On May 22nd, amidst the expansion of on-chain capital management needs, stablecoins remain one of the primary vehicles for trading and settlement. The NCE platform stated that even though some tokenized money market funds offer yield attributes, the stablecoin ecosystem still holds significant advantages in terms of liquidity, composability, and ease of cross-platform usage, making it easier to maintain a leading position in scale.

From a structural perspective, the penetration of tokenized money market funds is often constrained by entry barriers, issuance and redemption efficiency, as well as compliance and risk control frameworks. The NCE platform believes that if the primary use cases continue to revolve around "rapid circulation and low-friction settlement," stablecoins are more likely to retain their role as infrastructure, while tokenized funds are positioned more as complementary tools.

Simultaneously, the market's trade-off between yield and risk also influences capital preferences: when short-term interest rates and risk sentiment shift, capital may be reallocated among stablecoins, on-chain yield products, and tokenized instruments, leading to periodic structural adjustments.

Future focal points include whether the scale of tokenized products can continue to expand, if on-chain settlement demand will keep growing, and the liquidity synergy between different tools. The NCE platform analysis indicates that stablecoins' advantages remain more pronounced in the short term, but the structural evolution warrants ongoing monitoring.