📊 Key Data
According to DefiLlama and MEXC Global data, as of August 18, 2025, the total market capitalization of stablecoins has surpassed $270 billion, setting a historical record.
💡 Data Interpretation
Stablecoins are the 'dollars' of the crypto world, and the growth of their total market capitalization directly reflects how much 'offshore capital' is flowing into this market. This represents the ongoing strengthening of the market's potential purchasing power (commonly known as 'ammunition'), reaching unprecedented levels of underlying liquidity and absorption capacity.
🤔 Potential Impact
This enormous amount of funds parked in stablecoins is like 'gunpowder' for the market. Once there are clear bullish signals in the market, this purchasing power could surge into Bitcoin, Ethereum, or other mainstream assets, providing strong fuel for the next upward movement. It indicates that despite price fluctuations, the long-term trend of capital entering the crypto space has not changed.
The continuous expansion of stablecoin market capitalization undoubtedly injects confidence into the market. However, a thought-provoking question is: is this massive 'ammunition' waiting for the right moment to charge, or is it adopting 'holding and observing' as a new hedging strategy in the current uncertain macro environment?
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