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In 2025, stablecoins processed nearly $46 trillion in annual transaction volume, with total market capitalization exceeding $300 billion. What once lived quietly inside crypto rails has begun to break free—evolving from niche infrastructure into the early contours of a global settlement layer. Across the stack, something fundamental is changing. From upstream reserves and issuance, through midstream protocols and settlement infrastructure, to downstream wallets, payments, and yield-bearing financial tools, the stablecoin ecosystem is no longer a collection of isolated ports.
It is becoming a river of value. Sourced from sovereign assets, corporate treasuries, and onchain liquidity, this river flows through protocols and networks, carving new trade routes and carrying capital toward real-world commerce, coordination, and everyday use.
*在 2025 年，稳定币的年交易量接近 46 万亿美元，总市值突破 3000 亿美元。曾经只在加密轨道中悄然运行的基础设施，正开始走向更广阔的世界——从一个小众的技术组件，演变为全球结算层的早期轮廓。在整个技术与产业堆栈中，一场根本性的变化正在发生。从上游的资产储备与发行，到中游的协议与结算基础设施，再到下游的钱包、支付以及生息型金融工具，稳定币生态已不再是一个由孤立港口组成的集合。**它正在成为一条价值之河。*这条河流源自主权资产、企业财库与链上流动性，穿行于协议与网络之间，开辟新的贸易航线，将资本输送至真实世界的商业、协作与日常使用场景之中。
In February 2026, Stablecoin Odyssey sets sail alongside Consensus Hong Kong, bringing together builders, issuers, infrastructure providers, and operators navigating this river firsthand. Gathering those arriving in Hong Kong—and those already anchored here—the event aims to chart the currents of 2026, bridge upstream and downstream, and explore the new frontiers of stablecoin-driven finance.
2026 年 2 月，Stablecoin Odyssey 将与 Consensus 香港大会 同期启航，汇聚那些正亲身航行在这条价值之河上的建设者、发行方、基础设施提供者与运营者。无论是因大会而来港，还是已在此扎根的参与者，本次活动旨在共同勘探 2026 年的水流与方向，打通上下游，探索由稳定币驱动的金融新大陆。
