#稳定币监管与发展# According to the latest stablecoin research report released by HTX Research, stablecoins are transitioning from being mere on-chain trading tools to becoming a part of the global financial infrastructure. The total on-chain trading volume reaching $15.6 trillion in 2024 is quite astonishing, highlighting the growing importance of stablecoins in cross-border payments and capital flows.

The "two-level rocket" expansion path proposed in the report is worth noting. The first level is driven by traditional financial institutions promoting the application of stablecoins in the global payment system, which is likely to accelerate the penetration of stablecoins into the real economy. The second level relies on regulatory breakthroughs, particularly the attitude of the US SEC towards STOs, which will determine whether stablecoins can truly become the core of the on-chain financial system.

From the perspective of on-chain data analysis, it is necessary to closely monitor the flow of stablecoins in cross-chain and cross-border scenarios in the future, as well as the interaction data with traditional financial systems. These indicators will become key signals for assessing the development and influence of the stablecoin ecosystem.