Chainfeeds Introduction:
Global payments are undergoing a transformation, and stablecoins are at the heart of this revolution. They are not only reshaping cross-border transactions, but also redefining the future of payments.
Article Source:
https://mp.weixin.qq.com/s/RJ4G165iKHbplvlSsVegqQ
Article author:
Cobo
Viewpoint:
Cobo: The total stablecoin market capitalization has reached $307.124B (approximately $307.1 billion), an increase of $2.814B (approximately $2.814 billion) from last week. USDT maintains its dominant position, holding 59.09% of the market. USDC follows closely behind with a market capitalization of $75.67B (approximately $75.67 billion), representing a 24.64% share. Regarding blockchain network distribution, Ethereum maintains its position as the largest stablecoin platform by market capitalization, reaching $162.294B (approximately $162.294 billion), accounting for 52.84% of the total market. Tron ranks second with a market capitalization of $78.349B (approximately $78.349 billion), representing a 25.5% share. Solana ranks third with a total market capitalization of $15.646B (15.646 billion). Furthermore, the fastest-growing networks in the market this week include crvUSD (up 134%), Global Dollar (USDG), up 25.63%, and Ripple USD (RLUSD), up 6.56%. These data indicate that the stablecoin market is experiencing rapid growth, and competition among major blockchain networks within the stablecoin ecosystem is intensifying. Stablecoin companies are accelerating their regulatory compliance efforts, particularly as US regulatory policies become increasingly clear. Recently, Bridge (acquired by Stripe), Connectia Trust, a subsidiary of Sony Bank, and Coinbase all announced their simultaneous applications for national trust bank charters from the Office of the Comptroller of the Currency (OCC). This move demonstrates that, following the passage of the GENIUS Act, applying for OCC national trust bank charters has become a strategic option for stablecoin companies entering the US market. These charters not only allow companies to operate legally nationwide but also, once the GENIUS Act takes effect, become "federal-level stablecoin banks," enjoying greater regulatory coordination advantages. However, obtaining these charters does not guarantee full autonomy in the custody of stablecoin reserves. For example, Circle's trust bank entity (First National Digital Currency Bank) cannot directly hold USDC reserves, instead relying on traditional banks such as BNY Mellon and BlackRock for custody of funds. Nevertheless, obtaining a national trust bank charter will position stablecoin companies at a more central position in the financial system, enabling them to collaborate more closely with financial institutions like the Federal Reserve to improve clearing efficiency and mitigate liquidity risk. Stripe has launched a series of significant new initiatives in recent weeks, demonstrating its transformation from a payment service provider to a broader provider of commercial infrastructure. The Agentic Commerce Protocol (ACP), launched in partnership with OpenAI, is an open standard designed for the AI-driven e-commerce ecosystem. ACP's core goal is to create a unified protocol that allows for seamless collaboration between diverse AI platforms, merchants, and payment processors. Through ACP, AI agents can generate one-time cryptographic tokens (SPTs) without exposing actual payment credentials, thereby protecting user privacy and reducing the compliance burden on merchants and payment platforms. Stripe has already partnered with merchants such as Etsy for its Instant Checkout feature and plans to expand to more brands within the Shopify ecosystem in the future. The strategic significance of Stripe's move lies in its ability to create synergies between merchants, platforms, and payment providers, thereby reducing access costs and accelerating the expansion of the transaction network. The launch of this agreement will not only have a profound impact on e-commerce payment methods, but also further consolidate Stripe's position in the AI-powered commerce and payments sectors.
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