Gate Research, in collaboration with Alchemy Pay, has released a comprehensive report titled "A New Era for Stablecoins," detailing the rapid expansion and transformation of the stablecoin market. As of August 2025, the global market capitalization of stablecoins surpassed $280 billion, with an annual on-chain settlement volume exceeding $30 trillion, rivaling traditional financial networks like SWIFT and Visa. The report attributes this growth to regulatory advancements, such as the GENIUS Act and the MiCA Act, and the entry of major financial players like PayPal, Visa, and Mastercard. It highlights a shift in the stablecoin sector from a "token war" to an "infrastructure war," with companies like Tether, Circle, and Alchemy Pay developing their own settlement chains. Gate Research emphasizes the importance of establishing a closed-loop value chain to define future global value network standards.