 40 institutions, which is a real signal of on-chain capital allocation needs.

More interesting data shows that the SOL-USD trading volume is three times that of Binance, with market structure tightening in real-time—this suggests institutions are already voting with their feet. Another key indicator is that Solana's block compute units will increase to 100 million early next year, improving the match between network capacity and actual application demand.

From whale movements, Circle CEO's statement that "more large platforms are considering USDC on Solana as their preferred infrastructure" hints that the migration of existing funds is still ongoing. However, caution is needed because the simultaneous launch of multiple stablecoins may reduce the liquidity depth of individual stablecoins. Future focus should be on the competitive landscape among USDC, JupUSD, and USDGO.

Data-driven judgment: Solana's narrative as a capital market infrastructure is moving from concept to implementation, but intensified stablecoin competition may lead to more dispersed liquidity. At this stage, attention should be on who can attract institutional-level traffic rather than simply the growth in token numbers.