Author: Cobo
Original Title: Finance Goes 'Invisible': How Stablecoins Are Becoming the New Arteries of the Digital Economy
This week's highlights:
This week, Coinbase hosted a system-level product launch event with the scale of WWDC, unveiling updates across trading, derivatives, stablecoins, AI, and payment protocols. Coinbase's vision of an "Everything Exchange" not only reflects its ambition to become a super app but also points to a new implementation path for the crypto era—a foundational financial structure centered on stablecoins, asset issuance, and on-chain settlement. Financial capabilities thus become a basic resource, like internet bandwidth, that can be natively called by software and AI and automatically scheduled in the background. Stablecoins have evolved from investment products into infrastructure supporting the operation of the digital economy. In this context, we can say that Coinbase's boundaries extend beyond traditional internet super apps, and finance is beginning to detach from apps, moving towards an omnipresent "invisible finance."
Meanwhile, the mainstream adoption of stablecoins continues to accelerate. On one hand, this is evident in user-perceivable daily scenarios: the UAE's largest fuel retailer, ADNOC, now accepts stablecoin payments at nearly a thousand gas stations; Interactive Brokers supports stablecoin deposits; the fintech company Ramp, which serves businesses, enables direct stablecoin payments for paper checks; YouTube supports creators receiving payments in PayPal's stablecoin PYUSD. Stablecoins are rapidly entering corporate finance and consumer systems. On the other hand, more profound changes are occurring at a level almost imperceptible to users. Visa has launched USDC settlement within the U.S. banking system, allowing certain banks to fulfill settlement obligations directly on VisaNet using USDC. This marks a structural重构 of the settlement layer, happening deep within the banking system—more隐蔽 yet far more impactful.
Market Overview and Growth Highlights
The total market capitalization of stablecoins reached $308.606 billion, decreasing by $1.456 billion week-over-week. In terms of market structure, USDT maintains its dominant position, accounting for 60.32%; USDC ranks second with a market cap of $77.336 billion, representing 25.06%.
Blockchain Network Distribution
Top three networks by stablecoin market cap:
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Ethereum: $166.19b
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Tron: $80.993b
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Solana: $16.048b
Top 3 networks with the highest weekly growth:
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