#稳定币支付与应用 When I saw this data, it immediately reminded me of the 2017 ICO craze. Back then, everyone was talking about decentralization and mass participation, but what happened? Centralized exchanges accumulated most of the liquidity, and retail investors couldn't change the dynamics no matter how much they bought.

Now stablecoins are repeating this pattern, with the top 1000 wallets controlling 85% of trading volume. This is no coincidence—it's a systematic outcome. Major institutions, market makers, and exchange cold wallets form this "hidden center." P2P transactions may look vibrant in terms of transaction count, but when you look at the value distribution, most of it is small transfers. The real value flows have already been locked in.

I've witnessed too many cycles like this. Every time a new use case goes viral, we hear the same promises—this time it's really different. But from Bitcoin's mining pool concentration, to DeFi's head protocols, to stablecoins for payments today, the pattern never changes. Power always centralizes around convenience and scale.

Stablecoins were supposed to democratize payments, but they've become a new stage for institutional power. It's not a flaw in the technology—it's economics. As long as profit opportunities exist, centralization will reconstruct itself. History may not teach us much, but it does teach us to see through this clearly—no matter how compelling the narrative sounds, it can't compete with the reality behind the data.