The expansion of the stablecoin ecosystem is evident. Recent data shows that the global stablecoin market capitalization has surpassed $310 billion, with a year-over-year growth rate of approximately 70%. Among them, the two leading stablecoins USDT and USDC account for about 80% of market activity, indicating that market concentration remains high. Interestingly, an increasing number of institutions are changing their attitudes — no longer just using stablecoins for speculation, but treating them as genuine payment tools. Cross-border settlements and enterprise-to-enterprise payments are becoming the main driving forces in practical application scenarios. Industry research institutions predict that if large financial institutions continue to deepen cooperation and integration, the total supply of stablecoins could double by 2028, and the market potential remains quite significant.