Stablecoins are reshaping the underlying landscape of the entire crypto market. The total scale of USDT continues to expand, and it's only a matter of time before it surpasses Bitcoin.

Bitcoin is essentially a speculative asset, with its price highly dependent on market liquidity and hype sentiment. In contrast, USDT is the universal digital dollar within the crypto space, indispensable for spot trading, derivatives, cross-chain transactions, and off-ramp deposits/withdrawals, backed by continuous genuine demand.

Previously, USDT's market cap briefly surpassed Ethereum, firmly holding second place in the market. As long as the US dollar's global settlement status remains unchanged, the issuance volume of stablecoins will continue to rise. In contrast, purely speculative tokens, lacking real capital flow needs, have very limited long-term survival space.

Moreover, the market environment has already changed. In its early years, Bitcoin benefited from loose monetary policies to fuel its bull runs. Once liquidity tightens, there is significant downside risk, making it difficult to maintain its scale over the long term. In the long run, its market cap being overtaken by USDT is an inevitable trend.
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