#稳定币扩张与应用 Seeing this wave of analysis, the core logic is worth tracking: by 2026, Ethereum's growth driver shifts from speculative trading cycles to the availability of financial products, which is a qualitative change signal on the chain.

Key observation points: DAT (Digital Asset Vault) completed institutional funding channel verification in 2025. The current challenge is how to break through on the retail side. The new banking model, by masking Gas fees, private keys, and cross-L2 complexity, essentially packages DeFi's high yields (4-5% on-chain returns) into the user-friendly experience of traditional finance — this angle indeed hits the pain point.

From the flow of funds perspective, once these products gain volume, demand for stablecoins will form a new expansion cycle. Institutional staking + liquidity staking form the underlying support, while retail new banks are in the stage of volume expansion for upper-layer applications. If synergistic effects become apparent in the first quarter, the total amount of stablecoins should see significant growth. Attention should be paid to the deployment progress of mainstream stablecoins (USDC, USDT) on L2 and application layers.

However, how far this narrative can go still depends on actual user onboarding data. A beautiful product form does not guarantee a successful cold start.