Recently, I've seen everyone connect the dots between stablecoin supply, ETF net inflows, and off-chain capital movements—sounds smooth when you listen, but I still remain cautious: correlation does not necessarily mean causation. An increase in stablecoins could mean waiting for opportunities, or it could just be repositioning, hedging, or even just parameter adjustments within protocols (like collateral ratios or lending caps), which makes the surface data look good.

Also, now that RWA and U.S. Treasury yields are being compared alongside various on-chain "yield products," I can understand the expectation of "more stable, more like money," but frankly, the risk boundaries are far apart... One is written on paper, and the other is embedded in smart contracts and governance votes. Anyway, I prefer to take it slow, understand where the money is coming from, whether it can be withdrawn at any time, and then decide whether to join the hype.