Latest trading data shows that Circle ($CRCL) stock hit a historical high yesterday, with a Closing Price of $199.59, while the Trading Volume exceeded 63 million shares in a single day, both metrics setting new records since the company's listing.

As an important player in the stablecoin space, Circle is gradually consolidating its position as a key bridge between traditional financial systems and dollar assets on the blockchain. Stablecoins essentially form the credit infrastructure of digital dollars, a characteristic that enables them to play a unique role in the financial system.

What is worth considering is, when the monetary policy related to the US dollar needs to be adjusted quickly, which market participants can respond first? Industry opinions suggest that the current market's focus on the market share of USDT may be excessive, while overlooking a broader development prospect – the true narrative in the stablecoin space has just begun.