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RT @Dune: 1/ Dune Digest #32 is live. This week’s highlights: • @ethena_labs’s USDe depeg on @binance • @arbitrum crosses $1B in RWA with…

RT @Dune: 1/ Dune Digest #32 is live. This week’s highlights: • @ethena_labs’s USDe depeg on @binance • @arbitrum crosses $1B in RWA with…

1/ Dune Digest #32 is live. This week’s highlights: • @ethena_labs’s USDe depeg on @binance • @arbitrum crosses $1B in RWA with EXOD • @solsticefi’s USX hits $200M+ TVL on @solana • @stripe adds @USDC recurring billing • @opensea’s $5B+ comeback Let’s dive in 👇

After reviewing the broad market data over the past week, one pattern became impossible to ignore: Crypto no longer runs on $ETH or $BTC. It runs on dollars. The total stablecoin supply, $312.3B now, is not just liquidity. It has become the monetary base of the entire crypto economy. Stablecoins now play the same role that M2 does in traditional finance: they serve as the denominator for every yield, collateral, and leverage cycle in DeFi. Every expansion and contraction in stablecoin supply has mapped closely to the market’s risk-on and risk-off phases. ● Why This Shift Redefines Crypto’s Economy From a macro perspective, crypto has entered its dollarization phase. This shift has three defining features: > Stable liquidity exceeds speculative liquidity: Yield, staking, and perpetual futures are all settled in USD terms. > Dollar rails are becoming the infrastructure layer: Cross-chain flows, RWAs, and restaking activities are now denominated in stable value. > Supply growth equals credit expansion: When stablecoin supply increases, DeFi TVL and trading activity expand almost mechanically. This dynamic means that blockchains no longer represent “alternative economies.” They now operate as parallel dollar economies. ● The Onchain Metrics Here are Stablecoin market share and Supply as of October 2025 (DefiLlama data): ➤ $USDT (57.9%): $180.8B ➤ $USDC (24.4%): $75.7B ➤ $USDe(4.0%): $12.3B ➤ $USDS + $DAI (4.1%): $12.7B ➤ Others (4.9%): $15.3B Total $312B However, velocity is the real signal. When stablecoins circulate through lending pools, perpetual futures, or restaking vaults, credit expands. When they sit idle in wallets or treasuries, liquidity slows. Historical examples show the pattern clearly: In 2020, stablecoin supply grew fivefold, and DeFi TVL rose from $1 billion to $100 billion. In 2022, redemptions erased $10 billion, and TVL dropped by half. In 2025, supply has plateaued, and so has growth. Stablecoin velocity is becoming crypto’s version of M2 money velocity. ● Competitive Landscape Issuers are competing to define how crypto holds dollar liquidity. 🔹Centralized Giants ( $USDT, $USDC ): Over 80% of supply; deep liquidity but dependent on banks and regulators. 🔹Protocol-Native Dollars ( $DAI, $sDAI, $crvUSD ): Backed by staked ETH, RWAs, and vault yields. 🔹Synthetic Stablecoins ( $USDe, $FDUSD ): Use perps and hedged strategies to stay uncustodied yet yield-bearing. 🔹RWA Primitives ( $OUSG ): Tokenize Treasuries yielding 4.5–5.2% and plug into restaking for “yield-backed dollars.” Each answers the same question: how can crypto sustain dollar liquidity without centralized custody? Each design attempts to answer the same structural question: How can crypto sustain dollar liquidity without relying on centralized custody? ● What’s Next? > Stablecoin Expansion Will Reprice Risk: As supply grows, leverage and TVL will likely expand in lockstep. > Yield-Bearing Collateral Will Lead: RWAs and restaking receipts will merge into hybrid, interest-bearing dollar instruments. > Velocity Will Become a Market Indicator: Stablecoin velocity will replace price charts as the leading macro signal for market direction. > Dollar Infrastructure Will Be the New Battleground: Control of issuance, redemption, and composability rails will define the next cycle’s winners: Circle, Ethena, and Falcon. ● My Take From my perspective, this is crypto’s most structural yet overlooked shift. Everyone talks about AI, L2s, and restaking, but everything still settles in dollars. Stablecoins aren’t a byproduct of liquidity. They are the liquidity. Until supply expands again, crypto stays in quiet monetary tightening. If DeFi is the economy, stablecoins are its money supply, and that supply isn’t growing.

My top picks for the best pools on STON.fi 🤔👇 EVAA/USDT – 200% APR🚀 100% APR comes from the pool itself and another 100% from the farming program that runs until November 3. Positives for the $EVAA token👇: ◉ Very good buying price (17.5M MC) ◉ Listed on the BNB Chain ◉ Team members, investors, and KOLs will receive their tokens next year ◉ Protocol revenue (≈3M) will go to the DAO treasury, which may be used for EVAA token buybacks and burns tsUSDe/USDe – 0.31% APR🚀 The APR isn’t high, but you also earn around 5.5% APY from tsUSDe. Keep in mind the pool’s weights are 75% tsUSDe and 25% USDe, so it turns out quite solid. Additionally, you get👇: ◉ Airdrop from TON, which is ending soon ◉ Airdrop from Ethena — Season 4 recently ended, and Season 5 farming has already started. If you join, make sure to delegate your rewards from your TON wallet to your EVM wallet. PX/USDT – 20% APR🚀 The APR might seem small, but for the current market, it’s actually great. Positives for the $PX token👇: ◉ Very good buying price (7M MC) ◉ Token burn event this quarter ◉ New Notpixel tournament coming this quarter For those who think the tournament doesn’t matter — remember that during the last one, PX price doubled! And this time, the market cap is even lower. I don’t know exactly what will happen, but I’m expecting a few potential Xs! I might even make another guide like last time that one turned out really well. #TON