Circle's listing performance not only exceeded the expectations of currency circle practitioners, but also attracted the attention of the Internet and traditional financial circles to the track of stable currency. In the past, we used to say that stablecoins were the killer app of the cryptocurrency industry, but now they still have hope to become the killer app for global finance and trade. From $419 million in early January 2019 to $251.748 billion today, the issuance of on chain stablecoins has increased 600 times in six and a half years. With the imminent passage of the GENIUS Act, multiple institutions predict that stablecoins will surpass $2 trillion in the coming years, which is not an unattainable number. Stablecoins are the most important trading chips in the market, and in the past, the issuance of stablecoins was often linked to the market trend of altcoins in the industry. Where are these stablecoins issued? From the perspective of public chains, stablecoins on the Ethereum (125.982 billion) and Tron (79.151 billion) chains together account for 81.48% of the total. Although Solana has been very aggressive in this round, the circulation of stablecoins on the chain (10.605 billion) is still far from catching up with the market. Where did these stablecoins go? According to CryptoQuant's statistics from the past week, 53000 stablecoins have flowed into Binance on the Ethereum chain, ahead of Coinbase (42000), Bybit (28000), and other exchanges. On the Wave Field Chain, 384000 USDT transactions flowed into Binance, surpassing Bybit (321000 transactions), HTX (163000 transactions), and other exchanges. From these two data, it can also be seen that the wave field holds up half of the sky for USDT. The circulation of USDT in the wave field (78.369 billion) is even greater than Ethereum (63.059 billion), which may be surprising to many people. For the entire industry, the influx of stablecoins into CEX represents purchasing power. Binance's leading position in these data points indicates that @ binance @ binancezh is the preferred CEX choice for a large number of users, which is inseparable from Binance's possession of the industry's best mainstream and altcoin comprehensive liquidity, robust technology, active operation, and reliable brand.