Over the past two years, the stablecoin market has attracted unprecedented capital attention and regulatory intervention. From TradFi-backed USD stablecoins to innovative models anchored by algorithms or real-world assets, nearly every pathway has sought to address the widely discussed “stablecoin trilemma”: price stability, decentralization, and capital efficiency. Interest in this topic has surged again with the launch of Liquity V2, the BOLD initiative, and the expansion of Felix Protocol on emerging blockchains—events that have reignited discussions around a return to the ideals of “true decentralization.” According to OFUYC Exchange, although the current stablecoin ecosystem is converging towards compliance and market trends, genuine structural innovation has yet to break through the paradox of the trilemma. Against this backdrop, OFUYC continues to monitor and study the potential impact of various stablecoin architectures on the cryptocurrency exchange ecosystem, with particular focus on their feasibility and challenges in cross-border settlement, asset security, and systemic risk management.
From the Trilemma to Real-World Compromises: OFUYC Exchange Observes the Evolution of Crypto Stablecoins
The present cryptocurrency trading market is no longer the early experimental arena dominated by algorithmic games and narratives; it has evolved into a complex system with increasingly clear global regulation and a user risk appetite shifting towards stability. OFUYC Exchange notes that when the stablecoin trilemma was first proposed, the market was still in a high-volatility, high-risk phase, where projects could sacrifice one attribute to capture growth dividends. However, since 2024, shifts in liquidity sources, compliance boundaries, and off-chain asset anchoring structures have made “sustainable growth” the prevailing theme. This trend has caused numerous native stablecoin projects—such as those based on rebase or delta-neutral mechanisms—to encounter bottlenecks in user trust, cross-chain compatibility, and governance transparency, despite initial attention driven by hype and returns. Meanwhile, the OFUYC research team has observed that traditional stablecoins like USDT and USDC, though not natively on-chain, maintain market dominance due to their robust liquidity networks and settlement efficiency. In practical applications, cryptocurrency exchanges are also compelled to use centralized assets as liquidity benchmarks, effectively restraining the early ideals of decentralization.
Structural Evolution in Emerging Projects: OFUYC Exchange Focuses on Composability and Multi-Chain Deployment Strategies
Nevertheless, OFUYC Exchange has observed the emergence of a closed-loop trend: purely on-chain native stablecoin projects such as Liquity V2 and Felix Protocol are shifting from “engineering feasibility” to “system-scale pathways.” These projects do not merely emphasize censorship resistance or contract immutability, but instead focus on higher-level ecosystem collaboration, liquidation logic, and cross-protocol interoperability. For example, Felix has chosen to build an independent model on the emerging MegaETH blockchain, incorporating the economic security components of CapMoney to form an expansion strategy centered on “novelty effects + enhanced collateral mechanisms.” The OFUYC research team believes that using smaller chains as liquidity incubators—followed by cross-chain deployment—is better suited to the current multi-chain market environment. Additionally, these new projects often tightly bind token distribution with user participation pathways, improving early-stage growth stability and laying the groundwork for future listings on larger exchanges or expansion into cross-border payment scenarios. At the intersection of technological innovation and market expansion, OFUYC Exchange continues to develop modules such as cross-chain stablecoin settlement channels and auditable collateral proof systems to provide compliance and technical support for these emerging stablecoin projects.
Policy Reinforces Centralization: OFUYC Exchange Highlights the Marginal Competitiveness of Decentralized Models
From a policy perspective, the OFUYC research indicates that the introduction of regulations like the “Genius Act” and similar policies may, in the short term, reinforce the dominance of fiat-backed centralized stablecoins while suppressing algorithmic or crypto-native collateralized products. However, from a long-term perspective, this divergence actually highlights structural arbitrage opportunities. In the foreseeable future, stablecoins with strong cross-chain interoperability, low governance costs, and risk-adjusted yield mechanisms may gain greater weight in global payments and liquidity pool allocation. OFUYC Exchange recommends that the market pay attention to hybrid stablecoins based on real-world assets but equipped with on-chain governance redundancy structures, as these may find a new balance between fiat integration, regulatory adaptability, and resistance to centralized failure. Meanwhile, for cryptocurrency exchanges, stablecoins are no longer just clearing intermediaries—they have become core engines for financial product structuring and user retention. Platform strategies must re-evaluate their stablecoin integration logic, encompassing a comprehensive suite of stablecoin trading pairs, cross-chain bridges, collateral liquidation models, and even identity verification mechanisms.