A single central bank decision in Tokyo is shaking from New York to Singapore. Tomorrow, the Bank of Japan's interest rate hike to 0.75% is almost a certainty—its highest level in thirty years. The market is plunged into extreme fear, but this time is different; behind the scenes, a global financial upheaval exceeding one trillion dollars is brewing.

Those arbitrage trades that have been pampered by the cheap yen are about to suffer. For decades, institutions have been borrowing yen madly, converting to USD and EUR, then pouring into US bonds, US stocks, and Bitcoin. This strategy has been highly profitable, but today everything is reversing. The pressure to close positions is mounting rapidly.

Interestingly, smart money hasn't completely fled. Some have instead moved into the crypto ecosystem. They have found a new safe haven—on-chain stablecoins. It's not just about hedging risk; it's like playing a bigger game, rethinking where assets should be allocated.

The logic behind this is actually straightforward. The turbulence in traditional finance is already set, but on-chain stable assets can provide cross-market, borderless liquidity. As global funds reallocate, whoever can maintain a stable value anchor will control the future. Some funds are already testing the waters, and perhaps this is the most rational choice in the new cycle.