2026-01-15 06:25:41

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.

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IntrovertMetaverse

· 53m ago

Basically, all stablecoins are just being speculated on now, no one is truly using them. --- $270 billion sitting idle, $4.5 billion in settlement volume... this data is ridiculously off. --- Merchants don't even want to accept it, it's just a financial toy. --- Sounds impressive, but in reality, it's all frozen on exchanges, which is a bit ironic. --- What’s the use of Visa’s attention? Street food vendors simply don’t care. --- Just lacking a merchant ecosystem, but who will fill this gap? --- It's the old paradox of scale and application, the cycle always repeats. --- It feels like stablecoins are overhyped; the real payment dream is still far away.

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ForkTongue

· 01-15 06:55

As for stablecoins, to put it simply, it's a vicious cycle: merchants don't use them, leading to poor liquidity, and poor liquidity makes people unwilling to use them.

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OnchainHolmes

· 01-15 06:55

Stablecoins are just a sleeping giant that can't wake up.

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FlyingLeek

· 01-15 06:53

45 billion settlement volume against 270 billion circulating supply. In other words, no matter how attractive the market looks, no one will buy in.

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GateUser-2fce706c

· 01-15 06:51

I've said it before, the real opportunity for stablecoins is actually on the payment side. Those who are still struggling with circulation volume haven't truly grasped the big picture.

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BlockchainTherapist

· 01-15 06:37

Basically, it's a vicious cycle: merchants don't use stablecoins, users have nowhere to spend them, and when users have nowhere to spend, even fewer people want to hold them.

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ZenChainWalker

· 01-15 06:36

Stablecoins are just financial toys; there are very few used for actually buying groceries.

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SchrodingerPrivateKey