[Key Takeaways and Organization Summary]

By mid-2026, global stablecoinsThe market witnessed a historic turning point, with its supply surpassing $315 billion. Circle, meanwhile, continuously minted $1 billion worth of USDC daily on the Solana chain, pushing its weekly minting volume to a record high of $3.5 billion. This astonishing expansion of liquidity clearly reveals that public high-performance blockchains (like Solana) are no longer simply a breeding ground for retail and speculation, but have transformed into platforms supporting Mastercard and Western Union remittances.Solana serves as the core infrastructure for global settlement and cross-border payments for traditional financial giants like Western Union. With transaction costs of less than $0.01 and an ultra-fast block time of 400 milliseconds, Solana drives the ‘velocity’ of stablecoins, achieving an efficiency advantage over Ethereum (primarily for passive asset custody) in real-world commercial payments. However, behind this rapid expansion, the public blockchain ecosystem also faces fierce competition for protocol-level liquidity, social engineering attacks by hackers, and compliance and legal challenges related to centralized power to freeze assets. Stablecoins are moving towards a new era of ‘sovereign-level digital financial infrastructure’ at an unprecedented pace.

I. June 16, 2026: A Look Inside the Massive USDC Minting Event on the Solana Chain

On June 16, 2026, Lookonchain, an on-chain data monitoring platform, along with several major trading and news platforms (including Binance News, KuCoin, and Futu News), simultaneously captured and confirmed a highly significant liquidity expansion event: Circle, a leading compliant stablecoin provider, minted $1 billion worth of USD Coin (USDC) on the Solana blockchain’s natives. In the preceding seven days alone, Circle had already issued a total of $3.5 billion worth of USDC on the Solana chain, pushing the network’s USDC minting rate and weekly supply increase to all-time highs. This series of high-frequency, massive-scale minting not only broke the weekly issuance record set at the beginning of 2026 but also sent a clear signal to the global financial market that digital dollar liquidity is deeply migrating to high-performance, low-cost public blockchains.

To accurately understand the nature of this massive minting event, a detailed analysis of Circle’s unique technical design on non-EVM chains (such as Solana) is necessary. This is crucial in EVM chains like Ethereum.On compatible chains, the expansion and contraction of stablecoin supply are executed directly through the on-chain smart contract’s `mint` and `burn` functions. However, on Solana, due to its unique concurrent account model, Circle employs a proprietary “pre-minting” architecture. To cope with the massive demand following the launch of Circle’s Cross-Chain Transfer Protocol (CCTP) on the Solana mainnet on March 26, 2024, Circle pre-deployed a dedicated canonical pre-minting address, FSxJ85FXVsXSr51SeWf9ciJWTcRnqKFSmBgRDeL3KyWw, to automatically manage and temporarily store uncirculated USDC inventory on the application side. Under this architecture, USDC generated in the pre-minting address is not counted in the actual on-chain “circulating supply” and has absolutely no impact on global market capitalization metrics. Only after institutional clients complete genuine USD fiat currency reserve deposits and receive official authorization from Circle Mint will these USDCs be officially transferred to their accounts and enter the circulation network. Conversely, when a user initiates a redemption, the funds will be allocated to the pre-minted address, creating a supply contraction effect similar to on-chain ‘burning’ in the EVM chain. This mechanism not only minimizes gas consumption and operational latency but also ensures from the underlying technology that every USDC circulating on the chain is backed by a 1:1 genuine, fully audited fiat currency reserve.

2. Circle Internet Corp ( CRCLCapital Market Performance and Financial Charts

As a core issuer of the global digital dollar, Circle Internet Corp. (stock code: CRCL)’s performance and capitalization process in the traditional stock market highly reflect the mainstream capital’s enormous confidence in the digital dollar infrastructure. CRCL is officially listed on the New York Stock Exchange (NYSE), with a current outstanding share capital of 248.58 million shares and approximately 246.82 million freely floated shares, maintaining a market capitalization between $19.7 billion and $19.9 billion. Its recent closing price hovered around $80.23 per share, with a daily trading volume of 14.86 million shares and a total turnover of $1.18 billion, reflecting extremely abundant secondary market liquidity. Although its trailing TTM price-to-earnings ratio (PE TTM) is temporarily negative (-279.55 times) due to early capital expenditures and the establishment of a global compliance network (including addressing the full implementation of EU MiCA regulations), its price-to-book ratio (PB) of 5.82 times and several fundamental financial indicators suggest that it is in a critical period of transition from high growth to maturity. In analyst consensus, the “Buy” and “Hold” ratings each accounted for a high percentage of 46.43%, reflecting Wall Street’s recognition of this leading compliant payment provider. To meet market demand for leveraged allocation of Circle assets, the Chicago Board Options Exchange (CBOE) has also listed a related leveraged financial derivative—the T-REX 2x Long CRCL Daily Target ETF (ticker symbol: CCUP). Its trading price is currently around $2.58, with a daily turnover rate as high as 31.32% and assets under management (AUM) reaching $39.37 million. This significantly amplifies global investors’ exposure to the scale of Circle’s assets and the surge in on-chain liquidity.

