Been following stablecoins closely this cycle, and the trendline in 2025 is getting clearer: Supply is nearing $250B, on-chain volume crossed $27T last year, and for the first time we’ve got real regulatory clarity: • In the US, the GENIUS Act is setting strict 1:1 reserve rules and audit requirements. • In the EU, MiCA is fully live, giving stablecoin issuers a regulatory path to operate across Europe. Now the market’s shifting toward yield. Oh and USDY by Ondo, the largest tokenized Treasury product onchain ($685M+), is launching on Sei. Might sound like “just another integration,” but I actually think it’s a big signal. Sei, for example, is quietly stacking real infra: • Native USDC with Circle’s CCTP • Agora’s USD1 as a compliant stable backing pUSD • Now USDY, backed by short-term US Treasuries, with daily attestations and two formats (accumulating and rebasing) All of this is happening on a chain optimized for speed, cost, and composability. Tokenized Treasuries are still early…$7B onchain vs $28T in the real-world market. But from what I see, this is the moment where infrastructure starts getting built for that scale. And Sei and a few others are making the right moves to become part of that foundation. What wins in the stablecoin wars won’t just be market cap. It’ll be: ✅ collateral quality ✅ redemption mechanics ✅ cross-chain liquidity ✅ regulatory alignment NFA. DYOR. Opinions are my own.