The stablecoin sector is facing a new change: market capitalization hits a new high, and Financial Technology giants are competing to get on board.

Recently, the stablecoin market has ushered in a new wave of development. Data shows that the total market capitalization of stablecoins has reached $242.821 billion, with a certain well-known stablecoin's market capitalization surpassing $150 billion for the first time, accounting for 62% of the market share. Following closely is another major stablecoin, which holds nearly 25%.

Against the backdrop of changing regulatory environments, major stablecoin issuers are taking new initiatives. One company plans to launch a new dollar-backed stablecoin in the United States, while another has submitted a listing application to regulators. Meanwhile, several technology and financial giants are also entering the stablecoin space, injecting new vitality into the market.

Technology companies actively layout stablecoin payments

A certain payment technology company launched the "stablecoin financial account" service, allowing enterprise users to hold stablecoin balances in 101 countries. The company also released the programmable stablecoin USDB, encouraging developers to integrate it into applications. Another payment giant announced that starting in 2025, it will provide a 3.7% stablecoin holding yield for U.S. users.

The cryptocurrency trading platform Coinbase has launched the x402 payment standard, aimed at achieving internet-native payments. Social media giant Meta is also exploring ways to reduce cross-border payment costs through stablecoins. The multinational remittance company MoneyGram has launched a cash deposit and withdrawal channel supporting stablecoins, covering over 170 countries.

Traditional payment giants actively respond

International payment giant Mastercard has partnered with several exchanges and wallets to launch a broader stablecoin integration solution. Another payment giant has also announced a collaboration with a stablecoin infrastructure platform, allowing Financial Technology developers to issue payment cards linked to stablecoins. These initiatives significantly lower the barriers for users to adopt stablecoins.

Industry leaders consolidate advantages, new players actively get on board

A well-known stablecoin issuer announced partnerships with multiple global banks and startups to launch a new payment network, directly challenging the traditional banking system. Another leading company is maintaining its market dominance by expanding its cross-chain capabilities.

The emerging company Ondo Finance has launched its US dollar treasury token USDY on the Stellar blockchain and introduced a cross-chain bridging solution. The stablecoin issuer Paxos has led the establishment of the Global Dollar Network alliance, attracting several well-known companies including Visa to join.

In addition, some new players have started to enter the stablecoin space. World Liberty Financial plans to launch the stablecoin USD1, which is backed by U.S. short-term Treasury bonds and dollar deposits. The USDe launched by the DeFi project Ethena Labs has become the third largest dollar-pegged asset in the market and has partnered with the TON blockchain to integrate its products into the Telegram platform.

Traditional banks are eager to try.

Bank of America stated that it is willing to issue its own stablecoin if Congress enacts relevant legislation. Standard Chartered Bank has reached an agreement with its partners to apply for a license from the Hong Kong Monetary Authority to issue a Hong Kong dollar-backed stablecoin.

As more and more participants enter the market, competition in the stablecoin sector is becoming increasingly fierce. These new trends are expected to bring more innovation to the market, driving the application of stablecoins in areas such as cross-border payments, DeFi protocols, and on-chain transactions, thereby facilitating mass adoption.