#稳定币市场竞争 The Fed's move is very crucial. Reversing the restrictive policy statement from 2023 essentially expands the regulatory space for banks to participate in crypto activities—especially opening a case-by-case application channel for state-chartered banks that do not hold FDIC deposit insurance.

From an on-chain perspective, this directly impacts the supply side of stablecoins. Previously, banks were kept out, and the entities issuing stablecoins were mainly crypto-native institutions. Now, with policy easing, traditional financial institutions may become more proactive in entering this market. In the short term, this will intensify competition in the stablecoin sector—not only among leading players like USDT and USDC but also to guard against shocks from new entrants.

The key is to observe capital flows. After the policy announcement, signals include large stablecoin cross-chain movements and changes in trading depth of mainstream trading pairs. Additionally, keep an eye on on-chain actions by major institutions—if entities with traditional banking backgrounds start deploying infrastructure for stablecoin issuance, that will be a turning point.

Currently, this seems more like laying the groundwork for long-term benefits rather than an immediate catalyst, but the reshaping of the stablecoin market landscape has already begun.