By the first quarter of 2026, the global stablecoin issuance has surpassed $320 billion, with quarterly total transactions exceeding $28 trillion, setting a new record. The total market capitalization of stablecoins officially crossed this threshold in May 2026. In terms of both outstanding volume and active circulation, stablecoins have already occupied an undeniable weight in the digital financial system. Behind this figure is not merely capital accumulation in the crypto market—the scale of quarterly trading volume reaching $28 trillion indicates that the circulation speed and application frequency of stablecoins have far exceeded their traditional role as a single trading instrument. Stablecoins are becoming the underlying infrastructure for cross-border payments, settlements, and fund dispatch. What substantial transformation is occurring in the role of stablecoins? Stablecoins are shifting from being an ancillary tool for crypto asset trading to a key settlement medium in the digital financial system. The core driving force behind this transformation comes from enterprise

ME News Report, May 15 (UTC+8), data on options settlement for May 15 shows: 25k BTC options expiring, Put Call Ratio of 0.59, maximum pain point at $80,000, notional value of $2 billion; 274k ETH options expiring, Put Call Ratio of 0.4, maximum pain point at $2,300, notional value of $620 million.