币界网报道：Gan Tian, CEO of China Asset Management (Hong Kong), said that by the end of May 2025, the global issuance of stablecoins has exceeded US$235 billion, and stablecoins have surpassed Visa's 40-year transaction volume in just 5 years. If stablecoins are regarded as a narrow base currency of M0 of US$250 billion (analogous to the traditional monetary system M0), the total financial asset size formed is conservatively estimated to be US$14 trillion, and those who overestimate it believe that it has reached US$27-28 trillion. Gan Tian predicts that all traditional financial assets in the financial market will be on-chain in the next ten years, and only by being on-chain can the timeliness of transactions under the traditional settlement model be broken. In the next 5 to 8 years, the middle and back-end of the entire financial system will face tremendous changes.