As the global cryptocurrency market enters a new cycle, the stablecoin sector has once again become the focus of attention. Whether it's the entry of giants or the accelerated implementation of bank-related projects, this stablecoin "arms race" is no longer just a story in the cryptocurrency circle, but a deep-water zone driven by traditional finance, payment giants, and policymakers.
The pace of institutional entry is accelerating, and the legal framework is gradually clarifying—especially in the EU and US markets, stablecoins are ushering in an unprecedented development window. Mlion.ai's market trend radar detected that in the past 30 days, global on-chain activity related to the keyword "stablecoin" increased by 38%, surpassing all other subfields.
Here are five important actions reshaping the landscape:
1️⃣ Tether returns to the US: rebuilding trust, challenging the market
The veteran player in the stablecoin arena, Tether, is planning a high-profile "return." In the US market, Tether is preparing to launch a newly named dollar stablecoin to distinguish it from its international version USDT, which is seen as a key measure for rebuilding trust.
Tether CEO Paolo Ardoino recently stated in an interview with CNBC that the US market has very high transparency requirements, and the new product will enter with a more compliant appearance. In the "crypto-friendly" policy environment strongly promoted by the Trump administration, this is undoubtedly an important node for Tether to attempt to break through the constraints of the US market.
Mlion.ai's on-chain capital flow tool indicates that USDT remains the largest liquidity pillar of stablecoins globally. Once new products land, they are expected to quickly capture market share in the US.
2️⃣ Trump enters the game: USD1 stirs the market
At the beginning of March, the dollar stablecoin USD1 launched by World Liberty Financial (WLFI), a project associated with the Trump family, was simultaneously launched on the BNB chain and Ethereum chain, with a market value exceeding $2 billion. The market generally interprets this not only as a brand effect but also as an experiment in the fusion of "cryptocurrency + political capital."
However, the potential conflicts behind this have raised public concern. US senators have questioned the risk of "conflicts of interest" involving the Trump family in this project.
In any case, the strong debut of USD1 has intensified the competitive landscape of the stablecoin market. Mlion.ai's risk sentiment module is closely monitoring policy news, market sentiment changes, and potential regulatory dynamics related to USD1 to remind users to respond in a timely manner.
3️⃣ The rise of bank-related stablecoins: Custodia & Vantage Bank join forces
On March 25, Custodia Bank partnered with Texas's Vantage Bank to be the first to launch a bank-related stablecoin Avit on Ethereum, marking the official entry of "bank version stablecoins." Avit is based on the ERC-20 standard, equivalent to the tokenization of dollar deposits in a checking account, promoting the leap of stablecoins from "cryptocurrency scenarios" to "mainstream finance."
Custodia CEO Caitlin Long clearly stated: "Avit is a true dollar." This new idea based on full reserves of fiat currency provides strong endorsement for the regulatory legitimacy of stablecoins.
The explosion of such projects has led people to rethink the essence and future of stablecoins—it is not just a medium of exchange, but also a bridge between digital assets and traditional banking systems.
4️⃣ Stripe returns to the track: the payment giant's "stablecoin ambition"
Payment giant Stripe officially announced on April 28 that it is testing a dollar stablecoin payment product designed specifically for markets outside the US. Previously, Stripe paved the way for its stablecoin strategy by acquiring Bridge, a stablecoin payment network founded by former Coinbase executives for $1 billion.
This marks that after a brief foray into cryptocurrencies and setbacks in the early years, Stripe has fully returned to the cryptocurrency battlefield. Mlion.ai's payment link analyzer shows that Bridge's technology has formed direct competition with traditional cross-border payment networks like SWIFT, which may disrupt the existing payment landscape in the future.
5️⃣ FAB Bank of the UAE: The "Dirham version stablecoin" is coming
On April 28, First Abu Dhabi Bank (FAB) announced that it would jointly launch a stablecoin backed by the UAE Dirham with Abu Dhabi Development Holding Company. This is the first local currency stablecoin project directly led by a major bank in the Middle East, marking a key step for the UAE in the global cryptocurrency financial system.
According to the official statement, this stablecoin plans to launch on the ADI network after obtaining central bank approval, aiming to promote international trade and cross-border payment efficiency through localized stablecoins.
Mlion.ai's 【Monitoring of Regional Blockchain Layout】 indicates that the trading volume of stablecoins in the Middle East has grown by as much as 62% in the past two years, and this move by the UAE will greatly strengthen its strategic position as a global cryptocurrency financial hub.
Summary: The new era of stablecoins has arrived
Whether it's the new moves from veteran giant Tether, the disruption from Trump's USD1, or the accelerated entry of bank-related and payment giants, this "arms race of stablecoins" is no longer a battle of a single country or a single field.
From transaction matching to cross-border payments, from bank tokenization to corporate settlements, the stablecoin landscape is expanding at an unprecedented pace. Mlion.ai reminds users that future market opportunities come with risks, and it is recommended that investors pay close attention to on-chain dynamics, policy trends, and changes in the liquidity pools of mainstream stablecoins to gain an advantage in the new cycle.
Disclaimer: This article is a market observation and analysis and does not constitute any investment advice. While stablecoins are stable, the cryptocurrency market remains high-risk, and operations must be cautious.
