#稳定币市场发展 Seeing Solana co-founders predict that the stablecoin market will surpass one trillion yuan, my first reaction is not excitement but vigilance. Having gone through so many cycles, every time a major narrative emerges, it’s a critical point where institutions start to deploy and retail investors are attracted.

I do acknowledge that stablecoins are indeed evolving. From USDT’s dominance to multi-chain deployment and diverse options, the market is maturing. But there is a hidden risk worth paying attention to—when the scale of stablecoins surges, it is often accompanied by the birth of liquidity traps. Historically, many projects have claimed to be part of a "stablecoin ecosystem," enticing users to provide liquidity, only to end up as tools for rug pulls.

What does a trillion-scale mean? It means more capital inflow, more arbitrage opportunities, and also more opaque risks being concealed. I have seen too many people lose their rationality in the face of "big narratives," chasing after tokens or protocols related to stablecoins, only to be proven wrong.

The key is to ask yourself three questions: Where exactly are the use cases for stablecoins? Are they driven by real demand or artificially hyped? Is the risk mechanism of the project you participate in transparent and controllable? Is the exit path clear? If these answers are vague, then no matter how grand the prediction, it’s just a story.

To survive on-chain for the long term, it’s not about chasing the hot trends, but about recognizing what is genuine demand and what is just illusions.