[BIT: Stablecoin Payment Narrative Heats Up, But Core Demand Still Driven by Crypto Trading] Deep Tide TechFlow reports that on May 19, according to chart analysis published by independent analyst Markus Thielen, the current market capitalization of USDT has reached $189.8 billion, while USDC's market capitalization stands at $76.9 billion, both showing a long-term upward trend. However, since Bitcoin entered a correction phase last October, the total market capitalization of stablecoins has remained in a sideways pattern, indicating relatively limited new capital inflows into the crypto market. Thielen pointed out that although the market generally believes stablecoins will fully replace traditional payment networks, their primary use at present remains focused on crypto trading and market position management, with a significant gap still existing before achieving mainstream payment adoption. On the U.S. policy front, there is overall support for stablecoin development, partly because their reserve assets are often reallocated to U.S. Treasury bonds.