In the second half of 2025, the once somewhat abstract concept of stablecoin public blockchains was illuminated by two sets of extremely concrete numbers. On one side are the recent two deposit plans from Stable. The first phase was quickly filled by large investors within a short period; the second phase was oversubscribed, with total deposits exceeding 2.6 billion USD and the number of participating wallets surpassing 26,000. This demonstrates that with a sufficiently clear narrative and solid assets, liquidity can migrate in an extremely short time.

On the other side is Plasma, which was the first to issue tokens and open the mainnet. Although its DeFi TVL has declined, it still ranks eighth among all public chains with approximately 2.676 billion USD, surpassing heterogenous chains and L2 giants such as SUI, Aptos, and OP, and is regarded as one of the "strongest projects" in this round. Its founder, Paul Faecks, at only 26 years old, sits at the helm of this chain, and with a billion-dollar market cap at launch and a highly strategic airdrop plan, Plasma was thrust into the spotlight overnight.

Over the past decade, the narrative of stablecoins has evolved from "transaction media" to "digital dollar." According to RWAxyz data, the total issuance of stablecoins is about to surpass 300 billion USD, with USDT and USDC holding nearly 90% of the market share combined. Alongside the U.S. passing the GENIUS Act and the EU implementing MiCA, regulation, which was delayed for many years, finally provided a clear framework, elevating stablecoins from "gray area assets" to "compliance cornerstone" stage.