In 2024, the market value of stablecoins skyrocketed by nearly 100 billion US dollars, but it did not drive the outbreak of altcoins. Where did the money go? From the data, the total market value of stablecoins has increased by as much as 80.7% this year, with USDT and USDC still the absolute protagonists, accounting for 87% of the market share. Ethereum and Tron together contributed over 80% of the incremental funds. But miraculously, for every $1 stablecoin, only $1.5 of altcoin market value growth is leveraged, a decrease of 82% compared to the previous bull market. Where did this wave of money go? One is that it flows into exchanges (especially USDT), but there is no obvious counterfeit buying, and it is more likely to be BTC buying or exchange wealth management; Secondly, it flows into DeFi, especially USDC, becoming pledged assets for protocols such as Maker and AAVE; The third is towards cross-border payments and institutional over-the-counter trading scenarios. For example, Zodia Markets, a subsidiary of Zhada, has minted $4 billion in USDC for on chain financial services. In addition, the on chain trading of stablecoins exhibits a typical institutional weekday rhythm (active from Monday to Friday and quiet on weekends), which indirectly reflects its "increasing resemblance to financial infrastructure". The stablecoin in this bull market is no longer just a "fuel" for speculative leverage, but is becoming a "encrypted version of the US dollar" widely used in various real scenarios such as payments, custody, wealth management, and clearing and settlement. The crypto market is moving from "speculative foam" to "value precipitation" - the stable currency is reshaping the flow track of global funds.