Two sample USDT total issuances based on June snapshot of 155.18 B; USDC total issuances of 61.00 B The two major stablecoins account for nearly one-third of CEX's market share The main scenario of USDT is "CEX+off-site payment", and a large part of it is unknown what it is doing More than 50% of the USDT Ethereum mainnet's over 60 billion is in CEX USDC is relatively transparent, with the majority being in CEX+DeFi The increment on Sol is highly correlated with trading volume Most of the increments on Tron have not been marked, and most of them are cross-border trade offshore funds After much consideration, the issuance of stablecoins is still demand-oriented, and there is a significant increase in issuance based on the needs of real user groups, rather than the opposite At present, the total demand for cross-border trade and offshore transactions seems to be greatly satisfied After the stablecoin bill is passed, the core still depends on the demand of institutions to determine the future increment