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The on-chain ecosystem under a major stablecoin issuer is currently in a somewhat awkward situation. To be blunt—your spare change balance in Alipay might actually be larger than the combined DeFi liquidity pools across the entire chain. This reflects a reality: although the reputation is well-known, the actual amount of funds engaged in trading and lending within the ecosystem is far from what outsiders imagine. The huge gap between the prosperity of the on-chain ecosystem and the TVL size somewhat indicates the increasing competition in the stablecoin sector.