#稳定币与RWA发展 Sky Protocol's recent buyback data is worth a close look. 1.9 million USDS exchanged for 29.3 million SKY, which translates to an approximate unit price of 0.065 USDS. The accumulated buyback scale of 96 million USDS indicates that this is not a fleeting impulse.

The role of stablecoins here is quite interesting — evolving from pure transaction media to becoming a buyback tool for governance tokens. This reflects the gradual improvement of the RWA ecosystem, with USDS as the native stablecoin within the Sky ecosystem, expanding in liquidity and application scenarios.

From an on-chain perspective, sustained large-scale buybacks mean the protocol is adjusting supply by burning SKY, providing a bottom support for the token price. But more importantly, observing the subsequent liquidity trend of USDS is crucial — if stablecoins continue to be used for buybacks rather than flowing out of the ecosystem, it indicates a strengthening of the internal cycle, which is a positive signal for long-term holders.

It is recommended to focus on two data points: first, the daily average on-chain trading volume of USDS; second, whether the total value locked (TVL) of Sky Protocol is increasing accordingly. Only then can we determine if the expansion of stablecoin applications is genuine and effective.