The settlement scale of stablecoins has indeed reached a remarkable level, even exceeding VISA. Recently, some heavyweights in traditional fields have also begun to enter the field of cryptocurrency. Their purpose is not to invest in crypto assets, but because the way of receiving payments has begun to turn to stablecoins, such as USDT.

With the revolutionary development of new technologies, their large-scale applications often spread without people noticing, just like a gray rhino, when we notice it, it has come to us. For example, modern society still uses SWIFT, a cross-border US dollar settlement method. Although its experience is not ideal, the emergence of stablecoins is changing this situation.

At present, the average cost of wire transfers still requires tens of dollars, while the transfer cost of stablecoins has steadily decreased due to the improvement of on-chain performance. Although the transfer scale of stablecoins this year is not much higher than that of 2021, its scale remains robust during the bear market. In the second quarter of 2024, the transfer scale of stablecoins reached 8.5 trillion US dollars, more than twice that of Visa's 3.96 trillion US dollars in the same period.

The transfer volume of stablecoins is second only to the Federal Reserve's Fedwire and the US Bank's clearing system ACH, becoming an important payment and settlement tool in the world. Especially in times of economic turmoil, cryptocurrencies have become an ideal investment option due to their decentralized nature, especially when other assets have low returns. At the same time, the economic stimulus plans of various governments are also injecting liquidity into the market, further promoting the use and development of stablecoins.