PANews reported on October 31 that Gate Research, in collaboration with Alchemy Pay, released a major report titled "A New Era for Stablecoins: A Panoramic Study of Compliance, Innovation, and Global Adoption Paths," which systematically analyzes the growth drivers of the stablecoin market, the competitive landscape of infrastructure, and its reshaping of the global payment system.

The report shows that as of August 2025, the global market capitalization of stablecoins had exceeded $280 billion, with an annual on-chain settlement volume exceeding $30 trillion, comparable to traditional financial networks such as SWIFT and Visa. This explosive growth is mainly attributed to the accelerated implementation of regulations (such as the GENIUS Act, the Stablecoin Ordinance, and the MiCA Act) and the full entry of traditional giants (such as PayPal, Visa, and Mastercard), jointly driving stablecoins into a "compliant era." The report also points out that the core competition in the stablecoin sector has shifted from a "token war" to an "infrastructure war," with Tether, Circle, Alchemy Pay, and others successively deploying their own settlement public chains to seize control of the next-generation payment highway.

Gate Research believes that stablecoins are at a critical juncture, transitioning from explosive growth to established compliance, from token issuance to a battle for infrastructure, and from dollar dominance to regional multipolarity. In the next three to five years, whoever can first establish a closed-loop value chain encompassing compliance, infrastructure, and application ecosystem will define the standards for the next generation of global value networks. Gate is actively expanding into the PayFi space, striving to build legitimate and compliant deposit and withdrawal channels and create a stablecoin payment ecosystem.