Although the application prospects of “stablecoins” are promising, regarding the concept speculation in the secondary market, some market insiders believe that the recent market hotspots have rotated rapidly. On May 30th, the “stablecoin” sector was not strong, indicating that there is a divergence in the market. In the future, the sustainability of the market trend should be observed. According to the reporter’s observation, currently, domestic securities firms have issued significantly fewer in-depth research reports on “stablecoins”, and mainstream institutions still have a certain cognitive gap regarding “stablecoins”. In the short term, the market may still be in the stage of concept speculation.