Sisters, the market is chaotic again today, with liquidations exceeding $100 million in 24 hours. $BTC $ETH With high volatility, the demand for stablecoin swaps has risen.

I noticed that the Curve pool of fxUSD @protocol_fx had a 24-hour trading volume of $12.97 million. At first glance, I thought it was starting to pick up volume. Although there were only 183 transactions, the potential is significant.

For a TVL of $7.58 million, $12.97 million means it turned over nearly twice in one day, indicating that during volatility, funds are indeed using it for swaps and arbitrage.

However, the average trade size is close to $70k, which clearly does not look like small retail trades. It's more like aggregators, market makers, and arbitrage bots running. Arbitrage is not fake; when price gaps appear, they help correct prices. The fact that aggregators are willing to route to it also shows the pool is competitive.

But arbitrage volume does not equate to genuine user retention.

In my view, whether a stablecoin is truly adopted depends on whether funds are willing to flow through it during volatility, whether the price can hold, and how much trading volume and liquidity remain after the calm.

#fxUSD This round of volatility has already passed the first two tests. The third test is the key: whether high trading volume can turn into sustained fees, and whether liquidity remains willing to stay after incentives decrease.

Minting is just the starting point. The true monetary attribute depends on whether capital passes through it during the most chaotic times and whether it stays after the calm. When judging whether a stablecoin is truly adopted, do you value supply and trading volume the most, or the usage demand that persists after the market rally ends?