Many investors may not realize the strategic layout of leading VCs in the digital asset space. Take stablecoins as an example, a well-known US dollar fund once employed a high-conviction, heavy-positioning strategy that later faced regulatory challenges. However, this did not cause them to exit the track—instead, they continued to increase their stakes in stablecoin ecosystem projects like MKR.

Interestingly, their investment approaches within specific ecosystems are quite diverse. On one hand, they deploy through indirect holdings via a leading compliant platform; on the other hand, they directly lead investments in the ecosystem's co-creation team’s AI Agent project. This multi-layered investment portfolio reflects institutional confidence in the long-term prospects of the stablecoin + AI integration track—both betting on the underlying assets and on future application scenarios.