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In the past day, the total locked value of stablecoins on the Solana chain surged by $900 million. What does this number reflect? The flow of funds is voting.
In the current public chain landscape, Solana has become the largest platform for stablecoins. Arbitrum and Polygon follow closely, but both their scale and growth momentum appear modest in comparison. This is not just a fluctuation in a single data point, but a clear signal of the entire market’s capital allocation shift — the focus of the next round of public chain competition is accelerating to gather.
The flow of stablecoins often indicates the true attitude of market participants. Which chain attracts stablecoins means which chain is becoming the next hot spot for capital deployment. From this perspective, the attractiveness of the SOL ecosystem is being re-priced.