# stablecoins — X 热门讨论 (2026-09-23 16:05 UTC)
## @marcarjoon (Marc Arjoon, CFA 🟪) · 09-23 14:01 · ♥41 ↻20 💬2 NEAR is up 300%, here's what's underneath https://x.com/marcarjoon/status/2102760240122826880
## @minstrell_ (Minaa) · 09-23 15:05 · ♥47 ↻0 💬35 I think now, there is more clear rules in crypto world -thanks to og scammers- and it affected also how they market their product.
so, crypto go to market strategies is slowly becoming less about “how do we market this token?” and try to answer better questions:
>where does the product naturally live? >who already has the users? >what makes distribution compound?
stablecoins are probably the clearest example.
the winners won’t just have better tech.
they will have better rails and good execution is a must. https://x.com/minstrell_/status/2102776313169764362
## @Defi_Warhol (DeFi Warhol) · 09-23 14:19 · ♥51 ↻0 💬16 Quick update on the loop I opened on @ZestProtocol.
My original position was:
• $133 in sBTC supplied • $40 in USDCx debt • $93 in net value
It’s now sitting at:
• $148.17 in sBTC supplied • $40.02 in USDCx debt • $108.16 in net value
So in about a week, the net value is up ~$15, or +16%, without the debt meaningfully changing.
Most of that came from BTC moving higher, but that’s also what makes this interesting: I borrowed against my $sBTC while keeping leveraged exposure to Bitcoin.
Zest now wants to take that idea further by building a capital layer for Bitcoin.
So instead of moving $BTC to another chain and trying to build liquidity from scratch, Bitcoin Collateral Vaults keep it on Bitcoin while letting users borrow stablecoins from EVM chains.
Zest already has two years of lending experience, 800+ BTC deposited, and 1,500+ liquidations processed.
On top of that, its first capped mainnet demo uses real $BTC and $USDC, while @babylonlabs_io’s comparable product is still on testnet.
IMO, that’s an interesting setup for a ~$20M $ZEST token from a team that includes former core @Stacks contributors.
Disclosure: I’m holding $ZEST. > 引用 @Defi_Warhol: Started testing a looping strategy on @ZestProtocol to farm some of their new incentive campaign.
Here's what I've been doing:
• Supplied ~$92 of $sBTC • Borrowed 30 $USDCx against it • Swapped the USDCx into more $sBTC • Supplied that sBTC back into Zest • Repeated with another 10 $USDCx
Final position:
• $133 $sBTC supplied • 40 $USDCx debt • $93 net equity
Zest is now paying 0.5 BTC per month in incentives in $STX.
Half goes to $sBTC suppliers, while the other half goes to $USDCx borrowers with 20%+ LTV.
So the loop potentially lets me increase my sBTC exposure while earning incentives on both the supply and borrow side.
Of course, leverage cuts both ways.
A 10% rise in sBTC adds roughly $13 to my supplied position before interest and fees. A 10% drop does the opposite while also pushing my LTV higher.
Anyone running other loops on Zest?
Disclosure: I’m a long-time Stacks supporter and $STX holder. https://x.com/Defi_Warhol/status/2102764681979150790
## @Elikrypt (ΞLIKRYPTO) · 09-23 14:58 · ♥42 ↻0 💬21 MIDWEEK ALPHA · v.04
BUILD A BETTER RESEARCH STACK
One of the biggest upgrades you can make as a crypto researcher is changing where you get your information.
I used to spend too much time consuming what CT had already interpreted.
Now I try to get closer to the evidence.
Here are some of the tools and research sources I’d keep close.
PRIMARY SOURCES
Protocol docs. Governance forums. GitHub. Token contracts. Official announcements. Audits. Research papers.
This is where you get closest to what a project actually built, changed or reported.
Everything else should help you verify it.
@Dune — https://t.co/mGWsRbgZX8
Useful for onchain research. You can query blockchain data, inspect dashboards and queries, and build your own analysis with DuneSQL.
