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USDT breaks through 150 billion USD, Financial Technology giants seize the stablecoin market.
Stablecoin Market Dynamics: USDT market capitalization exceeds $150 billion, financial technology giants are vying to enter the market.
Recently, the stablecoin market has shown a vigorous development trend. According to data, as of May 13, the total market capitalization of stablecoins has reached USD 242.821 billion. Among them, the market capitalization of USDT has surpassed USD 150 billion for the first time, reaching USD 150.663 billion, accounting for 62% of the stablecoin market. Following closely is USDC, with a market share of nearly 25%.
With the continuous evolution of the cryptocurrency market, the stablecoin sector has also seen a series of significant developments. Affected by changes in the regulatory environment, Tether plans to launch a new dollar-backed stablecoin in the United States later this year. Meanwhile, Circle has submitted a public offering registration application to the U.S. Securities and Exchange Commission in preparation for its listing.
Technology and financial giants are also joining the stablecoin race. Stripe has launched the "stablecoin financial account" service and issued the USDB stablecoin through the acquisition of the Bridge platform. PayPal announced that starting in 2025, U.S. users holding PYUSD will earn a yield of 3.7%. Coinbase has introduced the x402 payment standard, aimed at achieving internet-native payments. Furthermore, reports suggest that Meta is in discussions with several cryptocurrency companies regarding stablecoin applications, exploring ways to reduce cross-border payment costs through stablecoins.
Traditional payment giants are also not to be outdone. A certain credit card company announced cooperation with Circle, OKX, Paxos, and others to launch a broader stablecoin integration solution. Another payment giant has partnered with Bridge to allow fintech developers to issue payment cards linked to stablecoins.
As leaders in the stablecoin market, Circle and Tether are continuously consolidating their advantages. Circle has launched the Circle Payments Network, directly challenging SWIFT and traditional banking networks. Tether, on the other hand, maintains its market dominance by expanding its cross-chain capabilities.
Other participants are also actively positioning themselves. Ondo Finance has launched its US dollar Treasury token USDY on the Stellar blockchain and introduced a cross-chain bridging solution. Paxos, in collaboration with several institutions, has initiated the Global Dollar Network stablecoin alliance, aimed at accelerating the use of global stablecoins. World Liberty Financial plans to launch the stablecoin USD1, backed by US short-term Treasury bonds and US dollar deposits. Ethena Labs' USDe has become the third-largest US dollar-pegged asset in the market and is collaborating with the TON blockchain to integrate the product into Telegram.
Traditional banking is also starting to pay attention to the stablecoin sector. A large American bank stated that it would consider issuing its own stablecoin if Congress enacts related legislation. Another international bank plans to jointly apply for the issuance of a Hong Kong dollar-backed stablecoin with its partners.
As more and more participants enter the market, stablecoins are becoming important tools for cross-border payments, DeFi protocols, and on-chain transactions. Industry insiders believe that stablecoins are expected to trigger revolutionary changes in the currency sector, bringing new opportunities and challenges to the global financial system.