This week's stablecoin issuance data is indeed eye-catching. On Tron, 1 billion USDT was added in a single day, with a total issuance of 3.75 billion across the network—such a scale of minting is clearly visible in on-chain data. Interestingly, this is no longer a one-chain or one-platform show.

The traditional view holds that large-scale issuance must push up the price of the coin, and this logic has almost become an "iron law" in the community. However, this time, the situation is different—USDT's dominance rate is actually declining. What does this indicate? The flow of funds has become more complex. It’s no longer just about hoarding coins for appreciation; more people are actively allocating to DeFi products. The doubling of Morpho's holdings on Bitget in a week is a straightforward example—money is seeking outlets and looking for returns.

Market opinions vary widely. Some shout "the night before a rally," with emotions in place but simple reasoning; others speak with on-chain data, implying that this issuance reflects genuine ecosystem growth rather than mere hype. Instead of choosing sides, it’s better to acknowledge that both forces are at play—policy tilt has raised market expectations, but the ecosystem’s own development is also deepening.

For actual operators, this moment tests their mindset the most. Seeing positive data makes them want to chase gains, but they also fear becoming the bag-holder. This is probably a dilemma experienced by long-term participants. The key is to return to personal risk tolerance and operational rhythm—don’t let emotions dictate decisions.