#稳定币市场与产品 Seeing this report, my mind flashes back to a scene from ten years ago — back then, we were arguing in forums whether Ethereum had a future, and stablecoins didn’t even have a shadow. Now looking back, it feels like reviewing a long historical record.

By 2025, stablecoin trading will surpass 10 trillion USD, a number that slaps me in the face. Who would have dared to imagine ten years ago? The US GENIUS Act was officially passed, which is not just about regulatory frameworks, but a recognition by the financial system of what is called an "irreversible trend." Just as no company would abandon the internet to go back to the fax machine era, once financial institutions experience the convenience of the global public blockchain, there’s no turning back.

What impresses me most is the institutional deployment — giants like JPMorgan, BlackRock, and Fidelity are no longer just testing the waters but are directly deploying flagship products. This shift in attitude reflects that the underlying infrastructure has moved from the "experimental stage" to the "commercial deployment stage." I’ve seen too many projects fail due to immature infrastructure, but Ethereum has reached another extreme — it has established institutional application precedents on Layer 2, similar to the network effects formed by the internet back then, with more and more enterprises building dedicated ecosystems on top, with profit margins exceeding 90%.

Regarding the fivefold growth expectation for 2026, I won’t believe it entirely, but I won’t dismiss it either. Tokenized assets have grown from 18 billion to 100 billion, stablecoins from 300 billion to 1.5 trillion. Behind these numbers is strategic support from the US Treasury — 20%-30% of the digitalization of the dollar migrating to public chains. This is not a castle in the air; it’s backed by policy trends. The fivefold increase in ETH from its current price is something I pay more attention to as it establishes its identity as an "institutional-grade treasury asset," rather than just a speculative cycle.

Over the years, I’ve seen many ups and downs, but this time is different. Not because the technology suddenly improved, but because the rules changed, the regulatory environment shifted from resistance to support, and institutions moved from watching to acting.