That lets you go beyond someone else’s chart and investigate the data yourself.
@DefiLlama — https://t.co/sH5Ca9DTXz
A broad source for DeFi data across protocols and chains, including TVL, fees, revenue, DEX volume and stablecoins.
The key is knowing what each metric actually measures.
A number is evidence, not automatically a conclusion.
@tokenterminal — https://t.co/YVMstuIukY
Useful for analysing blockchains and applications through financial and usage metrics.
Fees, revenue, earnings and users can help you look beyond headline growth and examine the economics behind it.
@nansen_ai — https://t.co/OMa8THXxlN
Useful when wallet activity matters.
Wallet labels, Smart Money signals and wallet activity can help you investigate onchain participants and capital movements.
Then there’s the research layer:
@MessariCrypto — https://t.co/pPU9XGFguI @Delphi_Digital — https://t.co/N64H25og4Q @galaxyhq — https://t.co/cNhk1oFp53
Don’t read these firms just to borrow their conclusions.
Study how they build a thesis, choose evidence, compare markets and identify risks.
The same applies to the researchers you follow.
Look for people who show their sources, explain their reasoning, use data and change their views when the evidence changes.
Study the work, not the reputation.
Over time, your process should look something like:
Primary sources → onchain data → market & financial data → independent research → your own analysis.
When two sources disagree, check the definitions, timeframe, dataset and methodology before deciding which one makes sense.
Sometimes that disagreement is where the useful research starts.
You don’t need every tool in crypto.
You need to know where to look, how to verify what you find, and when the evidence is strong enough to support a conclusion.
I’d genuinely like to see people try this.
Don’t just bookmark the tools. Use them.
Pick a project, go back to the primary sources, pull the data yourself, test the narrative and show what you find.
I’d like to see the results.
If you found this useful, show some love with a like, drop your thoughts in the comments, and follow for the next research piece.
See you on the next one. https://x.com/Elikrypt/status/2102774548995145830
## @thedefiedge (Edgy - The DeFi Edge 🗡️) · 09-23 11:00 · ♥41 ↻0 💬18 Every bull run has had one new thing that pulled in a new wave of people & liquidity.
In 2020 it was DeFi, in 2021 it was NFTs, and in 2024 it was the Bitcoin ETFs.
The next one is HERE: real stocks trading onchain.
A year ago barely anyone traded stocks onchain. But a few days ago, 2.6% of $DJT's entire trading volume happened onchain. A $23 TRILLION market is slowly starting to move over.
Why it's Different This Time
Tokenization has been called crypto's "next big thing" for years and almost none of it stuck, so I get the skepticism.
But tokenized stocks + ETFs are already above $4B, and after watching the recent growth, I understand why people are comparing this to stablecoins in 2019.
The difference is what you can do with these stocks once they're onchain. Buying $NVDA on a blockchain instead of a brokerage app wouldn't change much on its own.
But onchain, you can put your stocks into a liquidity pool and earn fees on them, or borrow against them without selling. That's DeFi running on top of the stock market, something TradFi can't offer.
It also helps that everyone already understands stocks. You don't need to explain $NVDA to your uncle the way you had to explain yield farming or an NFT.
Three things tell me this is real:
• The supply is growing on every major chain • People are putting these stocks to work instead of just holding them • The SEC just gave them a legal path to exist
1. The supply is showing up everywhere
Tokenized stocks alone have grown to around $3.4B, while tokenized ETFs just hit an ATH of roughly $680M.
The growth is spread across chains too:
• BNB Chain: +$163.9M • Ethereum: +$127.9M • Solana: +$69.9M • Robinhood Chain: +$36M
2. People are actually using them
Supply growing is the easy part. The real test is whether people do anything with these tokens, and they're starting to.
Robinhood-issued stocks added roughly $54M into Uniswap over the last 30 days, with $SPY alone accounting for $13.3M and $NVDA $5.8M.
These are people putting their stocks into trading pools and earning fees on them, which is the kind of DeFi activity that separates this from just trading stocks on a new app.
