The landscape of the stablecoin market is quietly changing. As of January 16, according to on-chain data, the current market caps of major stablecoins are as follows: USDT still leads with a market cap of $199.05 billion; USDC follows closely behind with $76.21 billion; new entrants like USDs, USDe, and PYUSD are also growing rapidly, reaching $11.13 billion, $6.48 billion, and $3.71 billion respectively.

Recently, there has been quite a bit of activity in the stablecoin sector. The U.S. Senate Banking Committee has delayed the advancement of related legislation, reflecting a cautious regulatory attitude towards stablecoins. On the other hand, traditional financial institutions like Interactive Brokers are beginning to integrate stablecoin deposit functions, indicating a shift in mainstream financial attitudes. A major research institution's annual report explicitly states that stablecoins have entered the "Internet fiat currency" era, which is a very interesting assessment.

It is worth noting that the industry is also engaging in a new round of legislative discussions around the "interest issue" related to stablecoins.

Honestly, the competition in stablecoins is no longer about liquidity as it was in the past. Now, it's about who understands compliance better, who has more comprehensive licenses, and who can provide truly 24/7 settlement. With the continuous entry of these major players, stablecoins that are both compliant and capable of ensuring settlement efficiency will be the true core assets in the next five years.