[Some Cutting-Edge Thoughts on Stablecoins]

Looking at the K-line comparison between stablecoins and BTC:
In previous cycles, the growth of stablecoins always lagged behind Bitcoin’s growth.
Because the main use case for stablecoins is trading crypto, once the market cools down, stablecoins actually experience negative growth!

But what about now?
Even during this perceived bear market, the growth curve for stablecoins is still very steep!

What does this indicate?
The use cases for stablecoins are undergoing significant changes:
I asked AI, and here’s what it said:

This is a highly cutting-edge and difficult-to-measure data point, because it’s hard to fully separate the real intent behind “on-chain transfers” (was it to buy crypto, or to remit money to family?).

However, based on the latest research reports from Visa, Chainalysis, and Bernstein released in 2024-2025, we can arrive at a relatively clear estimate.
Core conclusion: The share is still small overall, but very high in certain dimensions.
As of the end of 2025, the estimated share of stablecoins used for **non-crypto market (Real-world Utility)** is as follows:
By transaction volume (Transaction Volume): about 10% - 15%

Current status: The vast majority (over 85%) of on-chain stablecoin circulation still comes from high-frequency trading, arbitrage bots, and exchange fund allocations.
Data source reference: Visa and Allium Labs once launched an “adjusted stablecoin transaction volume” metric, and after removing bot and exchange wash trades, found that “organic trading activity” only accounts for about 1/10 of total reported volume.

By holdings/market cap (Market Cap / Holdings): about 30% - 40%
Current status: This is a huge market that’s often overlooked. A large amount of USDT isn’t circulating, but sits quietly in the wallets of ordinary people in countries like Argentina, Turkey, and Nigeria, acting as a store of value against inflation—like “digital US dollar cash.”
Qualitative: Although these funds are on-chain, their purpose is entirely **non-crypto** (not to buy Bitcoin, just to hold USD).

The main non-crypto use cases for stablecoins are threefold:
1. Cross-border B2B payments and remittances (Cross-border Payments) — fastest-growing
Share: About 40% of non-crypto use.
2. Inflation hedging (Inflation Hedging) — largest in stock
3. Consumer payments (Merchant Payments) — still very small
Share: Less than 5% of non-crypto use.

I believe the 10-15% figure given by AI is seriously outdated; the real proportion now has far exceeded this number!
Where is the value capture in this explosive stablecoin growth?
$crcl doesn’t seem up to the task, Tether’s own $xpl hasn’t seriously explored new markets either. Now it’s cheap to build your own chain, but the hard part is promoting it and getting many people to use it!

Stablecoin growth on ETH is basically in line with overall trends, Tron remains very steady, but it’s actually stablecoins on Sol that are seeing explosive growth in 2025. Is this the real wealth secret? $SOL