The market battle within the $304 billion stablecoin sector: from recharge cards to payment innovation

【CoinPush】Stablecoins have become a key infrastructure in crypto finance, and the data tells an interesting story. Last year, the total supply of stablecoins grew by 33%, surpassing $304 billion; monthly trading volume has now exceeded that of certain payment networks and a major payment giant; the amount of US Treasuries held reached $133 billion, directly ranking as the 19th largest holder of US debt. What do these numbers reflect? The market structure is undergoing dramatic changes.

Interestingly, major crypto companies are still competing through traditional payment channels—stablecoin recharge cards circulated via certain payment networks are indeed a step forward, but honestly, this is just an iteration of gameplay and hasn’t changed the rules of the game. Where is the real breakthrough? It lies in whether they can provide users with a complete autonomous control solution—daily spending and asset storage can be operated independently, without relying on intermediaries. Competitors who can’t achieve this will eventually be eliminated.

Traditional financial giants have already sensed this trend. After acquiring Bridge, a certain payment service provider launched the US dollar stablecoin USDB; a major payment giant introduced PYUSD; Klarna also just announced the launch of KlarnaUSD. Fintech companies are issuing stablecoins one after another, indicating that the battle for dominance has begun. The ultimate winners won’t be those who merely optimize user experience on the surface, but those who can fundamentally reconstruct the payment infrastructure from the ground up.