The stablecoin track in 2025 is indeed gaining momentum, with good news being released frequently. But there's a phenomenon that's quite disheartening—some leading projects focused on the stablecoin settlement layer are moving in the opposite direction.

Do you remember the grand scene from last year? This project's TVL surged from $2 billion to $5.5 billion, and it was widely regarded as the backbone of the next-generation stablecoin infrastructure. Now, the token price has fallen by 90% from its peak, completely collapsing.

This is quite ironic. The product itself has no major issues, hot topics are plentiful, and capital has indeed flowed in before, yet the token price just can't pick up. Similar stories have played out with certain ecosystem tokens—projects expanding their ecosystems, technical indicators improving, but the token prices remain stagnant.

What does this indicate? In the current crypto market, solely focusing on fundamentals and capital inflows may no longer be enough. Market sentiment, macroeconomic environment, and capital preferences—these soft factors—are now exerting a greater influence on token prices than previously imagined.