Recently, Tether CEO Paolo Ardoino shared a striking set of data on social media: the number of USDT users rose by 13% in the first quarter of 2025. This simple figure reveals the key role stablecoins play in the entire Crypto Assets ecosystem — although it is not the focus of the market, it is the core entry point and driving engine of capital flow.

In the current crypto market, various popular concepts such as meme coins, artificial intelligence tokens, and second-layer scaling solutions take turns to appear, but stablecoins always play an irreplaceable role as the underlying infrastructure. Whether it's market entry, asset conversion, arbitrage operations, or staking and collateral activities, almost all trading links need to be completed through stablecoins.

Blockchain data analysis shows that the liquidity pool activity of USDT on various mainstream public chains has significantly increased; in the over-the-counter trading market, USDT has become the primary trading medium; while in emerging market regions such as Latin America and Asia, many users regard USDT as a hedging tool against local currency depreciation.

The 13% rise in user numbers is particularly important because it signifies: new users are entering the Crypto Assets market at an accelerated pace; the demand for converting from fiat currency to digital assets is on the rise; more funds are choosing to flow into the on-chain ecosystem rather than merely sitting in centralized exchange accounts. These changes could be early signals of a new bull market and also represent a substantial shift in the market liquidity structure.

Despite Tether's long-standing external scrutiny regarding the transparency of its reserves, USDT continues to maintain its position as the most powerful circulating tool in the market's actual operations. The continuous rise in the number of users not only indicates that investors are returning, but also signifies that the entire Crypto Assets economic system is gradually rebooting its vitality.

Essentially, although USDT is not the most eye-catching investment target, it serves as the foundational fuel that ensures the efficient operation of capital in the entire crypto market, making it a "base currency" in the Web3 world. With the expansion of the stablecoin user base, we may witness further improvement in the overall liquidity environment of the crypto market, laying a more solid foundation for subsequent development.