The story of the 2025 crypto market is no longer just about price fluctuations. The real change lies in on-chain usage frequency and trading activity.

Stablecoins are now fundamentally transforming the on-chain ecosystem. From trading volume to daily active addresses, stablecoin-related activities have become the dominant force shaping the on-chain world — this is not a small trend, but a structural shift in the entire industry.

So the question is: what does this mean for 2026? Continued expansion, or a new equilibrium point? Industry veteran analysts point out that as the penetration rate of stablecoin usage increases, the market may be shifting from being primarily driven by speculation to being driven by real-world applications. The logic behind this is clear: only when people genuinely use crypto assets for trading and transfers, rather than just holding coins in anticipation of appreciation, will the market enter a new stage.