#稳定币市场与应用 Stablecoins reach their sixth year, and the initial application scenario of payments has become the most overlooked part.

Looking at Raj's review, the core insight is: as stablecoins gradually take on the functions of financial infrastructure beyond speculative tools, the flow of funds on the chain is quietly being rewritten. It's not the large speculative capital inflows and outflows, but small, high-frequency, and continuous payment demands that are beginning to accumulate—this is the real signal.

From a data perspective, true transformation often lies beneath the surface. Metrics such as the depth of trading pairs, the distribution of holder addresses, and liquidity changes across cross-chain bridges can better illustrate the actual progress of the stablecoin ecosystem than mere volume or hype. Six years of accumulation is not a bubble buildup, but the solidification of infrastructure—liquidity pools are expanding, application scenarios are diversifying, and risk premiums are converging.

The current question is not whether stablecoins can be used for payments, but who is building a truly functional payment network. This will determine the specific flow of funds in the next phase. Continuous tracking of the distribution changes of major stablecoins across different chains, as well as the activity data of contracts around payment applications, are signals that may indicate future prototypes.