There has never been a bear market where stablecoins can rise like this - since BTC peaked last year, the total market value of stablecoins has remained stable at over $300 billion and has repeatedly broken historical highs. 

 Where is it used besides cryptocurrency trading? 1. Cross border payments. This tangible payment reached 390 billion yuan last year 2. Institutional arbitrage. The returns come from the US Treasury/RWA/DeFi strategy. 3. DeFi lending. Accounting for over 75% of the liquidity on these platforms. Perhaps stablecoins are the most successful application after Bitcoin - big banks and institutions are really accelerating their play on stablecoins, and the narrative of "on chain dollars" can still be talked about for a long time. The impact on the cryptocurrency market will lag behind. In the short term, it is difficult for money to overflow into the cryptocurrency market. However, in the long run, the more popular stablecoins are, the more the entire cryptocurrency market will become a part of daily finance, with liquidity, institutional money, and new applications catching up.