The market capitalization of stablecoins recently broke through a new high of $314.0 billion (US$314 billion), which is quite an interesting figure. It looks like no matter how the market fluctuates, demand for stablecoins has been steadily growing, and more and more institutions are starting to pay attention to this space. Previously, stablecoins were mainly used by retail investors for hedging and trading, but now it’s clear that big players are also moving in, and competition is getting more and more intense. Behind the record high in stablecoin market cap is the real growth in the industry’s on-chain dollar demand, and this trend should continue.