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Stablecoin market cap has drifted near $300B, yet transaction volumes and velocity keep climbing. This quiet decoupling is the overlooked shift. Crypto-native trading contracted in H1 2026 while TradFi-linked volume and tokenized Treasuries expanded. Capital is moving into settlement and yield rails rather than pure speculation. $USDT still dominates payments, $USDC institutional flows, and tokenized products absorb the yield dollar. Exposed names include $BTC and $ETH as base layers, $SOL and $BNB for throughput, $XRP and $LINK for rails, $AAVE for lending, $ONDO for Treasuries, plus $ARB and $OP as scalers. Risks: issuer concentration and any macro liquidity squeeze that could reverse velocity gains. Watch stablecoin velocity and RWA AUM growth next. These will show if the infrastructure thesis is accelerating. Do you see rising velocity as the more important signal than flat market cap right now?