The biggest challenge facing the USDH project does not come from external market competition, but rather from the deadly combination of internal platform risks and radical financial innovations.

本报告将以专业投资视角，围绕市场信号、资金流向、核心板块、风险与策略展开，重点回答三个问题：山寨季是否真正启动？资金在流向哪里？投资者应如何布局？

稳定币正是在这样的环境中成长为最受关注的资产类别之一——它们承担着结算、支付、储值等基础功能，是DeFi的血液，

Yala: The protocol suffered an attempted attack, YU was temporarily unpegged, and the security of user assets was not affected.

Stablecoins, RWAs and on-chain payments are entering a rare window of policy resonance.

A standoff over RWA transparency and data standards has revealed a bigger veil.

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Amidst the competition among stablecoin public chains, will Ethereum and Solana be marginalized? Where are the opportunities for retail investors?

Native Markets received over 70% of the votes, and the outcome may be predetermined.

Yi Lihua: The investment target is transferred back to ETH. It is better to concentrate on investing in ETH than to diversify investment.

From DAI to USDS, to crvUSD, to GHO, FRAX and even USDH, the boundaries of DeFi stablecoins have been expanding.

Binance has listed Ethena USDe, a synthetic stablecoin using crypto collateral and derivatives. Learn how USDe works, its risks, and its potential impact on DeFi.

For investors who are optimistic about stablecoins, RWA tokenization trends and the Trump administration's encryption policies, this may be a high-certainty layout opportunity.

The next chapter of the public chain will be written by platforms that can truly serve the real economy and reduce friction in the flow of value.

As Linea finally launches its token, we look back at the greatest value of L2 to the Ethereum ecosystem.

Tempo, launched in partnership with Stripe and Paradigm, may ultimately be the test of how much people are willing to pay for decentralization.