Stablecoins have evolved into a significant component of digital financial infrastructure, with their market cap reaching $271.4 billion by August 2025. This transformation sees stablecoins shifting from liquidity-focused tokens to yield-bearing assets linked to real-world cash flows. Major players like USDT and USDC dominate the market, with USDT holding a 57.3% share. Regulatory frameworks are advancing globally, with the U.S. GENIUS Act and the EU's MiCA regulations setting new standards to enhance consumer protection and clarity. The stablecoin market is also expanding into tokenized real-world assets, valued at $35 billion and projected to reach $50 billion by year-end, further integrating stablecoins into financial systems.