#稳定币生态发展 Stablecoin payment volume accounts for nearly half of all transactions, but the truth behind the data is a bit sobering: the top 1000 wallets control 85% of the transfer volume. What does this mean? It indicates that the seemingly decentralized payment ecosystem is actually firmly held by a few institutional players.

The same logic applies when observing the on-chain ecosystem—movements of leading addresses often foreshadow market trends. This highly concentrated transaction structure is both a risk signal and an opportunity point. When these large wallets move in tandem, the room for small and medium accounts to follow is very limited. Conversely, if one can identify the operational patterns and risk preferences of these top institutions, it becomes easier to grasp the true pulse of the stablecoin ecosystem.

Although the number of P2P transactions appears high, their share of the total amount is significantly low, indicating that retail traders interact frequently but do not hold pricing power. This is similar to the current state of the follow-the-leader market—many participants, but profits are often divided among the top players. To profit from the stablecoin ecosystem, instead of following P2P trends, it’s better to deeply analyze the logic of institutions controlling transaction flows. Risk always stems from opacity of counterparties; cautiousness is the key to long-term survival.