#稳定币总市值新高# Looking back from mid-2025, stablecoins have transformed from a supporting role in the crypto market to a core variable of digital financial order. The United States is building a "dollar stablecoin empire" through the GENIUS Act, while Hong Kong is exploring a balance between openness and regulation. The outcome of this competition may determine:

In the future, will global trade be settled using "on-chain dollars", or will it split into multiple digital currency zones, or will it be a world without sovereign currencies?
For ordinary investors, compliant stablecoins not only bring a safer crypto trading environment, but also the beginning of an era of borderless investment - as long as you hold USDC or USDT, you can buy digital assets in any corner of the world, the difficulty of capital control is becoming more and more difficult, and the tentacles of liquidity regulation will be faster and more comprehensive to wherever there is an Internet.

The truth hidden behind the technical details is: while blockchain is reshaping finance, it may still be those traditional players who are well-versed in the ways of power that will grasp the rules of the game in the short term. As everyone calms down from the grand vision of web3 disrupting the world, they will find that issues such as payfi, rwa, and stablecoin are still fundamental problems that web3 needs to address at this stage. Perhaps after solving these problems, new disruptive forces that have been dormant may ignite once again, spreading like wildfire. Just like when the electric light was first invented, its main purpose was still to help people see traditional paper books clearly, but one day it will bring about a complete transformation from productive forces to production relations.