In 2025, stablecoins transitioned from speculative assets to becoming integral as internet-native global settlement mediums, primarily used in corporate back-end operations such as payroll, B2B settlements, cross-border transfers, and treasury management. The focus shifted from retail consumption to usage density and economic cycle integration. Key users include risk-averse CFOs and financial teams who prefer fully custodial, institutionalized processes with an emphasis on auditability, control, and accountability. The competitive landscape saw USD stablecoins reinforcing digital dollarization, while non-USD currencies retreated to local transmission. Banks implemented a three-tier defense, with compliance channels becoming bottlenecks. Looking ahead to 2026, the market is expected to split into compliant and offshore zones, with stablecoins becoming invisibly neutral. The application layer is anticipated to become bank-like, financial capability APIs will deepen, and consumption loops will form, allowing on-chain assets to be used for daily expenses, bridging on-chain and off-chain compliance.