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After reviewing the broad market data over the past week, one pattern became impossible to ignore: Crypto no longer runs on $ETH or $BTC. It runs on dollars. The total stablecoin supply, $312.3B now, is not just liquidity. It has become the monetary base of the entire crypto economy. Stablecoins now play the same role that M2 does in traditional finance: they serve as the denominator for every yield, collateral, and leverage cycle in DeFi. Every expansion and contraction in stablecoin supply has mapped closely to the market’s risk-on and risk-off phases. ● Why This Shift Redefines Crypto’s Economy From a macro perspective, crypto has entered its dollarization phase. This shift has three defining features: > Stable liquidity exceeds speculative liquidity: Yield, staking, and perpetual futures are all settled in USD terms. > Dollar rails are becoming the infrastructure layer: Cross-chain flows, RWAs, and restaking activities are now denominated in stable value. > Supply growth equals credit expansion: When stablecoin supply increases, DeFi TVL and trading activity expand almost mechanically. This dynamic means that blockchains no longer represent “alternative economies.” They now operate as parallel dollar economies. ● The Onchain Metrics Here are Stablecoin market share and Supply as of October 2025 (DefiLlama data): ➤ $USDT (57.9%): $180.8B ➤ $USDC (24.4%): $75.7B ➤ $USDe(4.0%): $12.3B ➤ $USDS + $DAI (4.1%): $12.7B ➤ Others (4.9%): $15.3B Total $312B However, velocity is the real signal. When stablecoins circulate through lending pools, perpetual futures, or restaking vaults, credit expands. When they sit idle in wallets or treasuries, liquidity slows. Historical examples show the pattern clearly: In 2020, stablecoin supply grew fivefold, and DeFi TVL rose from $1 billion to $100 billion. In 2022, redemptions erased $10 billion, and TVL dropped by half. In 2025, supply has plateaued, and so has growth. Stablecoin velocity is becoming crypto’s version of M2 money velocity. ● Competitive Landscape Issuers are competing to define how crypto holds dollar liquidity. 🔹Centralized Giants ( $USDT, $USDC ): Over 80% of supply; deep liquidity but dependent on banks and regulators. 🔹Protocol-Native Dollars ( $DAI, $sDAI, $crvUSD ): Backed by staked ETH, RWAs, and vault yields. 🔹Synthetic Stablecoins ( $USDe, $FDUSD ): Use perps and hedged strategies to stay uncustodied yet yield-bearing. 🔹RWA Primitives ( $OUSG ): Tokenize Treasuries yielding 4.5–5.2% and plug into restaking for “yield-backed dollars.” Each answers the same question: how can crypto sustain dollar liquidity without centralized custody? Each design attempts to answer the same structural question: How can crypto sustain dollar liquidity without relying on centralized custody? ● What’s Next? > Stablecoin Expansion Will Reprice Risk: As supply grows, leverage and TVL will likely expand in lockstep. > Yield-Bearing Collateral Will Lead: RWAs and restaking receipts will merge into hybrid, interest-bearing dollar instruments. > Velocity Will Become a Market Indicator: Stablecoin velocity will replace price charts as the leading macro signal for market direction. > Dollar Infrastructure Will Be the New Battleground: Control of issuance, redemption, and composability rails will define the next cycle’s winners: Circle, Ethena, and Falcon. ● My Take From my perspective, this is crypto’s most structural yet overlooked shift. Everyone talks about AI, L2s, and restaking, but everything still settles in dollars. Stablecoins aren’t a byproduct of liquidity. They are the liquidity. Until supply expands again, crypto stays in quiet monetary tightening. If DeFi is the economy, stablecoins are its money supply, and that supply isn’t growing.

‎1. Uniswap is a decentralized cryptocurrency exchange protocool build on etheruem blocking. It enable automated trading of digital assets through smart contract eliminating the need of centralized or order books. Uni swap the cryptocurrency the uniswap platform uses. Anyone can earn uni by agreeing to trade their cryptocurrency holdings. The uniswap platform is governed by Uni holders in proportion to how much token they own. ‎ ‎ ‎2. Aave: is a decentralized finance platform that allows users to lend and borrow cryptocurrency without intermediaries. Bulit on etheruem, it features innovative tools like flash loan and community governance. Making it one of the most trusted and wisely used protocol in the crypto lending space. ‎As a Defi platforms protocol built on ethruem, Aave accommodate ETH, a suit of stablecoin like DAI and USDC token from around the decentralized finance ecosystem. ‎ ‎ ‎ ‎ ‎3. Fantom: A high performance, scalable, and secure smart contract platform, similar to ethreum. It use a unique consensus called lachesis, which combined a directed acycli graphy (DAG) data structure with Proof of stake (POS) model allowing faster cheaper transactions than etheruem and other layer 1 blockchains. ‎The native token of the network FTM, is use for staking, voting and paying transactions fee (gas fee). ‎

1/6 🧱 What Makes a Stablecoin “Stable”? Not all $1 tokens are created equal. • Fiat-backed: USDT, USDC (cash, Treasuries) • Crypto-backed: DAI, LUSD (on-chain collateral) • Algorithmic/hybrid: FRAX, USDe (math + market forces) Each model has trade-offs between

Coinbase 黑客再次买入 11.13 万枚 #SOL，价值约 2323 万美元 据余烬监测，从 Coinbase 用户处窃取资金的黑客在 3 小时前继续买入 111,323 枚 SOL（约 2323 万美元），目前已持有 21.2 万枚 SOL（约 4618 万美元），均价 217.6 美元。与上次操作相同，黑客将 2323.6 万 #DAI 换成 #USDC 并跨链到 #Solana 上，随后以每枚 208.7 美元的价格全部买入 SOL。