#稳定币市场 The performance report of Ethereum in 2025 is really unsustainable. Upgrading directly from an experimental network to a global infrastructure—this transition is quite aggressive.

The most astonishing data is in the stablecoin sector—total supply surpassing $300 billion, with an annual trading volume of 46 trillion, and Ethereum holding a 54% market share. What does this mean? Financial institutions are no longer just verbally supporting; they are using real money. Traditional giants like JPMorgan and BlackRock have already gone on-chain, with BUIDL reaching nearly $3 billion, and spot ETFs managing assets worth $28.6 billion.

Layer 2 is even more impressive, with Base, Arbitrum, and zkSync locking a total of $35.7 billion, and trading volume surpassing that of the mainnet. DeFi locking total is $93.9 billion, a 71% year-over-year increase. Uniswap's annual trading volume has broken through $1 trillion… this is no small feat.

The most interesting part is the AI sector—protocols like ERC-8004 and x402 have emerged, positioning Ethereum directly as the settlement layer for the AI economy. If this really takes off, the potential for imagination is still there.

But on the other hand, as the scale grows, regulation is catching up. The US has established a stablecoin framework through the GENIUS Act, and the SEC has officially confirmed that Ethereum is not a security. This actually adds to the stability of the ecosystem.

From the data, the stablecoin market has evolved from "potentially explosive" to "already explosive." It’s really a different ballgame now.