#Stablecoins entering a new phase — scaling in use cases amid intensifying regulation. Market cap: Mar ≈ $232B → mid-year $251–252B → Aug ≈ $280B (+~20% YoY). On-chain stablecoin volume H1 > $8.9T. Market concentration: USDT fell below 60% market share for the first time since Mar 2023. $USDT/USDC/#DAI ≈ 90% of the market. On-chain rising liquidity: Stablecoin supply on Ethereum > $160B; exchange stablecoin reserves ↑ ≈ $7B. Multi-chain expansion: Stablecoin supply is rising across major L1s — ETH record > $160B; #Solana activity up; #Aptos led stablecoin inflows in the past 24h and saw a big jump in active addresses last month; #Polygon stablecoin supply hit $2.95B (5-year high).