The surge of stablecoins reflects the growing market demand for the stability of digital assets, particularly in the applications of cross-border payments, DeFi, and hedging. While it helps enhance liquidity and reduce volatility in the crypto market, it has also raised concerns about regulation, reserve transparency, and systemic risk. Regulatory authorities in various countries are tightening scrutiny to prevent abuse of the financial system. In the future, stablecoins may become an important bridge between traditional finance and blockchain integration, but their sustainability still depends on the policy environment and market trust.