Recently, the data released by Bloomberg is quite interesting. The trading volume of stablecoins in 2025 has increased by 72% year-over-year, which is no longer a niche topic but has truly entered the mainstream financial spotlight.

More importantly, the market is quietly differentiating. USDC's annual trading volume reached $18.3 trillion, surpassing USDT's $13.3 trillion for the first time. However, this does not mean USDT is being replaced; the situation is not that simple.

In fact, the用途 of the stablecoin market is undergoing restructuring. USDT remains the "liquidity king," mainly active in exchanges, cross-border arbitrage, and short-term settlements; while USDC is evolving towards a "compliance and clearing layer," with increased usage in institutional settlements, on-chain payments, RWA, and DeFi clearing—areas requiring high compliance.

Simply put: USDT is like square dancing (broad coverage), USDC is like ballet (depth and regulation).

When the annual trading scale of stablecoins has reached the level of hundreds of trillions of dollars, discussing them is no longer just a "cryptocurrency narrative." Honestly, this is a hard signal—stablecoins are becoming an extension of the global dollar system on the blockchain. It’s not a bull market signal, but a silent reconstruction of financial infrastructure.