Borrowing from Godot's tweet, I personally believe that the total market value of stablecoins in the cryptocurrency field is equivalent to the M2 of fiat currency. The continuous increase in M2 does not necessarily mean that more funds are entering the market; the growth of M2 may simply reflect an increase in bank reserves, more so reflecting deposits and credit creation within the banking system, especially in terms of global M2 data. It does not mean that there is that much money available for buying and selling in the market.

Similarly, the rise in the total market value of stablecoins does not represent that these funds will be traded in the market. Therefore, I have always believed that correlating fiat currency M2 with cryptocurrency price changes is incorrect. Likewise, there is no direct relationship between the total market value of stablecoins and the rise and fall of cryptocurrencies; at most, it can represent an increase in the maximum purchasing power limit.

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