#稳定币生态与应用 Framework Ventures' insights confirm my recent on-chain data analysis — the market structure is clearly shifting in 2026.

There are three key signals: First, institutional funds are withdrawing from low-liquidity, high-FDV projects favored by retail investors and shifting toward DeFi blue chips with genuine value capture mechanisms. The wallets of several leading lending protocols I track have shown continuous net inflows over the past three weeks, which is not characteristic of retail behavior. Second, the importance of the stablecoin ecosystem is being redefined — it’s no longer just about trading pairs but has become the backbone of the entire DeFi infrastructure. From the flow of funds, the trading volume share of stablecoin pairs is increasing, reflecting institutions building liquidity foundations for large positions. Third, the interaction density between RWA and capital market projects is rising, indicating actual capital allocation.

It’s important to note that this focus will inevitably lead to heavy liquidity concentration in certain projects. The buying pressure from institutions may exceed expectations, but the window for rebounds will be very narrow — the risk of chasing highs is significantly increased.

It is recommended to monitor abnormal stablecoin flows, the movements of DeFi blue-chip whales, and changes in on-chain activity of RWA protocols, as these are direct indicators of institutional deployment.