#稳定币市场与基础设施 The market capitalization of stablecoins has surpassed $310 billion, with an annual growth of 70%. The logic behind this figure is worth analyzing.

From the perspective of on-chain capital flows, this growth is not driven by retail speculation but by institutional-level demand supporting the market. The widespread adoption of global payment applications and the expansion of the DeFi ecosystem are indeed attracting incremental funds, but the key signal is—institutions are treating stablecoins as a layer of digital cash for strategic deployment.

I’ve noticed industry forecasts that by 2028, stablecoin supply could reach $2 trillion. The conditions for achieving this target are clear: large-scale applications in e-commerce, B2B payments, and embedded finance. In other words, the core driver is the shift from using stablecoins as mere trading tools to establishing them as foundational infrastructure.

The current focus is on the structure of capital inflows—who is holding, who is entering or exiting. This determines future stability and expansion potential. The higher the level of infrastructure development, the deeper institutional participation becomes, and the more sustainable the market cap growth. Short-term fluctuations are not important; what matters is that the fundamentals of this track are steadily expanding.