Do you remember the policy adjustment in early December that coordinated government departments to regulate virtual asset trading? At that time, the comment sections were full of pessimistic voices, with posts like "The industry is doomed" and "Cash out quickly" appearing one after another. Industry insiders generally believed that stablecoins and other pegged assets would also be affected, as they have always been the main channels for capital inflows and outflows.

However, the recent data trends over the past few months have directly shattered everyone's expectations. Looking at the latest monthly net capital inflow data for stablecoins, not only has there been no decline, but it has shown a continuous upward trend. It’s important to note that such growth within such a short period is quite rare.

After in-depth comparison of global mainstream market capital flows and trading session analysis, a key discovery has emerged: the driving force behind this wave of stablecoin demand growth essentially still comes from strong domestic market demand. From the perspective of trading activity distribution across time zones, the Asia-Pacific trading session has consistently remained high, and this period coincides with the peak working and trading hours domestically.

What does this indicate? After policy regulation, the market has not declined but instead has completed a reallocation of funds within a new framework. Those claiming that "the industry is completely cooled" have clearly underestimated the market’s adaptability. Capital will always find an outlet, and as the most convenient settlement tool, stablecoins’ position is unlikely to be shaken in the short term. The next step depends crucially on the specific changes in capital flows and trading activity.