A McKinsey report indicates that the world is entering a new phase of 'on-chain currency'. The report highlights that the current circulation of stablecoins is approximately $300 billion, with about 99% denominated in U.S. dollars. In contrast, major banks are processing over $4 trillion annually through tokenized deposit infrastructures. McKinsey suggests that on-chain finance will not be dominated by a single stablecoin but will evolve into a three-tier structure comprising stablecoins for retail applications, tokenized deposits for institutional business, and central bank digital currencies for final settlements. This structure is expected to address the fragmentation of the current on-chain monetary system and promote the standardization and compliance of global capital flows.