In the Cardano ecosystem, stablecoin development is emerging, with USDA and USDM driving a 30% month-over-month increase in stablecoin market value, approaching $30 million. However, compared to Ethereum and others, the stablecoin market value on Cardano accounts for only 9.65% of the total locked value, showing a significant gap. Currently, there is a proposal to convert some ADA into the stablecoin USDM to improve liquidity, but it also faces controversy over market risks.