Beyond its impressive performance in the secondary market, Circle’s own financial operations have demonstrated the absolute technological advantage of stablecoin settlement over traditional banking. According to the latest disclosure in March 2026, Circle’s internal finance team, utilizing its self-built Circle Mint stablecoin payment infrastructure, successfully completed a $68 million multinational corporate settlement and transfer pricing payment between eight internal multinational entities worldwide within just 30 minutes. This transaction completely replaced the traditional multinational bank wire transfer network (Fiat Wire), which typically takes 1 to 3 business days and incurs high intermediary bank fees. In the first month of implementing this solution, Circle’s multinational finance team completed over $10 million in cross-border fund transfers via USDC, processing over 90% of transfers within a single business day. This fully validates the revolutionary effectiveness of stablecoins in accelerating multinational corporate working capital flows, eliminating bank window time constraints, and reducing cash-in-transit time, providing global corporate finance executives with a best-practice settlement model that seamlessly integrates compliance and immediacy.

III. Macro Liquidity Velocity: Solana’s Inefficient Settlement Compared to Ethereum’s Passive Custody

In the macro market landscape of 2026, the total global supply of stablecoins has exceeded $315 billion, with Tether (USDT) dominating at $187.2 billion, followed closely by USDC at $75.6 billion. However, if we look beyond the single dimension of total funds to explore the “velocity” of liquidity, we find a significant generational difference and an “efficiency inversion” phenomenon. Although the Ethereum mainnet remains the industry’s primary custodian asset pool, holding more than half of the total stablecoin supply (approximately $150 billion to $160 billion), its liquidity characteristics exhibit strong “passive custody” and “asset defense” attributes. In contrast, Solana has become the undisputed “liquidity engine” for on-chain high-frequency settlement and commercial applications.

In February 2026, the total monthly adjusted stablecoin transaction volume processed on the Solana chain reached a staggering $650 billion, surpassing Ethereum’s mainnet throughput of $500-600 billion during the same period. Most compellingly, this transaction volume was achieved on Solana’s stablecoin supply of only $15-16 billion, meaning that every dollar on Solana circulated dozens of times within that month, with a money multiplier and circulation speed more than 10 times higher than Ethereum’s mainnet. The core logic behind this efficiency inversion lies in the fact that Ethereum’s average gas cost per transaction is generally between $1 and $5 (soaring to over $20 during congestion), and transaction finality confirmation takes up to 13 minutes. This limits Ethereum to serving only as a passive repository for large-scale, low-frequency “digital gold” vaults and risk-free US Treasury reserves. Solana’s median transaction fee has consistently remained at an incredibly low $0.0005, with a block confirmation time of only 400 milliseconds. This zero-latency, zero-friction extreme throughput (on-chain testing shows a stable throughput of over 1500 TPS) naturally aligns with high-frequency, high-throughput real-economy scenarios such as cross-border settlements, real-time payroll flows, and merchant QR code payments. Therefore, we have established the following comparative model:

This data comparison chart clearly demonstrates that with the enactment of the US GENIUS Act in 2026, the global stablecoin liquidity restructuring is showing a tiered trend. Although the Ethereum mainnet still holds absolute dominance in asset “TVS” and the cold wallets of large custodians (core infrastructure such as BNY and Fireblocks still heavily rely on its mainnet), Solana is rapidly seizing market share in terms of liquidity-related “TVL Velocity” and physical clearing and settlement. This is also the deeper macro-level consideration behind Circle’s decision to intensively issue new tokens on the Solana chain.

