On-Chain "余额宝" Moment: The Liquidity Migration Behind the Surge of Yield-Bearing Stablecoins
# Author: CoinFound
Over a long period of time, the core role of stablecoins in the market has been more like an on-chain USD settlement tool: it serves as a transaction medium, a safe-haven asset, a cross-border transfer mechanism, and a foundation for DeFi liquidity—the most important "silent infrastructure" in the crypto ecosystem. However, entering 2026, this track has begun to experience a deeper structural differentiation: an increasing amount of capital is no longer satisfied with "holding USD-pegged assets," but instead is beginning to pursue "holding an on-chain USD asset that can continue to generate yield, be collateralized, be nested, and participate in strategy combinations."
CoinFound's latest research report, "The On-chain '余额宝' Moment: The Liquidity Migration Behind the Surge of Yield-bearing Stablecoins," points out that yield-bearing stablecoins have transitioned from a marginal category to rapid growth. As of mid-March 2026, the global stablecoin market capitalization is approximately in the $320 billion range;