According to online reports, Gan Tian, CEO of China Asset Management Fund (Hong Kong), said that as of the end of May 2025, the global issuance of stablecoins has exceeded US$235 billion, and stablecoins have surpassed Visa's 40-year transaction volume in just five years. If stablecoins are regarded as a narrow base currency with M0> 250 billion US dollars (analogous to the traditional monetary system M0), the total financial assets formed by them are conservatively estimated to reach 14 trillion US dollars, and overvaluers believe it has reached 27 - 28 trillion US dollars. Gan Tian predicts that all traditional financial assets in the financial market will be linked in the next ten years, so that the link can break through the transaction timeliness limit under the traditional settlement model. In the next 5 to 8 years, the middle and back offices of the entire financial system will face tremendous changes. (Jin Shi)