币界网报道：The stablecoin industry has entered the second half of the competition, and the regulatory framework has gradually become clear. Circle's 170% surge on the first day of listing has promoted the mainstreaming of the industry. The three major development directions in the future include: 1) innovation of stablecoin DeFi protocols; 2) popularization of payment tools; 3) deep integration with RWA. The payment field has attracted mainstream companies such as Stripe, PayPal, and Visa to deploy; income-generating stablecoins have emerged in the DeFi field; and the RWA field has introduced stable cash flow to DeFi through asset tokenization. At present, 10 innovative projects have emerged in the market: Plasma supports zero-fee USDT transfers; Noble_xyz launches USDN with an annualized rate of 4.31%; OpenEden issues on-chain US Treasury yield product USDO; Capmoney develops principal-guaranteed stablecoins; 0xCoinshift focuses on institutional on-chain financial management; withAUSD realizes compliance functions; Perena launches income-generating USD* on Solana; Levelusd allows staking to obtain income; FalconStable supports non-stable asset collateral; Yalaorg implements Bitcoin native liquidity protocol. These projects may reshape the stablecoin ecosystem in the next decade.