This is not increment, but a great migration of old capital to the on-chain universe! The fishermen have already reaped big gains from this wave.
Three engines: Who is igniting the stablecoin nuclear reactor?
U.S. Treasury on-chain movement
U.S. Treasury data shows: Nearly $78 billion in U.S. Treasuries went on-chain via RWA in the past month (Ondo absorbed $3.7 billion in a month)
Institutional arbitrage logic: Buy U.S. Treasuries → Mint on-chain stablecoins → Earn yield spread + seigniorage dual returns
Global regulatory survival of the fittest
Hong Kong issues licenses for stablecoin issuers (BUSD Phantom resurrected)
EU MiCA regulation exempts offshore stablecoins (USDT trading volume surged 200% weekly)
Federal Reserve assistance revealed
Reverse repurchase agreement (RRP) balance drops below 500 billion → Cash with nowhere to go floods into stablecoins
Dark truth: Three skeletons under a $260 billion market cap
Skeleton 1: Average bank savings interest rate 1.2% vs stablecoin wealth management 5.8% → Traditional banks lost $4.2 billion in deposits weekly
Skeleton 2: Cross-border payment SWIFT single transaction fee 30+** vs USDC on-chain transfer **0.001 → Western Union stock price fell 12% in a month
Skeleton 3: U.S. dollar hegemony's share in global stablecoin reserves drops below 61% (New Singapore Dollar and Hong Kong Dollar stablecoins grow over 400%)
On-chain alert: A certain market maker minted $1.7 billion USDT in a single week, half of which flowed into Binance's contract leverage pool
Retail investors' gold mining route: Four steps to harvest policy dividends
Capture US Treasury yield spread
Heavily investing in RWA stablecoin protocols: Ondo (USDY annualized 9.8%), Mantle (mUSD government bond pool)
Target regulatory arbitrage
Betting on offshore stablecoin leaders: Tether (USDT), Frax (FRAX)
Short traditional finance
Shorting Western Union (WU) + regional bank stocks (e.g., ZION)
Cross-chain stable arms dealer
Positioning LayerZero (ZRO): Daily processing of $2.3 billion in stablecoin cross-chain transactions
When the Federal Reserve's shackles become fuel for stablecoins
This $260 billion market cap is not the end, but just the opening of the collapse of the old order
Remember three rules: Stablecoins are the true dollar hegemony 2.0. They have rusted the Federal Reserve's money printing machine on Capitol Hill. Yield spread arbitrage is the contemporary alchemy, using U.S. Treasuries as a spear, stablecoins as a shield, harvesting globally. The time to short the old finance has come. It was never another SWIFT that killed SWIFT, but a line of code on-chain.
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