What is the on-chain finance changing?

Recently, an interesting phenomenon has been observed—institutional investors are quietly adjusting their allocations, shifting focus from pure BTC to the ETH ecosystem. Why? Because they see deeper opportunities: the rise of on-chain financial infrastructure.

Stablecoins are at the core of this story. Take a leading stablecoin project as an example; its current market cap is still in the single-digit billions, but the team’s ambitions are very high—aiming for hundreds of billions in the short term, breaking a trillion in the mid-term, and long-term aiming to carve out a share in the $3 trillion global stablecoin market. It sounds crazy, but the data is there: the global payment market circulates hundreds of trillions annually, and it’s just beginning to go on-chain.

More importantly, their fundraising strategy involves cooperation with top Web2 platforms, mobilizing hundreds of millions of users. Once this shifts on-chain, traditional payment giants like Visa will have to reassess their positions. The entry of billions of users will create explosive demand for stablecoins.

Market research institutions are also starting to pay attention to this track, believing that stablecoin projects with strong compliance, good brand foundation, and large user bases will become the infrastructure for the future trillions of dollars market. From this perspective, the position of the ETH ecosystem in this wave of on-chain finance indeed warrants reevaluation.

This is how the trend emerges—not out of thin air, but at the intersection of genuine market demand and technological possibility.