#加密货币监管框架 The value flow in 2025 has become quite clear. Based on on-chain data and institutional movements, stablecoins and prediction markets have indeed become the biggest winners—Tether's per-user profit has reached the level of top-tier companies. This not only reflects a surge in trading volume but also indicates that stablecoins have evolved from pure transaction mediums into genuine financial infrastructure.

What’s even more interesting is the strategic game at the institutional level. Traditional financial giants like Robinhood and Intercontinental Exchange have quickly entered the market after regulatory clarity, with investments of $2 billion into platforms like Polymarket. This is no longer venture capital testing the waters but a strategic confirmation by industry capital. Behind this is the reality that whoever can accurately predict policy shifts will be able to secure the entry point to the track.

From the perspective of losers, this also confirms the point. Whether individual or institutional failures, they fundamentally stem from misjudging the regulatory environment—either by pushing the boundaries of technology and ethics too far or by long-term resistance leading to strategic losses. The tough enforcement during the SEC era actually accelerated the outflow of entrepreneurs, exemplifying a typical case of institutional failure.

The current situation is: increased regulatory clarity → large capital entering → small retail investors and non-compliant institutions exiting. By observing on-chain activities in stablecoins and prediction markets, we can more intuitively see the specific trajectory of this shift.