#稳定币市场发展 Looking at WeFi's perspective, the core logic is worth tracking. The narrative in the crypto industry is indeed at a transition point—from retail chasing volatile trading to the development of institutional-grade settlement infrastructure.

Let's review the key data points: the annual payment volume of stablecoins has exceeded 9 trillion USD, with a market cap of 309 billion USD. This is no longer a marginal asset class but a matter of financial stability. Regulatory attitudes have shifted from blocking to standardizing, essentially acknowledging its systemic importance.

From on-chain signals, tokenized assets have passed the critical threshold—JPMorgan settling on Solana, Goldman Sachs and BNY Mellon promoting tokenized funds, and BlackRock's BUIDL actively operating. These are decisions made by CFOs and risk management teams, not retail FOMO. Settlement times have decreased from days to minutes, costs have fallen, and liquidity connects global capital—this is the real value.

The infrastructure supporting this shift is also in place: mature compliant custody, clear accounting frameworks, and a shaping regulatory environment (GENIUS Act, MiCA). The Basel Committee is re-evaluating digital asset capital requirements, indicating that traditional finance is adjusting its risk pricing models.

Recently, focus should be on capital inflows into the stablecoin ecosystem and large settlement transactions, as these are pre-conditions for institutional applications to take hold. The narrative shift has been confirmed; now is the stage to observe execution.