The stablecoin market is entering a new phase of transformation. In the landmark joint report by Alchemy Pay and Gate Research, "The New Era of Stablecoins: A Comprehensive Study on Compliance, Innovation, and Adoption", the report dives deep into how stablecoins are reshaping the global financial infrastructure, from its exponential growth and regulatory evolution to the intensifying competition at the infrastructure layer.

As of August 2025, the total capitalization of stablecoins has exceeded USD 280 billion, representing more than a 660-fold increase since early 2019. Annual on-chain settlement volumes have surpassed USD 30 trillion, placing stablecoins on par with traditional global payment systems such as SWIFT and Visa in terms of transaction throughput.

This growth reflects both technological maturity and regulatory acceleration. The implementation of key frameworks, such as the GENIUS Act, Stablecoin Ordinance, and MiCA, has initiated what the report identifies as the "Age of Compliance."

The report also highlights the growing participation of major financial institutions including PayPal, Visa, and Mastercard, each embedding stablecoin functionality into retail, enterprise, and cross-border payment systems. These integrations signal the ongoing convergence between TradFi and DeFi, underscoring the transition of stablecoins from speculative instruments to operational assets within global payment and settlement ecosystems.