#稳定币发行与品种 Seeing the USDC/USDT premium index turn positive, my first thought was to recall the records from the 2017 bull market. Back then, stablecoins were just emerging, with USDT dominating the scene. The market's reliance on it was a bit concerning—no real alternatives, and liquidity was entirely controlled by a single entity.

Over the years, after several cycles, the stablecoin ecosystem has evolved from a single-player to a diversified landscape. The emergence of USDC has changed the game. Now, observing the rebound signals from the resonance between the premium index and liquidity indicators, it essentially reflects a reallocation of on-chain funds among different stablecoins—this underlying logic is worth pondering.

During the most liquidity-constrained moments in the market, we were forced to accept the pricing power of a single stablecoin, which led to many losses. Compared to today, when the USDC premium appears, it indicates a shift in market influence, and funds are voting with their feet. But we should note that short-term rebound signals are just that—short-term. The medium- to long-term trend still leans bearish, and this warning shouldn't be ignored—this is something I've learned after witnessing many project fluctuations: technical resonance often is a tempting trap; once a trend-based selling pressure starts, no matter how good the premium index looks, it can't stop the downward momentum.

In the on-chain game phase, when there is no external incremental input, it’s really just a contest of who understands the cycle better.