Hayes points out that US stablecoin regulation can absorb European dollars, fueling the crypto bull market until 2028 (Background: DEX market share exceeds 25% in May, reaching a historical high; is decentralized trading becoming a trend?) (Background supplement: Christie's allows purchasing houses with cryptocurrencies, a new milestone in the RWA track) BitMEX co-founder Arthur Hayes stated today (25th) at the Tokyo WebX conference that the current crypto bull market "will not end anytime soon" and predicts it will continue until 2028. He attributes the greatest momentum to the upcoming US stablecoin regulation, which aims to bring the estimated $10 trillion to $13 trillion European dollar market into an officially controllable stablecoin system. The core of this policy is the (GENIUS Act), effective in 2027, which requires stablecoins to have a 1:1 reserve, regular audits, and protection of holders' rights. Hayes estimates that the market value of stablecoins could expand to $10 trillion by 2028; Coinbase research provides a baseline estimate of $1.2 trillion, meaning issuers need to purchase about $5.3 billion in US Treasury bonds weekly as collateral. Hayes emphasizes: "The US wants to take over the European dollar with stablecoins, and the influx of funds will push the market to 2028." The stablecoin craze will inject liquidity into DeFi; if massive offshore dollarization becomes on-chain stablecoins, DeFi platforms will be the first to benefit. Research indicates that the capital pool expansion is expected to drive the total locked value (TVL) to tens of trillions of dollars, with basis trading, lending, and collateral activities growing accordingly. Hayes names Ethena and Hyperliquid as potential frontrunners, with Ethena (ENA) having surged 160% within a month of listing on major exchanges, being seen as a contender "with the opportunity to exceed USDC in scale." Price Forecast and Risk Reminder With liquidity support, Hayes is optimistic that Ethereum will hit $10,000 to $20,000 in 2027–2028, while Bitcoin could even challenge $1 million in the long term. However, he also acknowledges that regulatory details remain uncertain, traditional financial institutions' resistance, and rapid capital migration could exacerbate volatility. Whether the market can usher in this "policy bull market" as expected still requires investors to closely monitor legislative progress and the global macro environment. In summary, US stablecoin policy opens up unprecedented liquidity channels for the crypto market; if regulation is smoothly implemented, the boundaries between DeFi and mainstream finance will become even blurrier, bringing investors new income models and risk landscapes.

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