Stablecoins, transitioning from trading tools to global financial infrastructure.

For a long time, market perception of stablecoins remained largely confined to a single role: "cryptocurrency trading medium." They were used for exchange pricing, served as on-chain hedging tools, or functioned as foundational liquidity assets within the DeFi ecosystem. However, entering 2026, this narrative is being rapidly rewritten. The functional scope of stablecoins has expanded from "trading auxiliary assets" to encompass payments, settlement, collateral, yield generation, cross-border clearing, and even RWA settlement layers, gradually evolving into critical infrastructure within the global digital financial system.