The most significant change in 2025 may not be the explosion of a certain public chain or the big pump of a project, but rather the **rewriting of the financial settlement method itself**: Visa directly brings USDC into the U.S. banking system, allowing Financial Institutions to complete 7×24 settlements on-chain — this is not just another collaboration case, but the entire industry is stating: the opening hours of banks no longer constrain the flow of funds.

Deeper changes followed closely. JPMorgan launched the Ethereum-based tokenized money market fund MONY at the end of the year, backed by platform support and seed funding. This means that institutions are no longer just using stablecoins as transfer tools, but are also moving income-generating assets on-chain, allowing every piece of capital to be freely combined like LEGO blocks.

As settlement and interest accrual enter the on-chain ecosystem simultaneously, the industry's focus has quietly shifted from "who rises the fastest" to a new question: **who holds the power of discourse over on-chain funds**. This is not a hollow speculation — the GENIUS Act in the US for 2025 changes stablecoin regulation from "can it be used" to "under what standards can it be used", indicating a restructuring of power by the rule-makers.

The more compliant it is, the more controllable it becomes, and the more controllable it is, the more likely it is to lead to a divergence of permissions. The competition among stablecoins is no longer just a simple comparison of market value, but rather **who can define the rules of on-chain USD**. It is at this turning point that we truly understand why the stablecoin ecosystem is worth paying attention to.