#稳定币发行与类型 After analyzing Aave's three main strategic pillars, the logic is quite clear—V4 restructuring the underlying infrastructure, Horizon attracting institutional incremental volume, and the App promoting retail adoption. Essentially, they are laying out a complete pathway from DeFi professional users to the mass market.

From a copy-trading perspective, this reveals a key signal: the status of the stablecoin ecosystem within DeFi is undergoing a qualitative change. Horizon allows institutions to use RWA such as government bonds as collateral to borrow stablecoins. This is not just a simple product iteration but the creation of an institutional-level demand closed-loop for stablecoins. In other words, future stablecoins will no longer be just a trading medium but will also serve as an asset allocation tool for institutional wealth management.

$75 billion in net deposits and a 52% fee share—what do these figures indicate? They show that Aave has become the most valuable traffic entry point in DeFi. From a copy-trading perspective, I am more interested in which strategy operators will change their risk management logic due to Aave's expansion during this ecosystem upgrade. Those with high leverage may need to reassess borrowing costs, and the liquidity premium for stablecoin lending will also adjust accordingly.

In simple terms, this is a market where you can copy strategies but must understand the logic clearly. Don't just look at the concept of price increases; you need to analyze how the yield and risk structure of stablecoins will evolve once institutional RWA truly scales up. That is the key to deciding who to follow and how to follow.