Is This the First Chapter of the 2026 DeFi Cycle?
Actionable Market Insights
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Is This the First Chapter of the 2026 DeFi Cycle?
Why this report matters
A major shift is unfolding in the crypto world, but not where most investors are looking. Regulatory clarity in the U.S. is quietly emerging at the same time that billions in stablecoins are migrating to Ethereum, yet prices have barely reacted. Capital is building, not trading, and historically, that’s the pre-phase of a real cycle, not a false start. Meanwhile, structural data, such as user-driven transactions and TVL-based valuation models, are sending a clearer signal than price action. The market thinks we’re in limbo; the data suggests we’re in setup mode.
And if DeFi truly enters a new growth phase, having a solid grasp of risk management through a dedicated DeFi portfolio platform could become invaluable (here).
Main argument
Sometimes the story is right, it just needs to be told more clearly. Consider this the refined version of our earlier report today. It may seem that nothing has changed since Trump’s election win, but beneath the surface, the foundation for a major DeFi phase is being laid. The GENIUS Act is already law, the Market Structure bill is next, and capital is quietly repositioning. Ethereum-based stablecoin issuance has exploded by $48 billion since the election, dramatically outpacing Tron’s $15.8 billion after years of tracking each other. That’s not noise; it’s most likely forward capital positioning.
Stablecoin issuance (LHS, $ billions) vs. Ethereum (RHS)
