Stablecoins are becoming real currencies, and Binance's report has laid out the evidence In this report by Binance Research Institute, there is a very important judgment that stablecoin users are now more like depositors. Traders optimize costs, depositors pay for safety. 87% of fiat currencies have to pay a premium when exchanging for stablecoins, while economies with hyperinflation (inflation exceeding 10%) have a premium of 62%, but they still choose stablecoins. Identity has changed, stablecoins are moving from transit stations to terminal stations In the past decade, stablecoins have mainly been used as exchange currencies within cryptocurrency exchanges, serving as a transit layer. Among Binance users with positions exceeding $10, 30% have placed more than half of their positions in stablecoins, compared to only 4% in 2020. Emerging markets have a higher percentage, reaching 36%, and they hold stablecoins when not buying them. More importantly, this ratio is almost unrelated to the coin price cycle and continues to climb upwards. The money is parked on stablecoins and still earns 2% to 4% on chain US dollar returns in Earn, which is one order of magnitude lower than the average deposit interest rate in the United States of 0.38%. Since 2022, Binance Earn has distributed a total of $1.2 billion in rewards to stablecoin holders. Stablecoins serve three functions simultaneously: preservation (when local currency is unstable), payment (when old channels are too expensive), and settlement (when other markets are closed). Structural requirements, not emotional trends In the first five months of 2026, TradFi linked perpetual transactions accounted for about 11% of the total market perpetual transactions, with cumulative transactions exceeding $1.1 trillion and Binance's share of about 47%. This indicates that this is a structural adoption, not event driven speculation, and stablecoins are being used. On the exchange side, Binance's fixed currency reserves are about 53 billion US dollars, leading the second place by about 42 billion US dollars, and its share has increased from 54% to 57%. Funds are concentrating towards the single operation layer, and centralized exchanges remain the main venue for stablecoin activities. On the payment side, BNB Chain has approximately 10 million daily stablecoin transactions and 15 million monthly active addresses; Binance Pay's merchant payment volume increased by 114% year-on-year, with the median transaction price rising from $10 to $18. The increase in customer orders often corresponds to the actual commercial settlement after trust accumulation. East Asia and the Pacific account for about 70% of Earn's balance, while the savings growth rate in the Middle East and North Africa is the fastest. Latin America's share of transfers has jumped from 17% to 38%, and North America (excluding the United States) has seen the most significant increase in its share of local currency stablecoin transactions. Connect the most missing function first in all regions, with the same direction. The average daily transfer of stablecoins over the weekend is about 38 billion, which is on par with the average daily transaction volume of Visa. On chain foreign exchange has exceeded 3 billion US dollars since 2026, an increase of about 670% compared to the same period in 2024. On the AI agent side, the median payment amount for x402 is only 0.34 US dollars, and traditional card network fees are often more expensive than the principal. Only stablecoins and high-performance chains can withstand this machine economy. The report also specifies the risks: reserve transparency and anchor integrity are the bottom line. Regulatory fragmentation may slow down institutional entry, with activities and liquidity highly concentrated in a few venues, chains, and issuers, and the entry threshold for stablecoins is high.