#资产代币化 The stablecoin trading volume of $46 trillion is worth a close look. This scale is already 20 times that of PayPal and nearly three times that of Visa—purely from a numerical perspective, the penetration speed of on-chain payments far exceeds expectations.

The key lies in the structural changes behind it. The growth in stablecoin trading volume not only reflects payment demand but also more importantly accelerates the tokenization process of traditional assets. US stocks, commodities, indices, and other assets are gradually being tokenized on-chain, which means on-chain liquidity is expanding from purely crypto assets to real-world assets—this is a qualitative breakthrough.

From an on-chain perspective, several signals should be watched: first, the direction of large stablecoin inflows; second, the accumulation of funds in tokenized traditional assets; third, the trading activity changes on mainstream DEXs and cross-chain bridges. These can all reflect real fund flows and market expectations.

a16z mentioned the widespread adoption of decentralized payment systems by 2026, which is not a distant timeframe. Based on the current $46 trillion trading volume, the market is evolving in this direction. However, the premise is to continuously monitor regulatory attitudes and technological stability—these two factors remain key variables in determining whether tokenized assets can be widely implemented.