#稳定币市场与基础设施 Seeing this outlook, I honestly have some reservations. A stablecoin market cap reaching 500 billion, RWA growing tenfold, and sovereign wealth funds making significant investments—these figures sound impressive, but I am more concerned about whether the underlying logic can truly support these projections.

Over the past two years, I have seen too many stories of "certain growth" that ultimately fell short. The involvement of institutions like JPMorgan and BlackRock is indeed a positive signal, indicating that the normalization process is progressing, which is very important. However, from the current situation to achieving such growth by the end of 2026, how many policy changes and market adjustments will we need to go through? No one can say for sure.

For prudent investors like us, this isn't about whether the betting mechanism can take off, but about considering: even if these expectations are met, what proportion of our current asset allocation should they occupy? The answer is often—more conservative than you might think.

Infrastructure is indeed improving, and I am optimistic about this trend. But a perfect story and complete risk isolation are never the same thing. It's better to ensure that your position structure remains flexible enough to allow adjustments, rather than being persuaded too quickly by attractive data. In the long run, a cautious pace often outperforms aggressive gambling.