Recently, everyone must have known about the OpenUSD launched by Stripe in collaboration with Visa and BlackRock. Circle fell in response, especially when there was a "backstab" from its sibling Coinbase among the issuers, which made everyone happy and excited However, eating the melon is eating the melon, which once again proves that stablecoins are too important, or rather, the most important "invention" in Crypto besides Bitcoin. In terms of its impact on ordinary people, stablecoins even surpass BTC. That's also why after WLFI, traditional payment and financial giants have also set their sights on the stablecoin business. It is no longer just a simple trading tool, but has evolved into a financial infrastructure I saw Binance's stablecoin report today, and the data was quite impressive. I feel that there are many things worth mentioning inside. Obviously, Binance is now using stablecoins as building blocks for Lego, piecing together the four financial infrastructure modules of savings, payment, settlement, and trading one by one 1. Binance's stable fixed currency reserves have reached $53 billion, and its market share has risen to 57% - just by looking at this headline, you may think the data is very good, but if you look closely at the report, you will know that it is not just "good", but "scary" - because as the first place with $53 billion, it is a whopping $42 billion more than the second place - this is not a lead, it is a discontinuous lead! Among the six fastest growing stablecoins, four are highly concentrated on Binance and BNB Chain, creating a dual siphon effect of funds and users. I personally have the strongest sense of this because most of my U-disks are stored on Binance. Previously, people often said 'Not your Key, Not your coin'. But you found that it mainly targets BTC, which requires investment+self custody and full ownership. For stablecoins, I would rather keep them on Binance, similar to keeping money in a bank current deposit. What is needed is liquidity and yield that can be used at any time, rather than absolute self holding. Here, we trust institutional credit and compliance transparency. I believe there are more than just me who think this way, which should be the main reason for the exaggeration of coin stability and asset sinking 2. Binance Earn has accumulated $1.2 billion in stablecoin returns, with an on chain USD yield of 2% -4%, compared to the average US savings account interest rate of 0.38%, the difference is clear at a glance. 30% of Binance users have over half of their assets in stablecoins, compared to only 4% in 2020. This proportion is even more exaggerated in emerging markets, at 36%. Stablecoins have long been used as savings accounts instead of "transaction balances", and I am clearly not a minority of those who keep most of their U in Binance. There is another number that illustrates the problem: 87% of fiat currencies have a premium when exchanging for stablecoins, and in countries with hyperinflation, the premium can reach 62%. No one would pay an extra 62% for convenience, which is due to a vote of no confidence in the local currency and banking system. Stablecoins have become an alternative savings tool for voting with their feet. 3. The payment settlement end has also been fully operational: BNB Chain has a daily average of 10 million stablecoin transactions and 15 million monthly active addresses; Binance Pay covers 21 million merchants, with transaction volume increasing by 114% and median transaction amount rising from $10 to $18. The scene is shifting from personal small transactions to commercial use. TradFi perpetual contracts use stablecoins to settle traditional asset exposures, with a trading volume exceeding $500 billion in five months. Binance alone accounts for 47% of the market share - stablecoins have become a clearing currency that connects on chain and traditional assets. 4. More noteworthy is that the US dollar is no longer the only narrative: non US dollar stablecoins such as EURI, AEUR, KGST have accumulated over 5 billion US dollars in transactions on Binance, indicating that local currency on chain is becoming the next growth engine. On chain stablecoins remain on the market over the weekend, while Binance Chain still has $76 billion in circulation every weekend. AI agents have already traded on it, with a median single transaction amount of only $0.34- a scenario that is 24/7, low threshold, high-frequency, and small amounts that traditional finance simply cannot handle. So back to the OpenUSD incident at the beginning: so many traditional financial giants are eyeing stablecoins, it's not just a whim, but because they understand the ceiling of this track leading to the vast sea of stars. The Binance report is equivalent to presenting data on the fact that the financial system is transitioning towards stablecoins. The entry of stablecoins into mainstream finance is no longer a matter of Why&How, but a question of When