#美联储10月加息概率降至17%
Before the market trend really starts to rise, what often moves first is not the coin price—but a number that almost never makes the news...
📢 消息第一时间
In the past 72 hours or so, the total market capitalization of stablecoins has grown by more than $1 billion again, and it is now standing above $310 billion.. At the same time, the overall market cap of crypto is also being lifted.. Many treat it as background noise for “more money,” and they just glance at it and move on.
What’s truly worth watching is through which two “openings” this latest surge is squeezing in.. Tether has reconnected USDT back to the Bitcoin network, with the partner being Utexo; Circle, meanwhile, wants to roll out cirBTC—an encapsulated token that is 1:1 pegged to BTC—so institutions can use Bitcoin for lending and settlement without having to sell the spot holdings they already have..
One moves stablecoins onto Bitcoin, the other moves Bitcoin into institutional ledgers. They look like opposite directions, but the end goal is the same: let liquidity circulate more times on-chain..
In terms of scale, RWA Foundation’s quarterly report shows that in Q3, USDC net added $881 million—the most among major stablecoins; RLUSD increased by $765 million, and USDe added $419 million.. While Circle is expanding USDC’s footprint, it’s also moving toward MiCA compliance—Europe’s channel is opening up as well.. With the largest stablecoin pool in hand, it can then meet the demand for BTC collateral; only then does the loop really close. That’s probably why it’s rushing to issue cirBTC.
So this cycle is a bit different from the last one: the money behind the push may not necessarily be coming in through exchange deposits; it could also be coming through the channel of stablecoins plus wrapped assets—growing “from within” itself..
If this trend continues, the Q4 market will be even more driven by on-chain DeFi depth, not just spot buying pressure.. Conversely, if stablecoin growth slows down, or if cirBTC launches and adoption falls short of expectations, this story of “liquidity fuel” will burn out first.. What’s worth tracking is whether total stablecoin market cap can keep rising, and the real usage data after cirBTC goes live..
Before the market trend really starts to rise, what often moves first is not the coin price—but a number that almost never makes the news...
📢 消息第一时间
In the past 72 hours or so, the total market capitalization of stablecoins has grown by more than $1 billion again, and it is now standing above $310 billion.. At the same time, the overall market cap of crypto is also being lifted.. Many treat it as background noise for “more money,” and they just glance at it and move on.
What’s truly worth watching is through which two “openings” this latest surge is squeezing in.. Tether has reconnected USDT back to the Bitcoin network, with the partner being Utexo; Circle, meanwhile, wants to roll out cirBTC—an encapsulated token that is 1:1 pegged to BTC—so institutions can use Bitcoin for lending and settlement without having to sell the spot holdings they already have..
One moves stablecoins onto Bitcoin, the other moves Bitcoin into institutional ledgers. They look like opposite directions, but the end goal is the same: let liquidity circulate more times on-chain..
In terms of scale, RWA Foundation’s quarterly report shows that in Q3, USDC net added $881 million—the most among major stablecoins; RLUSD increased by $765 million, and USDe added $419 million.. While Circle is expanding USDC’s footprint, it’s also moving toward MiCA compliance—Europe’s channel is opening up as well.. With the largest stablecoin pool in hand, it can then meet the demand for BTC collateral; only then does the loop really close. That’s probably why it’s rushing to issue cirBTC.
So this cycle is a bit different from the last one: the money behind the push may not necessarily be coming in through exchange deposits; it could also be coming through the channel of stablecoins plus wrapped assets—growing “from within” itself..
If this trend continues, the Q4 market will be even more driven by on-chain DeFi depth, not just spot buying pressure.. Conversely, if stablecoin growth slows down, or if cirBTC launches and adoption falls short of expectations, this story of “liquidity fuel” will burn out first.. What’s worth tracking is whether total stablecoin market cap can keep rising, and the real usage data after cirBTC goes live..
