#稳定币市场竞争与发展 Seeing Galaxy predict that stablecoin trading volume will surpass the US ACH system by 2026, I am reminded of the experiences of being exploited in this space over the years. The stablecoin market is about to heat up, and it seems like a big opportunity, but this is precisely the area where it's easiest to get caught in pitfalls.

I have seen too many people stumble in the stablecoin ecosystem—either project teams run away or they get caught up in some "high-yield" lending protocol, only to find liquidity drying up. Stablecoins themselves are not the problem; the issue lies in the uneven quality of the application ecosystem surrounding them. Rising trading volume means more participants, but most of the newcomers are driven by FOMO and have no understanding of the risks.

The key is to understand: just because stablecoins are popular doesn't mean all products based on them are reliable. Platforms promising "stability + high yields" are the most dangerous—since stablecoins themselves don't generate interest, where does the yield come from? There are only two paths: either eating into user principal or taking on risk. The volatility in 2026 is hard to predict, which precisely indicates that market uncertainty still exists. At this point, we should be even more cautious.

Those who have been active on-chain for a long time understand: tracks with high trading volume are often the favorite hunting grounds for whales. My advice is to focus on the actual application scenarios of projects and what they are targeting, rather than being dazzled by narratives like "next-generation payment infrastructure."