Du Jun, co-founder of Huobi, emphasized the current role of stablecoins as primarily tools for arbitrage and payments, rather than drivers of liquidity growth. In a recent post, he noted that the AI market's intensity is drawing funds into the US stock market, while Bitcoin ETF trading now constitutes 25% of spot trading volume. He also observed a significant decline in centralized exchange (CEX) trading volumes, which fell by 40% in the first half of the year compared to the latter half of the previous year, and noted that total value locked (TVL) on-chain has remained stagnant. Du Jun suggests that the issuance of more stablecoins will lead to increased capital inflow, but not necessarily enhance liquidity.