Once there's enough liquidity sitting there, people start trading against it. Robinhood Chain handled a little over 2% of traditional trading volume for both $HIMS and $AMC in the last few days.
For scale, HIMS trades roughly $260M a day in traditional markets, AMC roughly $180M and DJT roughly $40M. Tiny compared with Wall Street, but pretty wild for an onchain market that basically didn't exist a year ago.
3. The SEC just cleared the path
The biggest risk hanging over all of this was regulation, and the SEC just moved in the other direction.
Its new five-year exemption gives real U.S. stocks a path to trade onchain, as long as the product keeps actual shareholder rights like dividends and voting attached.
That matters most for the venues already running. They've been operating under a cloud where the whole thing could get shut down on any given Tuesday, and serious money won't touch a market that might not exist next quarter. With a sanctioned path in place, it's much harder to argue the category shouldn't exist.
How to play it
• Try it yourself. Buy one tokenized stock with a small amount, wherever it's available to you, so you understand how it works before the retail wave shows up.
• Watch the rails, not just the stocks. The chains pulling in supply (BNB Chain, Ethereum, Solana, Robinhood Chain) are positioned to catch the flow if this keeps growing. Robinhood is building the whole stack, from the app to its own chain, which makes it one of the more direct bets on this trend.
•Track the lending side. When tokenized stocks become widely accepted as collateral on major lending markets, that's the stablecoin 2019 moment playing out in real time.
Volumes are still tiny, liquidity gets thin outside the big names, and you're trusting the issuer to actually hold the shares, so check what rights your token gives you before you size into anything.
The bigger picture
Every past cycle brought in a new crowd, from the degens in DeFi to the collectors in NFTs to the boomers who came in through the ETFs.
Tokenized stocks could bring in everyone who already owns a brokerage account, which is a much bigger crowd than any of them.
Each one becomes a crypto user the moment they buy their first onchain share.
We just need a fed rate cut and we're fucking back in business. https://x.com/thedefiedge/status/2102714704108159243
## @neilhar (Neil) · 09-23 12:23 · ♥40 ↻4 💬4 People are missing the big picture on tokenization. Here's what Selig means and where this eventually leads:
tl;dr: tokenization pushes the financial system to be rewritten on chain, making assets more efficient to move and use, which will unlock more financial activity.
The progression is as follows (and already underway): 1. Money on chain - already there with stablecoins 2. Safe assets on chain - already there with treasuries, money-market funds 3. Risk assets go on chain - happening now with equities, ETFs, private securities, commodities 4. Collateral goes on chain - all of the above assets can be pledged, margined, or substituted programmatically 5. Trading + settlement converge - instead of trade, clearing, reconciliation, settlement over 1–2 days, you can increasingly have near-instant settlement 6. Finance becomes composable on chain - the same tokenized asset can sit in a wallet, earn yield, secure a loan, satisfy margin requirements, or be exchanged for another asset without moving through several separate databases
What this means: the same dollar of collateral can move faster, and support more financial activity with less trapped capital. even small improvements in collateral efficiency can translate into hundreds of billions of dollars of new economic activity. > 引用 @solidintel_x: INTEL: CFTC Chairman Selig says markets must prepare for "mass tokenization" of stocks, bonds and collateral https://t.co/JS4Nx4RkSE https://x.com/neilhar/status/2102735482392060172
## @joechalom (Joseph Chalom) · 09-23 13:00 · ♥40 ↻3 💬2 The convergence of stablecoins, tokenized assets, DeFi and agents will create massive new value for investors and reshape the finance industry.
This shift deserves far more attention than it’s getting.
We predict agents will touch up to $1 trillion of financial services fees by 2030 and up to $4 trillion by 2035.
https://t.co/rxY4u9pIHj > 引用 @joechalom: The $4 Trillion Revolution: How AI Agents Will Rewire Finance and Spark an Economic Big Bang https://x.com/joechalom/status/2102744942569271707