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In the past 24 hours, the crypto market has been fermenting across multiple dimensions. Mainstream topics focus on the trust controversies triggered by "reputation/emotional financialization" products, as well as the risks exposed by data platform mergers and the politician token Rug events; in terms of ecological development, Solana's new applications are accelerating experiments, Ethereum is heating up around "real-time execution" infrastructure, and the Perp DEX track continues to accelerate internal competition in mobile and liquidity.
Tether's action of freezing approximately $182 million USDT on the Tron chain is viewed by some analysts as its "Euroclear moment," meaning that when a financial infrastructure originally considered a neutral channel begins to cooperate with law enforcement to freeze assets, it is no longer just a stablecoin but becomes part of the power boundary. This article discusses how this event may impact USDT's narrative as an "alternative dollar" in the Global South and sanctioned regions, and redefine the risk perception of stablecoins.
On-chain Data
On-chain capital flow situation for the week of January 14

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