Wu learned that, according to the Coin Metrics data report, the total issuance of Stable Coins has exceeded 190 billion US dollars, with USDT accounting for 125.1 billion US dollars (66%), and the Ethereum mainnet approximately 104.1 billion US dollars. After the election, the volume of Stable Coins priced by major exchanges surged to 120 billion US dollars, on-chain activities also showed a rising trend, and the adjusted transfer volume of Stable Coins exceeded 50 billion US dollars in November. Driven by the rise in the use of USDC, the Solana Stable Coin volume reached a historical high. Since Q3, influenced by bullish market sentiment and rising interest rates, the USDe and sUSDe of Ethena have risen rapidly, demonstrating the dynamic changes driven by Stable Coin returns.