The current market value of stablecoins has surpassed $264 billion, becoming the core vehicle for on-chain dollar liquidity. As the fundamental asset in scenarios such as DeFi, NFT, GameFi, exchange clearing, and cross-border payments, its importance has deeply integrated into the Web3 financial flow system — even if Bitcoin were to go to zero, the stablecoin system would continue to operate securely.
For traditional financial institutions seeking compliant entry (such as JPMorgan, Goldman Sachs, BlackRock), stablecoins are a key "bridge asset": compared to the highly volatile Bitcoin or the higher technical threshold of ETH, stablecoins provide a channel that is easy for them to understand and aligns with regulatory expectations. The implementation of the GENIUS Act paves the way for these "traditional giants" to embrace stablecoins legitimately.
Looking ahead to bull market momentum: Reflecting on the past, the 2020 bull market was ignited by DeFi, the 2021 bull market was carried on by NFTs, and the 2024 focus will be on AI narratives. The "credit foundation" for the next bull market in 2025 is likely to be established by the expansion of on-chain dollar liquidity driven by compliant stablecoins.
