#稳定币支付与应用 When I saw this set of data, my mind flashed back to the ICO boom of 2017. Back then, everyone was talking about decentralization and mass participation, but what was the result? Most of the liquidity was concentrated in exchange wallets, and retail investors' buying habits couldn't change the overall pattern.

Now, stablecoins are repeating this scene, with the top 1000 wallets controlling 85% of the trading volume. This is no coincidence; it’s the result of systemic selection. Cold wallets of large institutions, market makers, and trading platforms—these form this "hidden center." The number of P2P transactions looks prosperous, but the proportion of the amount makes it clear—most are small transfers, and the true flow of value has long been locked away.

I have experienced this cycle too many times. Every time a new application scenario explodes in popularity, we hear the same promise—this time is really different. But from the centralization of Bitcoin mining pools, to leading DeFi protocols, and now to stablecoin payments, the pattern has never changed. Power always gravitates toward convenience and scale.

Stablecoins should be the democratization of payment tools, but instead, they have become a new stage for institutional forces. This is not a technological problem; it’s an economic law. As long as there is profit potential, centralization will reshape itself. When history hasn't taught us anything, it has at least taught us to see this clearly—no matter how appealing the story, it cannot compete with the reality behind the data.