The total market capitalization of stablecoins has surpassed $307.2 billion. Among this, Tether alone accounts for $184.6 billion, capturing as much as 60% of the market share. Behind this figure lies an undeniable reality—the dominance over global stablecoin liquidity is concentrated in the hands of just a few entities.

This highly centralized structure grants significant influence to regulatory authorities in certain regions. Whoever controls the stablecoin liquidity channels, to some extent, controls the entry and exit points of crypto assets. The recent regulatory pressures faced by some projects and platforms may find their explanation from this perspective.

The market balance is tilting toward regions with stronger regulatory capabilities and more robust financial infrastructure.