The stablecoin development in the Cardano ecosystem is emerging, with USDA and USDM driving a 30% month-on-month growth in stablecoin market value, approaching $30 million. However, compared to Ethereum and others, the market value of Cardano's stablecoins 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 controversies regarding market risks.