#稳定币市场 After reviewing Ethereum's performance report for 2025, what alarms me the most isn't the impressive data but the hidden risk signals behind it.

Stablecoin trading volume reaching $46 trillion and total supply surpassing 30 billion may seem like crazy growth, but you need to understand—this is a sign of large capital entering the market and institutional compliance. When giants like JPMorgan and BlackRock start active on-chain, retail arbitrage opportunities actually shrink. I've seen too many people rush in at the sight of institutional entry, only to become bagholders.

Behind the prosperity of the stablecoin market lies an easily overlooked detail: Ethereum accounts for 54% of the market share. This sounds like an advantage, but in reality, it indicates risk concentration. If stablecoin policies change—such as tighter regulations or a major stablecoin encountering issues—Ethereum's ecosystem will be hit first.

There's also the so-called "comprehensive maturity" of Layer 2 solutions—I don't deny this is technological progress, but maturity also means the early redemptions are gone. $35.7 billion in locked assets sounds substantial, but when divided across various chains, it’s hardly impressive. Moreover, how much of this liquidity is driven by real demand, and how much is just arbitrage funds cycling?

Most importantly, we must recognize one point: infrastructure improvement is just the beginning of harvesting. Markets that seem stable and safe often lull people into complacency. Projects claiming to offer "institutional-grade stablecoin products" will become more numerous, making it hard to distinguish between genuine applications and new tools for harvesting retail investors—that's the real trap.

Surviving on-chain for a long time means being more vigilant during times of prosperity.