As regulatory frameworks for stablecoins gradually take effect over the past year, stablecoins have evolved into core infrastructure for the crypto financial system and even cross-border payment networks. They are acting as "digital dollars," serving both the trading needs of individual investors and the explorations of traditional institutions in clearing, capital flow, and compliance pilots. 1. The Current State of the Stablecoin Market As of September 2025, the total circulating supply of ...
