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Jinse Finance reported that JPMorgan analysts stated that Circle's USDC stablecoin has surpassed Tether's USDT in terms of on-chain activity and market capitalization growth. Since January this year, USDC's market cap has increased from approximately $43 billion to about $74 billion, a rise of 72%, significantly higher than USDT's 32% growth over the same period. Analysts pointed out that USDC's growth is attributed to a clearer regulatory framework, transparent reserve management, regular audits, and compliance advantages under Europe's MiCA regulations, along with a continuously increasing rate of institutional adoption. In contrast, USDT, which has not obtained MiCA authorization, has faced delistings from exchanges in Europe, while USDC has promoted on-chain settlements and merchant payments through integration with payment networks such as Visa, Mastercard, and Stripe. Additionally, the increase in decentralized finance activities involving USDC on blockchains like Solana and Base, as well as Circle's Cross-Chain Transfer Protocol (CCTP) supporting secure cross-chain transfers, have also contributed to its growth.

Jinse Finance reported that Geoffrey Kendrick, Head of Digital Asset Research at Standard Chartered Bank, predicted in his latest report that, excluding stablecoins, the total market capitalization of real-world asset (RWA) tokenization will surge from the current approximately $35 billion to $2 trillion by the end of 2028, an increase of about 56 times. He expects that "the majority of on-chain activity" will occur on Ethereum, due to its long-term stability and network effects. The report points out that the popularity of stablecoins has paved the way for other asset classes to be brought on-chain, including money market funds (MMF) and stocks.