#稳定币 After reviewing DWF Labs' data summary, the market structure in 2025 is indeed undergoing a qualitative change. The $19 billion liquidation cleared excessive leverage, marking a necessary cleansing.

What’s more noteworthy is the stablecoin sector — supply has increased by over 50% year-on-year, with $20 billion entering interest-bearing products. This shift is very interesting. From being purely a payment tool to becoming an asset management tool, it indicates that on-chain funds are seeking yield-bearing opportunities. Stablecoins are no longer just a medium of exchange but are becoming a vessel for capital accumulation.

The expansion of RWA from $4 billion to $18 billion also confirms this — traditional financial assets are gradually being tokenized. Coupled with the fourfold increase in DEX and CEX derivatives trading volume, the market is shifting from a speculation-driven environment to one driven by balance sheets. This means future capital flows will focus more on real yields and risk exposure, based on fundamental factors.

In the short term, the ample supply of stablecoins with yield-bearing capacity is beneficial for market liquidity support. However, it’s important to monitor how resilient these allocated funds are if yields decline or risk asset sell-offs intensify — this will be the next key point of observation.