Feels like Americans really love creating concepts, hyping stablecoins as the crypto industry's 'GPT moment,' but the data looks bleak—supply has only grown by 10% in the past year. The essence is that stablecoins are centralized, just a mapped currency of the US dollar, like the Hong Kong dollar. Stablecoins have moved from underground to mainstream, gaining more institutional acceptance, but also facing more regulation. Institutions are realizing there's not much difference from traditional currencies.