Stablecoins are entering a new growth phase in 2025—market capitalization surpassing $300 billion, with annual trading volume soaring to $27 trillion. This is not just about numerical growth; it reflects that they have become a key financial infrastructure for cross-border payments and corporate fund management.

It is worth noting that as regulatory frameworks and the GENIUS Act become clearer, traditional financial giants like Visa, Mastercard, and others are beginning to seriously consider embracing the stablecoin ecosystem. The door for institutional adoption seems to be gradually opening.

However, there is a practical challenge—excessive transparency on the blockchain. The characteristic of all transaction records and fund flows being fully visible has become a double-edged sword for institutions. Concerns over business secrets being leaked, competitors tracking fund movements... These worries cause many large organizations to hesitate when it comes to large-scale deployment. It appears that balancing privacy protection and on-chain transparency remains a critical issue that must be addressed for large-scale institutional adoption of stablecoins.