Stablecoin trading volume has surpassed BTC+ETH, and with the完善监管框架, the DeFi landscape may undergo a reshuffle.

【Crypto World】You may not have noticed, but the trading volume of stablecoins on the chain has long surpassed that of Bitcoin and Ethereum—these two combined are not as popular as stablecoins. This asset has become the lifeblood of DeFi for borrowing, trading, and transferring funds. Currently, the US is pushing forward with relevant legislative frameworks, focusing on the issuer’s capital reserves, auditing systems, and licensing requirements. The overall regulatory approach is gradually taking shape. Once this framework is implemented, the stablecoin market will be divided into two camps: one is the compliant mainstream, and the other consists of less regulated fringe players. This means DeFi protocols will be forced to prioritize compliant stablecoin assets and adjust according to institutional requirements. Of course, this also comes at a cost—yields will decrease, and risks will correspondingly be reduced. But from another perspective, this consolidates Ethereum’s position as the settlement layer, and certain compliant trading platforms will benefit as well, since they can directly integrate regulated stablecoin services, which is a significant advantage.