$USDC

In 2025, the stablecoin market experienced explosive growth, with the global total market capitalization surpassing $250 billion, becoming the core driving force behind the deep integration of the crypto ecosystem and financial systems. As a bridge connecting traditional finance and cryptocurrencies, stablecoins, with their stability anchored to fiat currencies, have become the preferred choice for cross-border payments, daily transactions, and hedging tools, especially in high-inflation regions like Argentina and Nigeria, where penetration rates surged over 300%. The market landscape presents a 'dual oligopoly' situation: USDT holds the leading position with a 61% market share, while USDC accelerates its expansion through compliance paths. Its issuer, Circle, listed on the New York Stock Exchange on June 5, with its stock price soaring 168% on its first day, reaching a market capitalization of $18.4 billion, becoming the world's first publicly traded stablecoin company.

Breakthrough developments in regulatory frameworks further catalyze market enthusiasm. The U.S. 'Genius Act' clarifies that stablecoins need to be 100% backed by highly liquid assets like U.S. Treasury bonds, while Hong Kong's 'Stablecoin Ordinance' establishes a licensing system, pushing the industry from the gray area towards standardization. In terms of technological innovation, models such as hybrid collateral (e.g., USDe hedging through ETH futures) and tokenization of real-world assets (RWA) have emerged, with some projects offering annualized returns of 4.8%-50%, attracting institutional funds. However, risks such as interest rate fluctuations, reserve transparency controversies, and sovereign disputes still exist, with Circle, the issuer of USDC, relying on over 90% of its revenue from U.S. Treasury interest, making it highly sensitive to interest rate environments. Stablecoins are evolving from payment tools to global financial infrastructure, and their development not only reshapes the monetary sovereignty landscape but also harbors systemic risks, making them a key variable in the reconstruction of financial order in the digital age.