#监管框架与政策 The recognition of ADGM is indeed a turning point for the stablecoin ecosystem. From on-chain data, the deployment of USDT on mainstream public chains is already relatively complete, and now the addition of new ecosystems such as Aptos, Celo, and Cosmos is crucially backed by regulatory endorsement.

I noticed several signals worth tracking:

**First is the liquidity distribution**. The inflow scale of USDT on-chain such as Aptos, NEAR, TON will directly reflect the true attitude of institutions. If there is a significant increase in the balance of USDT contract addresses on these chains within the next 24 hours, it indicates that funds are being allocated in reality rather than just on paper.

**Second is the trading pair ecosystem**. Regulatory approval often drives the launch of trading pairs. It is necessary to observe the expansion speed of USDT trading pairs on these new networks by major exchanges, as this can measure the real demand for market liquidity.

**Third is the capital flow pattern**. The volume of funds migrating from existing mature chains like Ethereum and Solana to new chains can reflect whether the entire stablecoin market is focused on optimizing existing assets or expanding incrementally.

The improvement of the regulatory framework essentially reduces the risk premium, but the real incremental opportunity still depends on whether the funds are willing to follow up. Continuing to track the on-chain USDT flow data will provide more reference value for future strategy judgments.