#美国非农就业数据未达市场预期 Non-farm payroll data below expectations once again stirs risk assets. Against this backdrop, the SEC regulatory framework is accelerating its implementation, with DeFi and stablecoins granted a 12-24 month exemption window, and embedded compliance has become a survival requirement for projects. Bitcoin repeatedly tests the $90,000 threshold, marking the end of the retail gambling era, as institutional funds lead the market rhythm into a new normal. Meanwhile, competition among digital stablecoins intensifies, with a new wave of innovation targeting cross-border payments and zero-risk yield challenges, disrupting the existing stablecoin landscape. The market is accelerating its segmentation: high-quality public chains attract capital, AI blockchain tracks emerge as a new force, while projects lacking genuine demand and compliance support are gradually phased out. The era of wild growth is a thing of the past; the industry has entered an industrialization stage—those who can uphold compliance bottom lines and meet real demand will hold the future initiative.