#稳定币支付 Looking at this data report, I have to say I am truly heartbroken this time. The stablecoin payment transaction volume accounts for nearly half, which sounds very prosperous, right? But then I look at the top 1000 wallets controlling 85% of the transfer volume, and that’s outrageous. To put it plainly, no matter how many P2P transactions there are, they are just retail investors transferring among themselves; the real flow of funds has long been locked in by leading institutions.

This reminds me of the experiences I had years ago being exploited in various projects. Back then, I always thought that high trading volume and many participants meant health, but it turned out that trading volume was also faked, participants were also lured in, and in the end, all the money flowed into the hands of the manipulators. Stablecoins should be the safest payment tool, but now their concentration is even more exaggerated than some coins.

The key issue here is: if large transfers are controlled by only a few wallets, then the resilience of this ecosystem is problematic. Once these top addresses move unexpectedly, the entire liquidity could collapse instantly, and small retail investors won’t be able to escape. My advice is, don’t be fooled by the illusion of trading prosperity; what you really need to look at is the true picture of fund flows. To survive on-chain for a long time, you must learn to see through the power structures behind these data and avoid the pitfalls that we veterans have already stepped into.