Brothers, today we will talk about a track that has grown particularly fast in the past two years, but is also the most easily misunderstood: stablecoins. Many people think that stablecoins are "non rising coins" that have neither the imagination of BTC nor the high volatility of altcoins, and seem to have little investment value. But brothers, what stablecoins really compete for is never the coin price, but the payment, settlement, and stored value entrance of global funds. Simply put, stablecoins are digital assets issued by private institutions, anchored in fiat currencies or other assets, and operated on the blockchain. There are three common types now: The first type is fiat collateral, such as supported by high liquidity assets such as cash and short-term US bonds; The second type is the over collateralized type of encrypted assets; The third type is algorithmic stablecoins that regulate supply and demand through algorithms. The biggest difference between it and regular cryptocurrencies is the different goals. BTC pursues scarcity and decentralization, while stablecoins pursue price stability and circulation efficiency; Behind tokenized deposits are commercial bank accounts, while CBDCs are directly issued by central banks. As of the statistical caliber in the chart, the total market value of global stablecoins has exceeded 300 billion US dollars, and about 99% of the market share is still anchored in the US dollar. In the past five years, the entire industry has increased by approximately 250 billion US dollars. According to some market forecasts, the scale may reach $900 billion to $4.2 trillion by 2030. But I think the real concern is not whether the scale can reach a certain number, but whether stablecoins can move from settlement tools in the cryptocurrency market to a broader payment system. If regulation becomes increasingly clear, reserves become more transparent, and existing payment networks can be integrated, stablecoins may change the efficiency of cross-border transfers, merchant settlements, and on chain finance. Its impact is not limited to the cryptocurrency industry. The issuing institution needs to allocate cash and short-term US bonds as reserves, and expanding the scale may increase the demand for safe assets; The popularity of stablecoins in emerging markets may also strengthen the influence of the US dollar in the digital world. Meanwhile, some deposits may flow from traditional banks to stablecoins, posing new challenges to bank liabilities, credit, and monetary policy transmission. Of course, stablecoins do not guarantee absolute security. The authenticity of reserves, their ability to be redeemed at any time, the compliance of issuers, and the reliability of smart contracts and cross-border regulation will all determine how far they can go. Especially for algorithmic stablecoins, history has proven that 'stability in the name' does not necessarily mean true stability. My judgment is that the key to whether stablecoins can break out of the cryptocurrency circle is not to issue more, but to solve three problems: regulation, interoperability, and real payment needs. If these three points gradually mature, stablecoins may not only be a substitute for the US dollar in the cryptocurrency industry in the future, but also an important infrastructure connecting traditional finance and the on chain world.