#稳定币发展趋势 Stablecoin trading volume has reached $46 trillion in 2024, a figure that says it all—20 times the volume of PayPal transactions and nearly three times that of Visa. This is not virtual asset hype but real financial flow data.

The key point is that reports from a16z and CoinShares point to the same signal: 2025 has become a turning point from speculation-driven to utility-driven, and 2026 will accelerate this process. Stablecoins are no longer just a trading medium; they are becoming the infrastructure of hybrid finance.

A close look at on-chain data flows reveals the change. Tether accounts for 60% of the stablecoin market, and Circle accounts for 25%. This duopoly has stabilized—new entrants find it difficult to shake the network effects. More importantly, Solana’s stablecoin supply has increased from $1.8 billion in January 2024 to $12 billion, driven by real trading demand and institutional deployment.

Another detail worth noting: the GENIUS Act requires compliant issuers to hold U.S. Treasury reserves, meaning stablecoin issuance will directly increase demand for U.S. Treasuries. If the Federal Reserve ultimately cuts interest rates to 3%, stablecoin issuers will need to issue an additional $88.7 billion to maintain current interest income—further boosting the stablecoin market size.

From on-chain transactions, institutional applications like JPMD from JPMorgan and BUIDL from BlackRock are being deployed on Ethereum and Solana, indicating that real financial demand has begun to go on-chain. The value of stablecoins is not about replacing the dollar but about enhancing the efficiency of the existing financial system.