Wu said that Coin Metrics published an in-depth analysis of the stablecoin market. The current stablecoin market cap has reached $280 billion, with a 40% growth this year. USDT and USDC hold the major market shares, while USDe has significantly expanded to become the third-largest stablecoin following the passage of the GENIUS Act. The GENIUS Act regulates reserve backing, driving competition toward issuance, ecosystem expansion, and market application capabilities.