Stable Coin Bull=Shanzhai Coin Bull? Previous bull markets, where the market value of stablecoins reached a historic high, have all driven the bull market of altcoins Previously, the vast majority of stablecoins were used for speculative purposes, and the historical high of stablecoins represents a new high in capital inflows into the altcoin market Nowadays, stablecoins are different. In large-scale applications, payment and trading scenarios, stablecoin wealth management, including RWA asset trading, and other applications, the inflow of funds into the altcoin market is just a part of it Stable coin bull=counterfeit coin bull invalid Take a look at the situation of stablecoins 1/The total market value of stablecoins has reached a historic high of approximately $320 billion In 2020, it was below 5 billion US dollars, with a peak of 185 billion US dollars in 2022, and continued to grow for many years thereafter, reaching a new high today Since the beginning of 2024, the supply curve has continued to rise 2/The fastest growing supply chain BNB Chain has grown by over 200% since the beginning of 2025, the highest growth rate among mainstream chains The growth rates of Ethereum, Tron, and Solana are concentrated between 140% and 150% Base is approximately 115% BNB Chain is currently leading other mainstream chains 3/Growth is not only reflected in supply The proportion of active addresses for BNB Chain stablecoins is 28.4% Tron is 18.0% Polygon PoS is 14.4% Ethereum is 12.5% Solana is 9.3% Base is 5.9% 4/Geographic distribution is also changing In 2026, North America's adjusted trading volume on Ethereum and Solana will rapidly increase and is currently on par with Europe