链上流通的稳定币（如 USDT、USDC）总量，反映有多少"随时可以动用的美元"停在加密市场里。The total amount of stablecoins (such as USDT and USDC) circulating on-chain — essentially how many "ready-to-deploy dollars" are sitting inside the crypto market at any given moment.
供给扩张意味着有更多资金留在场内待命，收缩则意味着资金在撤离；它是观察整个市场"弹药储备"的一把尺子，而不是某一个币种的涨跌信号。When stablecoin supply grows, more capital is parked inside the crypto ecosystem and available for deployment; when it shrinks, money is leaving. It serves as a broad gauge of the market's overall "dry powder" — not a signal tied to any single asset's price movement.