Slightly singing a different tune, although I believe that $BTC will continue to improve and the total market capitalization of stablecoins will increase, the correlation between the total market capitalization of stablecoins and Bitcoin is indeed decreasing. In 2023, Tether's CEO mentioned that half of USDT is not in the cryptocurrency sector, and now this number is likely even larger. The total market capitalization of USDT is $184.6 billion, and I heard from an industry veteran that the amount labeled as "black U" exceeds $40 billion.

Not discussing whether this data is accurate, but it is true that the use of USDT is increasing across various industries, while its application in the crypto space is declining. Since 2022, the amount of USDT flowing into exchanges has been less than that of USDC, and the market capitalization of USDT has shrunk from 4 times that of USDC to 2.5 times. It’s not that the market capitalization of USDT has decreased, but rather that USDC has been consistently increasing.

Especially when Circle began preparing for its IPO, the issuance of USDC surged, and in the future, as USDC enters payment channels, it will inevitably follow the old path of USDT, with more and more "stablecoins" not primarily serving cryptocurrency trading.

Instead, they are gradually trying to capture the "dollar" business.

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