The stablecoin development in the Cardano ecosystem is emerging, with USDC and USDM driving a 30% month-over-month growth in its stablecoin market cap, approaching $30 million. However, compared to Ethereum and others, the market cap of Cardano's stablecoins only accounts for 9.65% of the total locked value, showing a significant gap. Currently, there is a proposal to convert some ADA into the stablecoin USDM to improve liquidity, but it also faces controversies regarding market risks.