لحظة "余额宝" على السلسلة: الهجرة السائلة خلف جنون العملات المستقرة ذات العائد
**Author: CoinFound**
For a long time, stablecoins played a core role in the market more like on-chain dollar settlement tools: they served as transaction mediums, safe-haven assets, cross-border transfer vehicles, and foundational liquidity for DeFi—the most important "silent infrastructure" in the crypto ecosystem. However, entering 2026, this track began experiencing deeper structural differentiation: increasingly, capital is no longer satisfied with "holding dollar-anchored assets," but rather pursuing "holding an on-chain dollar asset that can continue to generate yield, collateralize, nest, and participate in strategy portfolios."
CoinFound's latest research report, "On-Chain '余额宝' Moment: Liquidity Migration Behind Yield-Bearing Stablecoins' Explosive Growth," indicates that yield-bearing stablecoins have transitioned from niche category to high-speed growth. As of mid-March 2026, the global stablecoin total market capitalization stood at approximately $320 billion;
