#稳定币市场发展 Seeing the total market capitalization of stablecoins surpass $310 billion, with a 70% growth over the past year, brings to mind every key milestone this market has passed over the last decade.

I still remember when USDT first appeared in 2017, and how many questioned its compliance and survival prospects. Back then, stablecoins were like experimental products, and market demand for them was uncertain. But looking back now, the evolution logic of this track has been clear from the start— as long as there is a need for smooth switching between crypto and fiat currencies, stablecoins will have a justified existence.

The real turning point came with the clarification of the regulatory environment. This year, from SEC policy adjustments to the advancement of the GENIUS stablecoin bill, the entire ecosystem’s attitude fundamentally shifted. I find the consensus among leading institutions like Pantera and Variant particularly interesting—they pointed out that traditional financial giants like Robinhood quickly entered the market after clear regulatory signals. This is not a coincidence but a precise grasp of market direction.

The story behind the data is even more worth pondering. Tether has become one of the most profitable companies per capita, with trading volume and profitability of stablecoins both exploding. What does this mean? Stablecoins are evolving from mere trading tools into genuine financial infrastructure. The proliferation of global payment applications, the release of institutional demand, and the expansion of the DeFi ecosystem—these three forces converge to drive the transformation of the entire track.

The forecast that stablecoin supply could reach $2 trillion by 2028 is not just talk. It signifies that stablecoins will gradually become the underlying settlement layer for e-commerce, inter-company payments, and embedded finance. In this process, veteran players will continue to benefit, while those once hoping to overthrow traditional finance are being re-ranked.

Looking back at the Terra collapse, the 15-year prison sentence for Do Kwon is a personal tragedy, but from a broader perspective, it marks the industry beginning to eliminate false values built on deception and radical promises. The truly viable ones are those steadily building infrastructure. The industry is experiencing a shift from speculation to application, and the rise of stablecoins is the most direct reflection of this transition.