Khối lượng giao dịch stablecoin đã vượt qua BTC+ETH, dưới sự hoàn thiện của khung pháp lý, cấu trúc DeFi có thể sẽ thay đổi lớn

【Coin World】You might not have noticed, but the on-chain transaction volume of stablecoins has already far surpassed Bitcoin and Ethereum combined — the two of them together can’t compete with stablecoins’ popularity. This has become the lifeblood of borrowing, trading, and transfers in DeFi. Now the U.S. is pushing forward a regulatory framework, focusing on issuers’ reserve funds, audit systems, and licensing requirements. The entire regulatory approach is gradually taking shape. Once this framework is implemented, the stablecoin market will split into two camps: one side with compliant stablecoins meeting regulatory requirements as the regular army, and the other side with non-compliant stablecoins as marginal players. This means DeFi protocols will be forced to prioritize compliant stablecoin assets and adjust according to institutional requirements. Of course, this comes at a cost — yields will decrease and risks will correspondingly lower. But from another perspective, this solidifies Ethereum’s central position as a settlement layer. Some compliant trading platforms will also benefit from this, after all, they can directly integrate regulated stablecoin services, which is a significant advantage.