The turning point for stablecoins has arrived: the United States has passed the GENIUS Act, providing a clear compliance framework for stablecoins, which effectively formalizes "dollar stablecoins" into the financial system. This means that stablecoins are no longer just tools of the encryption industry, but are becoming new infrastructure for the global payment network. Changes are occurring in three directions:

1️⃣ Cross-border payments: stablecoins have natural advantages - faster, cheaper, and more transparent, directly replacing SWIFT and intermediary clearing systems.

2️⃣ Domestic payment alternative to credit cards: In high card fee markets like the United States, stablecoins provide a lower-cost and fairer payment path, especially attractive to merchants.

3️⃣ AI-native Payment: AI agents cannot hold bank accounts but can settle directly using stablecoins. On-chain wallets + automated task execution are key supports for the AI economy.

The biggest beneficiaries behind this are the Ethereum ecosystem. The ETH mainnet + Layer 2 (Base, Arbitrum, OP) has handled most of the stablecoin transactions, and future transaction volumes, fees, and protocol usage may further concentrate.

Traditional payment giants (Stripe, PayPal, Visa) have also entered the stablecoin infrastructure construction in a big way, forming a link with on-chain systems. This is not "coin circle growth", but the digital dollar restructuring the global payment system. Stablecoins are at the starting point of the next round of globalization for the dollar.