【Stablecoin circulation surpasses $270 billion, setting a new record】According to a report by Jinse Finance, based on data collected from defillama.com and artemisanalytics.com, the total value of the stablecoin market has exceeded $270 billion. Both sets of data indicate that the Bitcoin system is larger in scale, highly active, and geographically distributed. The total scale of $270.3 billion marks a period of continuous expansion for Bitcoin, while liquidity is concentrated among a few issuers and blockchains. This asset class serves as a bridge between trading venues, wallets, and traditional finance (including centralized exchanges and on-chain protocols).