No surprises here; to catch the top 10 in market capitalization, stablecoin issuers just need to mint new coins to increase the circulating supply. So, it seems like growing together with bitcoin. Even they claim about 1:1 peg with dollars or other reserve, I am not ready to believe into them, but that is a different topic. Actually stablecoins are growing due to the demand from crypto community and I do see stablecoins are the first crypto to many new joiners of crypto space. Overall I agree, we need more stablecoin options by considering against government regulations and building one on top of bitcoin must be a good suggestion but not sure what blocks them to kick it on.

You may not see a bearish market in 2025 but probably a sideway market given that USA keeps buying 200k bitcoins per year for next 5 years. It all means bitcoin may slowly attain the level of being stale to less volatile like gold.