Stablecoins spent years in search of a story.

At first they were a trading tool, a way to move dollars across exchanges. Then they became a savings vehicle, something to hold rather than spend. Now the data is pointing somewhere new: stablecoins are becoming core financial infrastructure.

Here are nine charts that show what’s driving the trend.

#1 Regulation accelerated market growth

For most of stablecoins’ history, regulatory uncertainty capped institutional participation. Then, regulatory clarity happened through the Genius Act. It didn’t create the trend, but it amplified it.

In the U.S., the GENIUS Act established the first federal framework for stablecoin issuance. The shift shows up in the data: Adjusted volume had…