Today Binance released its latest stablecoin research report, which contains a lot of information The main thread I see is that the biggest change in stablecoins in recent years is that the three major functions of currency intersect here: value storage, trading medium, and settlement unit 1/Value Storage Ordinary people treat stablecoins as savings accounts in US dollars The report mentions that 30% of Binance users now have over half of their assets in stablecoins; In 2020, only 4% of users were like this. In emerging markets, this proportion has reached 36% Previously, people's inherent impression was that users only buy stablecoins for speculative purposes. Now it's not necessarily about buying coins when holding USDT/USDC/USD1, but rather using stablecoins for savings and financial management The CeDeFi returns in the cryptocurrency industry are generally higher than traditional bank deposit rates (only around 0.38%). Binance Wealth Management has distributed $1.2 billion in incentives to stablecoin holders since 2022, covering over 14 million users Especially in places where the domestic currency continues to depreciate, US dollar accounts are difficult to open, and the banking system is not user-friendly, stablecoins are the most easily accessible "digital dollars" for ordinary people Moreover, in these countries, there is a premium when exchanging fiat currency for stablecoins: the average premium for high inflation economies is 27%, while the premium for hyperinflation economies is as high as 62%, which is very exaggerated Stablecoins are helping the US dollar flow worldwide 2/Trading medium Stablecoins are becoming transfer and payment tools The report states that Binance Pay's merchant payment volume will increase by 114% year-on-year in 2026, with stablecoins accounting for 98% of the payment volume; The median payment amount has increased from $10 to $18 This change is also very important Early stablecoin payments were mainly attempts within the crypto community, but now they are entering more realistic commercial scenarios: Cross border payment, merchant payment, supplier settlement, freelance payment, remote salary payment For ordinary users, the advantages of stablecoins are very intuitive: 7 × 24 operation and low friction There is also a shocking data in the report: on average, stablecoins have $76 billion in transfer activity on weekends, which is $38 billion per day, close to Visa's average daily transaction volume 3/Settlement Unit More and more assets are being priced and settled using stablecoins In the past, stablecoins were mainly used as pricing currencies in Crypto trading pairs Now, US stocks, indexes, foreign exchange, RWA and treasury bond yield products are all settled in stable currency, and there are about 4 billion US dollars of trading volume at the weekend The report mentions that in the first five months of 2026, TradFi related assets have reached 11% of the total trading volume of perpetual contracts, with a cumulative trading volume exceeding $1.1 trillion, of which Binance accounts for 47% of the market share This means that stablecoins are not just "intermediate funds before buying coins", but are becoming a settlement layer for global assets summary Now, the path for an ordinary person to use stablecoins may be as follows: domestic currency → convert to stablecoins → save to resist inflation → put into Earn/RWA products to earn US dollar returns → use stablecoins for cross-border payments → use stablecoins to buy US stocks, indices, bond products → directly use U-cards for local currency consumption So the real change in stablecoins is no longer just a tool within Crypto, but rather being used by ordinary users as "digital dollars" for savings, payments, and settlements Binance has a stable coin reserve of $53 billion and, as a super application in the Crypto industry, is promoting the application scenarios of stable coins to users at various stages Report PDF download: https://public. (bnbstatic.com)/static/files/research/stablecoins-transforming-the-financial-landscape.pdf