#美国非农就业数据未达市场预期 Stablecoin user experience crosses a tipping point, Ethereum on-chain liquidity hits a new high

The most intuitive change in payment experience — more and more people realize that transferring digital stablecoins is no different from swiping a bank card, to the point of being astonishing. The underlying data speaks even louder: last year, card payment transaction volume surged by 400% quarter-over-quarter, and despite fluctuations in the crypto market, active addresses and circulating supply of ERC20 stablecoins are approaching historical highs.

Where is the true growth engine? In high-inflation countries and regions with weak traditional financial services, stablecoins directly fill the gaps in cross-border remittances and commercial settlements. Users in these areas are not lacking motivation; what they need is a reliable payment channel.

Issuers are also experiencing positive feedback mechanisms — by 2025, revenue within the Ethereum ecosystem alone has reached approximately $5 billion, and as the user base continues to grow, fee income is also rising steadily. On the policy side, US regulators are considering adjusting incentive rules, which may accelerate the expansion pace of the entire ecosystem.

It now appears that stablecoins have evolved from mere trading tools to the foundation of a new generation of financial infrastructure.