This year's stablecoin market is growing very fast, with Ripple, PayPal, and Stripe starting to issue stablecoins. In the last bull market cycle, there were also a large number of stablecoin projects, but the difference is that the last cycle was mainly protocol-based, while this cycle is institution-driven. In the last cycle, the protocol layer was more willing to attract liquidity through accumulating CRV or CVX bribes, while this cycle is driven by institutional stablecoins.
