稳定币

市场从慢熊转向 ETF 驱动的早期风险偏好回升，但稳定币供应仅增长 1.1%；资本继续流向交易、合规、数据和 Tokenization，预测市场估值则开始跑在使用量前面。

Arc 可以强化 USDC 的网络型结算护城河，但护城河不来自单一主网，而来自合规信任、跨链流动性、机构分发与支付网络的共同绑定。

Hyperliquid 借贷强化了 USDC 的局部流动性优势，但跨平台比较显示 USDC 尚未成为永续市场的统一标准；真正的护城河取决于它能否成为跨协议、跨链复用的现金与抵押品层。

Alloy Tether is treated as a DeFi infrastructure watchlist candidate sourced from CoinGecko/CMC discovery and refreshed with Surf, with emphasis on product durability, token value capture, liquidity, supply, and execution risk.

AlphBanX is treated as a stablecoin / credit infrastructure watchlist candidate sourced from CoinGecko/CMC discovery and refreshed with Surf, with emphasis on product durability, token value capture, liquidity, supply, and execution risk.

Arkadiko is treated as a stablecoin / credit infrastructure watchlist candidate sourced from CoinGecko/CMC discovery and refreshed with Surf, with emphasis on product durability, token value capture, liquidity, supply, and execution risk.

AstridDAO is treated as a stablecoin / credit infrastructure watchlist candidate sourced from CoinGecko/CMC discovery and refreshed with Surf, with emphasis on product durability, token value capture, liquidity, supply, and execution risk.

Avalon is treated as a stablecoin / credit infrastructure watchlist candidate sourced from CoinGecko/CMC discovery and refreshed with Surf, with emphasis on product durability, token value capture, liquidity, supply, and execution risk.