#稳定币发展趋势 Yesterday, I looked at a16z's annual report, and the data on stablecoins really blew me away😱 $46 trillion in transaction volume? That's 20 times PayPal's and 3 times Visa's! I used to think stablecoins were just a niche tool, but I didn't expect them to be so powerful.

Even more interesting, the CoinShares report says 2026 will be the "Year of Practicality," with stablecoins playing a particularly important role. My understanding is: stablecoins are evolving from speculative tools into real payment and settlement infrastructure. For example, JPMorgan's stablecoin for foreign exchange can save 50% of costs, and settlement time is reduced from days to seconds! This sounds like a story about blockchain told in traditional financial language.

But I'm also a bit worried—if the Federal Reserve cuts interest rates, stablecoin issuers might need to issue a large amount of new coins to maintain yields. Could this put pressure on the market? Additionally, Tether and Circle account for 85% of the market share, so it seems difficult for new stablecoins to gain a foothold.

I now have a new perspective when looking at projects—not just how cool they are, but whether they truly solve real problems. Stablecoins still need ongoing attention! Can any friends help me explain the impact of the GENIUS Act on stablecoins?