IV. Institutional-grade payment channel penetration: Deep integration with global financial giants

Solana’s remarkable leap from a “retail speculative tool” to a “sovereign infrastructure” is primarily driven by the fact that global payment and settlement giants (such as Mastercard, Western Union, and merchant settlement leader Worldpay) are directly operating the Solana ecosystem at a system-level production scale, rather than merely conducting small-scale proof-of-concept (PoC) or pilot projects. The core hub of this institutional transformation is the “Solana Developer Platform” (SDP), officially launched by the Solana Foundation on March 24, 2026.

Before the launch of SDP, traditional compliant banks and multinational payment institutions faced extremely high and cumbersome technical barriers when connecting to public blockchains. They needed to independently and separately conduct compliant KYC screening, find node network providers, design custody and multi-signature mechanisms, and connect to fiat currency deposit and withdrawal channels. SDP, through a one-stop API, directly packages more than 20 of the world’s leading blockchain infrastructure service providers (including node infrastructure providers: Alchemy, Helius, Quicknode, Triton; custody and multi-signature institutions: Anchorage Digital, BitGo, Coinbase, Fireblocks, Paxos; compliance and risk control institutions: Chainalysis, Elliptic, Range, TRM; and fiat currency channel and RAMps giants: Bridge, BVNK, MoonPay, etc.) into a unified API interface. Financial institutions can use it out of the box without being fully compliant or having extensive blockchain development experience. Of the three core modules planned by SDP, the “Issuance Module” for tokenized deposits and RWA minting and the “Payments Module” for B2B/B2C payments went into production on the day of the announcement, while the “Trading Module” is also progressing steadily.

This comprehensive infrastructure immediately attracted the world’s largest multinational payment giant. On May 4, 2026, Western Union officially launched its proprietary “USDPT” stablecoin on the Solana mainnet via the SDP interface. This stablecoin is compliantly custodied and issued by Anchorage Digital Bank NA, the first cryptocurrency commercial bank in US history to obtain a federal trust license from the Office of the Comptroller of the Currency (OCC). USDPT uses fully funded federal commercial bank dollar deposits as its underlying backing and is directly integrated into Western Union’s vast cross-border remittance and clearing engine, which has tens of thousands of agent locations in over 200 countries and regions. This completely breaks down the settlement blind spots of traditional correspondent banking, which can last for days due to clearing delays and cross-border time zone restrictions. Western Union not only uses it as an internal settlement tool but also launched the “Stable by Western Union” cross-border high-frequency remittance service based on USDPT settlement to ordinary retail consumers in over 40 countries worldwide in the second half of 2026.

Meanwhile, on June 3, 2026, global card network giant Mastercard announced that it would fully extend its global debit and credit payment network, with over 3.7 billion cards issued in more than 200 countries, to Solana’s stablecoin clearing track. Mastercard supports daily interbank card settlements via Circle’s USDC and compliant stablecoins such as PYUSD and USDG issued by Paxos, extending clearing hours to public holidays and weekends. This means financial institutions can manage Mastercard liquidity 24/7, while merchants and cardholders can directly make purchases at 130 million merchants worldwide using physical debit cards linked to USDC on the Solana blockchain, such as MetaMask Card and ARQ. This is not a simple test, but rather involves hundreds of millions of dollars of real-economy funds flowing directly into the Solana underlying blockchain through Everstake’s “SWRoS (Stakeholder Quality Service)” and Shredstream’s zero-latency network channels every day. During this period, stablecoins have begun to substantially perform the systemic function of being the “global institutional liquidity artery”.

V. On-chain underlying technology innovation: pre-minting mechanism and post-quantum cryptographic security

As the scale of assets and payments carried by blockchains approaches trillions of dollars, traditional blockchain security and transaction mechanisms have exposed significant shortcomings in efficiency and risk resistance. To address this, Circle and the core developers of Solana have undertaken highly forward-looking underlying changes in pre-minting architecture, smart contract auditing, and post-quantum security to meet cutting-edge scientific challenges. In addition to the pre-minting address (FSxJ85FXVsXSr51SeWf9ciJWTcRnqKFSmBgRDeL3KyWw) detailed earlier, which enables millisecond-level synchronization of fiat currency arrival and on-chain supply release, Circle has further upgraded its Cross-Chain Transfer Protocol (CCTP) to version V2. This version completely eliminates the risks of multi-signature asset accumulation and smart contract hacking associated with the traditional “lock-and-wrap” cross-chain bridge. Instead, it achieves secure settlement by directly triggering a “100% Burn Proof” on the source chain and “100% Native Mint” on the target chain. This greatly alleviates the severe liquidity problems and compliance issues faced by multi-chain stablecoins on-chain, such as double accounting in auditing.

