#稳定币市值创新高 Stablecoins are undergoing an identity redefinition—shifting from "a tool on the chain" to "the infrastructure connecting on-chain and off-chain."

The 550 million users disclosed by Tether demonstrate its "necessity-level presence" in emerging markets; a group of leading institutions emphasize "US dollar stablecoin legislation" and "reserve compliance," pointing to the extension of the US dollar digital system; meanwhile, continued investments from Paradigm, ICONIQ, and others in payment networks and settlement infrastructure provide pipelines and routing for this ecosystem.

For participants involved in RWA, Web3 finance, and cross-border capital flows, the real critical question is no longer: "Should we use stablecoins?" but rather: "Under what regulatory framework? Which license to use? Which payment and settlement chain to connect to?"

Whether the ultimate success is meeting the emerging market residents' "digital dollar" demand or supporting the massive micro-payments in the AI economy era, one trend has become clear: stablecoins are becoming one of the most solid interfaces connecting the crypto world to the real economy.

In the future, many cross-border funds are likely to flow through this system. Today, multiple jurisdictions, including Hong Kong, are competing for the "entry rights" to this interface.