🧵 OKG Research: Stablecoins are evolving into 'three core plug and play functions' With the gradual implementation of regulatory boots in various regions, the growth logic of stablecoins is moving towards "structurally callable" 👇 📊 Data observation | On chain usage structure is being rearranged In the past 30 days, the total market value of mainstream stablecoins such as USDC has moderately increased; OKG Research has found that approximately 52% of newly minted stablecoins go directly to RWA profit pools or institutional clearing hubs within 48 hours, without entering CEX or cross chain bridges. The activity of addresses associated with physical settlement networks such as VISA and PayPal, as well as the frequency of RWA product interactions, have all increased in sync with the pace of coin minting. ➡️ Functional usage has surpassed total changes, and stablecoins are accelerating to become on chain infrastructure. one ️⃣ Revenue Scenario | BlackRock BUIDL ↔ USDC ↔ DeFi @The scale of treasury bond fund BUIDL on BlackRock chain is close to US $3 billion, and the derivative token sBUIDL launched in May has been DeFi on @ avax Support mortgage. Stablecoin funds are available 24/7 in the T-Bill Yield Pool ↔ Stablecoins ↔ Free rotation between DeFi. ➡️ Stablecoins are serving as the core medium for low-risk return components on the chain. two ️⃣ Payment/Clearing Scenarios | PayPal x Coinbase x Visa x OKX 🟢 @ PayPal x @ coinbase PYUSD zero rate redemption and Ethereum implementation through LayerZero ↔ Solana is native cross chain. 🟢 @ Visa $225 million and expanded to multi chain, 24/7 operation. 🟢 OKX @ okxchinese launched OKX Pay in April this year, allowing for one click sending of USDT/USDC with zero transaction fees for instant settlement; Collaborate with @ Mastercard to issue OKX Card, making it easier to explore the daily use cases of digital assets. ➡️ Stablecoins are being embedded into the backend clearing system of Web2/Web3, forming a composable and cross chain payment infrastructure. three ️⃣ Compliance Framework | GENIUS Act x Hong Kong Stablecoins Ordinance The GENIUS Act (USA) is being promoted in parallel with the Hong Kong stablecoin regulations, forming a multi jurisdictional compliance template for mutual recognition. ➡️ 'License is Call': Compliance licenses enable stablecoins to have a 'passport' attribute directly embedded in the global financial system. 🧠 OKG Research Insight Stablecoin=Revenue Function+Payment/Clearing Function+Compliance Function Stablecoins are being upgraded to the universal financial underlying of Web3. Transfer push 🔄 Share your observations! Stablecoin RWA CryptoPayments RegTech OKGResearch StablecoinLens TradFi DeFi RWA web3 Crypto