#稳定币发展 The stablecoin sector has been making quite a fuss recently. I’ve summarized the core issues to give everyone a heads-up.

First, regarding Ondo’s tokenized stocks (like xTSLA). On the surface, it shows a 0.03% slippage with liquidity, but in reality, there’s only $7,000 of on-chain depth, and the actual slippage can spike up to 45%. Where’s the problem? Off-chain market makers only provide liquidity during US stock trading hours; after hours, they run away to avoid risk. This means that what appears to be a high-end on-chain stock trading platform is essentially still bound by traditional market hours, and the illusion of liquidity is easy to fall into.

Next, looking at the token distribution controversy of Lighter. 50% is allocated to the team and investors, leaving only 25% for future airdrops—compared to Hyperliquid’s 42% for subsequent airdrops, this seems less friendly. The key point is that revenue dropped from 377 million in November to 66.5 million, a decline of over 82%, but trading volume only fell 60%. This indicates that much of the previous activity was farming and arbitrage opportunities. Once these dissipate, the true paying demand will surface, and the token will inevitably come under pressure.

Honestly, the stablecoin ecosystem still has many opportunities in 2026, but there are also many traps. My advice is: before participating in any tokenized assets or new projects, focus on three key data points—actual on-chain liquidity depth, whether the underlying revenue model can support itself independently, and whether the token distribution provides enough room for future growth. Don’t be fooled by the surface of attractive data; everything on-chain can be verified. Spending 5 minutes to verify on-chain is much better than regretting later. The more people who avoid these pitfalls, the clearer our opportunities to profit become.