The commercial prospects of stablecoins seem a bit awkward. According to the latest data, the annualized settlement volume of stablecoins has reached $4.5 billion, which sounds like a lot. But looking closer, the total circulating supply of stablecoins has already exceeded $270 billion — which means most stablecoins are still lying in exchanges and wallets.

Where is the real problem? The huge gap between scale and acceptance. Although traditional payment giants like Visa are already paying attention to the stablecoin track, mainstream merchants are not very enthusiastic about accepting stablecoin payments. Without a truly large-scale merchant network, stablecoins will find it difficult to transform from financial instruments into everyday payment methods. If this bottleneck isn’t addressed, the application potential of stablecoins will always be limited.