Even more noteworthy is Circle’s technical white paper released in April 2026, which directly addresses the disruptive challenge that cutting-edge technology poses to the foundation of blockchain cryptography—quantum computing. Google’s research in early 2026 on “Q-Day” (the theoretical point in time when a quantum computer can break current asymmetric encryption algorithms) suggests that with the exponential breakthroughs in quantum superconductivity, algorithms previously thought to require decades to crack may arrive as early as 2029. Since public blockchain wallet addresses generally rely on public-key cryptography based on elliptic curves (Secp256k1 or Ed25519), once quantum machines are ready, all private keys can be reverse-engineered within seconds, posing a devastating physical threat to stablecoin systems holding hundreds of billions of dollars in reserves.

To address this crisis, Circle has established “PQ Readiness” as a core technological red line. In Circle’s next-generation sovereign blockchain network, Arc (which serves as a compliant, high-performance Layer-1 hub connecting multinational financial entities and local public chains), the development team is actively deploying and validating lattice-based cryptography and quantum-resistant signature schemes (such as ML-DSA). Starting with the initial hardening of the mainnet validator communication layer, the Arc blockchain aims to ensure that even as the underlying retail transaction private keys are continuously upgraded, the information channels and state transmissions between validator nodes will never be eavesdropped on or cracked by quantum devices with national-level computing power. This defense strategy resonates strongly with the BIP-360 post-quantum signature scheme (aimed at introducing quantum-resistant signatures), which was officially incorporated into the official Bitcoin repository on February 11, 2026. This signifies that stablecoin networks are upgrading from application-level tools pursuing high throughput to “absolutely defensive sovereign security systems” capable of resisting global national-level physical crises.

VI. Capital Game Within the Ecosystem: Liquidity Competition and Risk Terrain between Kamino and Jupiter

Despite Solana’s growing dominance in on-chain USD, its internal ecosystem is increasingly embroiled in a fierce “civil war” and ecosystem power struggle over liquidity sovereignty and capital influence, fueled by the continuous influx of large institutional funds. The main players in this struggle are Kamino Finance (with a TVL exceeding $4 billion), the long-time leader in Solana’s lending sector, and Jupiter, Solana’s largest aggregator and super app platform. Their core conflict erupted most violently in December 2025.

The immediate trigger for the conflict was Jupiter’s launch of its proprietary lending protocol, Jupiter Lend. During its initial promotion, Jupiter touted its product as having absolute “risk isolation,” claiming a physical firewall between the asset pool and various long-tail assets, eliminating the risk of cross-infection and cascading liquidations by hackers. However, after a thorough code audit, Kamino co-founder Marius Ciubotariu published a lengthy article on December 6th publicly condemning Jupiter Lend and directly restricting the one-click transfer of funds from Kamino to Jupiter Lend via smart contracts. Marius revealed that Jupiter Lend’s so-called isolation actually deeply supported a “re-collateralization & Looping” mechanism under the guise of improving capital efficiency. When users believed they were simply depositing SOL into a secure, isolated pool and borrowing USDC, their SOL was actually being packaged and lent to a revolving leverage pool that repeatedly arbitrages JupSOL and INF in other high-risk pools. This means that if JupSOL experiences even a minor de-anchoring or is attacked by an oracle, ordinary USDC depositors will be directly exposed to unpredictable cascading liquidations and the risk of bad debt sharing.

This public attack ignited the Solana community, even drawing in several major financial players. Tushar Jain, a partner at Multicoin Capital, a core investor in Kamino, directly questioned Jupiter, stating that they were either completely ignorant of the security of the underlying collateral assets in financial lending (a lack of professional competence) or knowingly and deliberately made false disclosures in product promotion to deceive ordinary retail investors into injecting liquidity (moral depravity). Either way, in a lending market involving hundreds of billions of dollars, this was “unforgivable.” Under immense pressure, the Jupiter team had to quietly delete its earlier promotional tweets, and its Chief Operating Officer (COO), Kash Dhanda, publicly apologized, admitting that the team had indeed used seriously inaccurate wording in previous promotions. However, because this internal conflict severely damaged the fragile confidence in the Solana DeFi ecosystem after the October 11th crash, Solana Foundation President Lily Liu immediately made an emergency appeal on the X platform to mediate and persuade the situation. She urged the two giants to recognize that although the entire Solana lending market exceeded $4.26 billion in 2026, it was only a drop in the ocean of the traditional US Treasury and fiat currency credit market, and even only one-tenth of the scale of Ethereum lending. The two giants should “stop fighting amongst themselves” and work together to devour the market share of traditional finance, which is hundreds or thousands of times larger.

