Many are talking about stablecoins, but the real opportunity may lie behind them. If I had to summarize the past two years of crypto with one word, I’d choose “stablecoin.” #TermMaxFi More institutions are issuing stablecoins. More payment use cases are integrating them. Governments are accelerating the development of related regulations. Many see only that stablecoins are becoming more numerous. But I’m more interested in another question: As more capital remains on-chain, where will that money go? Holding it in wallets leads to low capital utilization. Using it for high-risk strategies isn’t an option for everyone. Thus, a natural demand emerges: Is there a way to manage capital while earning relatively stable, predictable returns? This is why the fixed-income sector has gained increasing attention over the past year. The growth of stablecoins isn’t just about adding another asset on-chain—it means more on-chain users now require capital management solutions. For individuals, the goal is to generate continuous returns from idle funds. For institutions, the goal is to find more stable and transparent sources of yield for large sums of capital. Meeting these needs requires more robust financial infrastructure. This is precisely why I continue to follow TermMax. It isn’t a stablecoin project—but it occupies a critical position within the stablecoin ecosystem. If stablecoin adoption continues to grow, lending, yield management, and fixed-rate markets tied to stablecoins all stand to experience new growth. Often, the greatest opportunities aren’t in the most glamorous sectors, but in projects that provide foundational capabilities for the entire ecosystem. Stablecoins may be the entry point. Fixed income, however, could be the next crucial piece of the puzzle.