#稳定币支付与应用 Recently, I came across a set of data showing that stablecoin trading volume has already accounted for nearly half of the entire market, which sounds very lively. But a closer look at the trading structure reveals some clues — the top 1000 wallets control 85% of the transfer volume, while the vast majority of P2P transactions, although numerous in number, account for a negligible proportion of the total amount.

This reminds me of many friends' situations when choosing asset allocations. On the surface, there are many options, but the true decision-makers are often a small handful. Stablecoins were originally created to make payments more convenient, but in practical applications, they have gradually evolved into a game among institutions.

In the long run, this highly centralized pattern hides many risks. Once the behavior of a few major players changes, the entire liquidity could face tests. For ordinary participants, this is not to discourage you from using stablecoins, but to advise you to stay alert when allocating — don’t assume any tool is completely neutral, always ask yourself: does this choice truly match my risk tolerance?

Asset security has never been about chasing the trend, but about understanding the real logic behind every penny you invest. Only then can you avoid being misled by noise during market fluctuations.