This internal ecosystem struggle vividly illustrates that, with the exponential growth of stablecoins, decentralized lending protocols must find a perfect balance between “absolute security barriers (isolation pools)” and “maximum capital efficiency (recollateralization).” This ecosystem game and parameter hardening (such as Kamino’s introduction of formal verification to mathematically prove code security and the adoption of compliant LSTs from US-listed public trust companies like DFDV) will profoundly determine whether Solana can maintain the robustness of its digital dollar infrastructure in future system stress tests.

VII. Legal Proceedings, Centralized Black Swans, and the Game of Sovereign Compliance

Beyond the struggles within technology and the ecosystem, the biggest game that stablecoins fundamentally face remains the structural conflict between their “decentralized, borderless flow” and the “centralized sovereign entity’s power to freeze assets.” This generational conflict was most fully and intensely manifested in the legal and technological spheres of 2026 through the “Drift exchange fraud and Circle lawsuit” that shocked the entire crypto world.

On April 1, 2026, Drift Protocol, Solana’s largest decentralized derivatives exchange, suffered a systemic exploit attack that resulted in a loss of up to $280 million. According to on-chain security analysis and subsequent judicial investigations, the attack was not a traditional smart contract code overflow, but rather a meticulously planned, six-month-long social engineering phishing attack by a team suspected of having ties to North Korea. Within a six-hour window of opportunity, the hackers transferred $230 million in USDC directly from the Solana mainnet to the Ethereum mainnet via the Circle Cross-Chain Transfer Protocol (CCTP) at high frequency and without obstruction, and then injected it into multiple mixing and off-chain OTC channels. Renowned on-chain anti-hacking investigator ZachXBT publicly condemned the attack on Twitter, pointing out that Circle had a crucial six-hour window during the hackers’ large-scale cross-chain asset transfer, yet failed to take any emergency freezing measures, allowing a massive amount of dollar liquidity to be successfully plundered right under its nose.

This incident culminated in a landmark legal upheaval on June 16, 2026. A group of Drift investors, who had suffered heavy losses due to the hack, formally filed a class-action lawsuit against Circle Internet Corp. in federal court through the law firm Gibbs Mura, accusing the company of serious “negligence.” The lawsuit presented highly damaging evidence: just nine days before the Drift hack, Circle, in a purely civil lawsuit, proactively and swiftly froze 16 unrelated USDC addresses without any formal order from federal law enforcement. The lawsuit questioned: given Circle’s technical capability to unilaterally implement a full-chain freeze within minutes and its strong willingness to freeze assets in a non-criminal civil dispute, its six-hour inaction in the face of a serious public safety incident involving global anti-money laundering red lines and a $280 million state-sponsored theft constituted intentional inaction and negligence in fulfilling its fiduciary duty to protect user assets.

Circle CEO Jeremy Allaire delivered a strongly worded public defense at the Digital Finance Summit in Seoul. He reiterated that Circle would never unilaterally or proactively freeze any customer account without a clear, written, statutory administrative freeze order from a court with jurisdiction, federal authority, or formal international law enforcement agency. He pointed out that if the digital dollar USDC is to truly shoulder the ecological responsibility of a global sovereign-level risk-free settlement asset, it must uphold its “neutrality” and operational predictability to the greatest extent possible. If a private stablecoin issuer can arbitrarily act as judge and police based on its own interests or public opinion, freezing funds on-chain without judicial adjudication, it will introduce even more serious moral and governance risks to global sovereign commercial users. This incident ultimately forced Drift to urgently seek $127.5 million in aid from Tether and completely restructure into a trading platform with USDT as the settlement standard. The Circle freezing boundary controversy has also become a classic example in the legal community regarding the trial of on-chain centralized neutrality.

