#稳定币市场 From the perspective of capital flow, the total supply of stablecoins has surpassed 300 billion, with an annual trading volume of 46 trillion—Ethereum accounts for 54% of the share, and this number itself indicates the issue. Pectra and Fusaka's two hard forks directly reduced costs, and the implementation of account abstraction means Gas fee payments becoming the norm. Optimizing the user experience of stablecoins is fundamentally transformative.

What’s even more noteworthy is the actions on the institutional side: JPMorgan has launched tokenized money market funds on the mainnet, and BlackRock’s BUIDL scale approaches 3 billion—this is not a test, but real capital allocation. The GENIUS Act establishes a federal regulatory framework, signaling that stablecoins are moving from the gray area toward institutionalization.

The maturity of Layer2 solutions reveals deeper signals. The fee structures of Base, Arbitrum, and zkSync have formed a tiered structure, with a total lock-up of 35.7 billion and trading volume surpassing the mainnet—liquidity of stablecoins on Layer2 has already achieved scale effects, directly impacting the distribution pattern of on-chain funds.

From a tracking perspective, three dimensions need attention: first, the cross-chain flow trend of stablecoins among various L2s; second, the lock-up cycle of institutional funds after entry; third, the share changes of USDC and USDT within the Ethereum ecosystem. When infrastructure upgrades from "experimental" to "global infrastructure," the market depth and pricing efficiency of stablecoins will undergo qualitative changes.