The changes in the stablecoin market structure in 2025 are worth paying attention to. While BTC and altcoins experience price fluctuations, the stablecoin ecosystem is quietly expanding. The market caps of USDT and USDC have already hit new all-time highs, with a combined total of approximately $263B. The driving forces behind this come from two directions: first, the deepening of payment application scenarios; second, the gradual improvement of regulatory frameworks (such as the advancement of the GENIUS Act). As large institutions and venture capitalists increase their focus on stablecoin infrastructure, we are witnessing a market shift from speculation-driven to actual application-driven. This change not only reflects the increased maturity of the market but also signals the long-term potential of crypto assets in the payment and settlement fields.