Recently, the focus of the cryptocurrency market is undergoing a significant shift. The traditional view holds that interest rate cuts are the main factor driving the rise of the cryptocurrency market, but this understanding is no longer fully applicable to the current market environment.

In fact, the issuance of stablecoins is becoming a new engine driving the development of the cryptocurrency market. The passage of the U.S. stablecoin bill and the issuance of China's first encryption license mark the official entry of the stablecoin market into a new phase of regulatory oversight. This initiative not only brings more certainty to the market but also paves the way for large technology companies to enter the cryptocurrency space.

Tech giants like JD.com, Alibaba, Tesla, and Apple have begun to venture into the stablecoin space, a trend that signals a significant influx of capital into the cryptocurrency market through stablecoins. Compared to traditional interest rate cuts, the issuance of stablecoins may have a more profound and lasting impact on the market.

Although the interest rate cut policy still has some impact on the encryption currency market, its effect may not be as significant as before. In contrast, the widespread use and large-scale issuance of stablecoins may become the main driving force behind the rise in cryptocurrency asset prices.

This new market logic means that investors need to adjust their focus of observation. They should not only pay attention to central banks' monetary policies but also closely monitor the development dynamics of stablecoins and changes in related regulations. As more institutions and enterprises participate in the issuance and use of stablecoins, we may see the encryption currency market enter a whole new stage of development.

Overall, stablecoins are reshaping the flow of funds in the cryptocurrency market. This change not only affects short-term market fluctuations but may also determine the long-term development direction of the entire industry. For investors and market participants, understanding and adapting to this new trend will become increasingly important.