The market value of USDT surpassed Ethereum for the first time yesterday. Cryptocurrency has been around for many years, but there are only a few on chain applications that have truly emerged. Stablecoins are one of them. USDT eats demand that the banking system cannot meet: The number of users is close to 500 million. Tron alone will handle $7.9 trillion in transfers in 2025. People in Türkiye, Argentina and Nigeria will use it to hedge local currency inflation and exchange control; In 2025, entities related to sanctions will transfer $104 billion through encryption, a year-on-year increase of 694%, of which 84% will be in stablecoins. Circle is regulated by the GENIUS Act in the United States, holds a MiCA license in the European Union, and is audited monthly by Deloitte, catering to the internal needs of the banking system to improve efficiency. Visa settles card transactions on Solana, Stripe settles USDC in over 70 countries, and Deel and Rippling use it for payroll. USDC circulation is about 70 billion US dollars. Stablecoins are essentially debt machines that move US dollars onto the blockchain. More than 80% of USDT reserves are US treasury bond bonds. Tether's US debt exposure will reach 141 billion US dollars by the end of 2025, the 17th largest holder in the world, surpassing Germany and South Korea; USDC reserves are also cash plus short-term US Treasury bonds. The interest belongs entirely to the issuer, and the holder cannot receive a penny. How much profit does this business make? Tether's net profit for 2024 is $13 billion, with approximately 200 employees and a per capita profit of approximately $85.6 million, which is 85 times that of NVIDIA; In 2023, its profit of $6.2 billion has already surpassed BlackRock, the world's largest asset management company with 16500 employees. As a company that almost exclusively issues stablecoins, Circle will be listed on the New York Stock Exchange in 2025, with a current market value of approximately $20 billion. Wall Street is willing to price the business of issuing US dollar tokens, far exceeding most real cryptocurrency projects, and Duan Yongping has also recently bought a few Circle trial positions. Cryptocurrency has been disrupting the narrative for a decade, and the two tokens that are truly widely adopted globally and most recognized by traditional capital are those anchored to the US dollar and backed entirely by US bonds. Who does the future of encrypted storytelling belong to? It's like stablecoins, rolling traditional finance onto the chain; Like Hyperliquid, bring trading and speculation to the blockchain; Or should we go back to encrypted native projects like Bitcoin? Or, in the encryption stage, the narrative has completely changed, and only applications that go out and package external assets have a future. However, these may also come back to support Bitcoin.