This conflict occurred against the backdrop of a highly turbulent period of policy restructuring in the global sovereign compliance game in June 2026. On June 18, 2026, the Federal Reserve (FRB), along with four other federal agencies, formally released a disruptive compliance proposal under the GENIUS Act. This proposal requires any compliant payment stablecoin issuer registered and authorized within US jurisdictions to establish a complete and transparent Customer Identification Program (CIP) for all customers who directly subscribe or redeem from the issuer on-chain, similar to traditional commercial banks. This means that the management scale of fiat dollar reserve assets has been completely embedded within the traditional Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) red lines. Simultaneously, at the local legislative level, Illinois signed a state government budget of $55.9 billion. As a landmark component of this budget, Illinois passed the nation’s first Digital Asset Tax Act, imposing a 0.2% fixed stamp duty on every on-chain digital asset transaction within the state. This mandatory local tax immediately drew strong criticism from major blockchain compliance lobbying groups, who accused it of driving high-frequency financial activity away from the state’s economic landscape. The struggle between sovereign intervention and public blockchain neutrality is raging on every legal front.

VIII. Conclusion: The Leap of Stablecoins Towards a Global Sovereign Digital Financial System

Looking back at the series of multi-dimensional events that occurred in mid-June 2026, from Lookonchain confirming that Circle minted a staggering $3.5 billion in a single week on the Solana chain, to Mastercard and Western Union directly connecting hundreds of millions of settlement flows to the Solana blockchain’s SDP payment channel; from the continuous evolution of Arc’s pre-minting and post-quantum quantum-resistant security research at the underlying technology level, to the ecosystem power struggle between Kamino and Jupiter Lend over “re-collateralization” and “risk isolation,” and even the court lawsuit filed by Drift against Circle’s power to freeze assets, all of these events clearly piece together a grand and certain generational wave in finance: digital dollars and stablecoins are at an unstoppable speed, completely shedding their early retail guise as “speculative arbitrage tools” and “crypto trading casino tokens,” and officially transforming into the mature era of “sovereign-level digital financial infrastructure.”

In this grand leap, Solana’s rapid throughput and low cost have made it an indispensable physical artery for large-scale working capital flows and machine payments. Meanwhile, traditional asset management giants (such as State Street, which manages over $5 trillion and launched the fully compliant SSCXX money market fund pegged to US Treasury reserves) have injected unparalleled credit rigidity from fiat currency reserves. When Mastercard executive Raj Dhamodharan asserted that “the next stage of digital financial innovation will be defined by tangible on-chain business applications that perfectly integrate with traditional finance,” the ultimate value of stablecoins became self-evident. The future challenge is no longer whether technological throughput can keep up, but rather how this vast and rapidly expanding on-chain dollar empire, in its rapid expansion, can delicately and subtly establish a highly predictable and systematically robust intergenerational clearing and settlement mechanism that bridges the gap between the borderless neutrality of the blockchain’s underlying layer and the legal boundaries, compliance reviews, and rule of law protection of traditional sovereign entities.

[Institutional Disclaimer Regarding This Report]
All analyses, fundamental facts, financial ratios, and on-chain monitoring data contained in this report (including but not limited to secondary market trading prices, trading volumes, analyst consensus, and all smart contracts and pre-minting addresses disclosed on-chain for Circle Internet Corp. and its listed ETF products) are strictly based on publicly available, cross-verified institutional-grade media reports and company disclosures as of June 19, 2026. This report aims to conduct purely academic and objective business research on the technical roadmap of blockchain clearing and settlement systems and stablecoin ecosystems, macro monetary velocity, and global compliance and legal controversies. The content, charts, and inferences in this report do not constitute, and should not be construed as, advice to buy, offer to sell, conduct investment operations, provide tax planning, obtain compliance certification, or seek legal advice for any specific digital asset, crypto token, commercial stock, exchange-traded fund (ETF), or other traditional and derivative financial instrument. The operation of digital assets and blockchain infrastructure is highly susceptible to extreme price volatility, risks associated with underlying smart contract technology, geopolitical friction, and rapidly changing sovereign compliance and regulatory penalties, which could potentially lead to the total loss of investors’ principal. Readers and institutional decision-makers must conduct thorough and independent due diligence and consult with independent, licensed financial and legal risk management experts before making any related fund allocations or compliance adjustments. The entire writing team, collaborative editing software, and associated platforms of this report assume no legal, economic, or fiduciary liability for any direct, indirect, cascading, or chain-like financial, legal, or credit losses arising from any asset purchase, sale, or liquidation in the secondary market or on-chain DeFi ecosystem based on reliance on or use of the content and inferences contained in this report.

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