Stablecoins have found product market fit and this chart shows it.

Stablecoin activity is largely uncorrelated to crypto market cycles – organic, non-speculative use appears to be widespread and growing even as crypto trading volume fluctuates.

Why do you say organic non-speculative? Pretty sure the majority of growth is secondary to elevated fed funds rate being superior risk adjusted return and people yield chasing that. Will be interesting to see what happens if/when fed cuts. Perhaps post stablecoin bill we will see payments and corp treasuries etc.