#大户持仓动态 【How Stablecoins Become the "Liquidity Anchor" in the Bitcoin Ecosystem】

As Bitcoin reshapes the crypto financial landscape with its scarcity, its application ecosystem—from Layer2 networks to various DeFi protocols—requires a stable "value benchmark" to maintain order. Stablecoins are not just a medium of exchange; they are the infrastructure of the entire ecosystem.

Take USDD and similar over-collateralized stablecoins as an example. They address three core issues through a set of mechanisms:

**Stability is the First Line of Defense**
An over-collateralization ratio exceeding 130% means each stablecoin is backed by sufficient on-chain assets. This over-collateralized design gives holders confidence and prevents the entire DeFi ecosystem from collapsing under extreme market conditions. Transparent on-chain reserve data eliminates information asymmetry.

**Algorithmic Peg Defines Predictability**
The 1:1 USD peg mechanism, automatically adjusted via smart contracts, ensures that stablecoins quickly return to their baseline price amid market fluctuations. This is crucial for DeFi applications relying on stable settlements—you can't have lending protocols or trading pairs with fluctuating price benchmarks.

**Ecosystem Penetration Is Key to Effectiveness**
Stablecoins themselves have no intrinsic value; their value comes from usage scenarios. Deep integration into Layer2 networks and becoming standard trading pairs in DeFi ecosystems create network effects. Liquidity will gather where stablecoins operate.

Earning interest and value appreciation is an additional optimization—users holding stablecoins can earn yields, incentivizing long-term holding and deepening liquidity.

**Dilemma from an Ecosystem Perspective**

From the expansion of the Bitcoin ecosystem, stability and innovation are a paradox:
- **Prioritize Stability**: A solid foundation is necessary to support more complex applications and attract institutional funds and large liquidity flows.
- **Prioritize Innovative Applications**: Rich application scenarios attract users and capital, creating a flywheel effect.

In reality, they are inseparable. Without a stable settlement layer, complex applications have nowhere to land; without innovative applications, stablecoins are just shells. The key is **how to find a balance between stability and innovation**—ensuring the infrastructure is robust enough while reserving ample room for compliant application innovation.

Do you think the next phase of the Bitcoin Layer2 ecosystem should focus on strengthening the stability of foundational infrastructure like stablecoins, or should it prioritize encouraging more innovative applications?