The news released this Friday has caused the market to become restless—The Bank of Japan may initiate its first consecutive rate hikes since 2014.

This may seem ordinary, but the implications behind it are extraordinary. As Japan gradually approaches a normal interest rate level of 1.25% from the ultra-low rate of 0.5%, the era of cheap yen is counting down. More painfully, liquidity is facing depletion by the end of the year, and any slight fluctuation could trigger cross-market shocks. At this moment, safe-haven assets are no longer just a bonus but a necessity.

The reality is more complex. The Federal Reserve still signals hawkishness, while the Bank of Japan tightens policy again, and global liquidity faces a "two-front" squeeze. Amid rising macroeconomic uncertainty, smart capital has quietly shifted—no longer solely chasing yields, but turning to protect principal.

This is why decentralized stablecoins are beginning to enter more people's view. Unlike traditional stablecoins that rely on a single central bank or country's monetary policy, on-chain over-collateralized stablecoins establish a different form of certainty through transparent reserves. They are independent of interest rate fluctuations in traditional financial systems and are not directly affected by national monetary policies.

The most volatile moments in the market are precisely when the "stability" of value is most evident. In this year-end period of tightening global liquidity, the choice of safe-haven tools, to some extent, determines whether assets can safely get through this winter.