Stablecoin Revolution: A New Era of Financial Infrastructure

In the current context of rapid development of stablecoins but ongoing controversies, the real trends are often obscured by market noise. To delve into the actual development context of this field, an English video program has emerged, focusing on global stablecoin trends. From a well-known fintech company founder claiming that "stablecoins are meaningless" to large payment companies investing heavily in building stablecoin infrastructure; from e-commerce platforms integrating stablecoin payment solutions to Chinese tech giants vying for stablecoin licenses in multiple locations, the stablecoin sector is undergoing significant transformations.

At the same time, a Bitcoin sidechain project attracted nearly 3,000 wallets injecting $1 billion in stablecoin funds in just 30 minutes, sparking widespread market attention. Is this a fleeting speculative frenzy, or is it a prelude to a new financial order?

This article will delve into the divergences surrounding stablecoins: on one side is the cautious attitude of fintech giants, while on the other side is the enthusiastic embrace of the digital dollar by Web3 companies and global users. This is not just an internal factional struggle within the crypto industry, but also a global game concerning the dominance of next-generation financial infrastructure.

Doubts about stablecoins

The co-founder of a well-known cross-border payment company recently expressed strong skepticism about stablecoins. The company has just completed a $300 million funding round, with a valuation of $6.2 billion. This founder claimed on social media that he has not seen any cryptocurrency use case that truly solves a real problem in the past 15 years.

He believes that in the field of major fiat currency payments, stablecoins not only do not reduce costs but actually increase transaction fees, especially during on-chain transactions and fiat currency exchanges. He pointed out that stablecoins fail to bring substantial improvements to large-scale B2B payments.

The founder stated that the fintech sector has achieved near-instant, low-cost cross-border payments through the construction of proprietary banking networks and foreign exchange bridges, and that stablecoins have not brought significant advantages. He believes that stablecoins may have certain applications in emerging markets and among unbanked populations, but overall, they are more about "regulatory arbitrage" rather than actual benefits for end users and businesses.

Active Layout of Institutions

In stark contrast to the cautious attitude mentioned above, a group of tech giants and institutions is vigorously embracing stablecoins:

• A large payment company: acquired a wallet infrastructure startup and a stablecoin infrastructure company, investing over $1 billion, dedicated to building a complete stablecoin and crypto wallet ecosystem. The company is launching stablecoin products in the United States, the United Kingdom, and Europe, and plans to cover all its merchants by the end of the year.

• Major securities clearing agency in the U.S.: As the behind-the-scenes clearing agency for nearly all securities transactions in the U.S., this agency has an annual trading volume of up to $20 trillion and is piloting a dollar-backed stablecoin to modernize settlement. This marks a potential transformation from T+2 to instant settlement and takes the first step towards putting stocks on the blockchain.

• A large bank in Europe: Launched a US dollar stablecoin compliant with the EU digital asset regulatory framework, custodied by a well-known American custodian bank, issued on the Ethereum and Solana chains, marking the entry of European traditional financial institutions into the stablecoin space.

• Chinese payment giant: is preparing to apply for a stablecoin issuance license, aiming to cover digital asset regulatory frontiers such as Hong Kong, Singapore, and Luxembourg. In particular, Hong Kong is set to officially implement a stablecoin issuance licensing system in August, and the company intends to seize the market with a first-mover advantage. As a highly influential payment giant both in China and abroad, the launch of its stablecoin will further promote innovations in cross-border payments, fund management, and settlement.

The Surge in Market Demand: A Case Study of a Sidechain Project

Although some fintech founders are cautious about the prospects of stablecoins, the other end of the market presents a completely different picture: retail investors and innovative experiments on emerging chains are advancing at an unprecedented speed.

In a recent token-related event held by a certain Bitcoin sidechain project, the deposit limit reached 1 billion USD. The initial deposit limit was 500 million USD, but due to excessively strong demand, the project team had to double the original deposit cap to meet market demand. It is reported that this event attracted around 3,000 wallets, with median deposits of 24,895 USD and 6,939 USD, respectively. Among the funds, 58% came from USDC and 40% from USDT. Some users even paid up to 100,000 USD in fees to ensure transaction speed.

It is worth noting that these deposits are not directly used for token sales, but rather for gaining priority access to future token sales. The high participation and rapid sell-out of this event may be related to the institutional support the project received earlier, but some believe that certain investors may have misconceptions about the actual situation of the project. Nevertheless, industry insiders remain cautious about the necessity of the project launching an independent chain, believing that there may be a certain degree of overheating speculation in the current market.

The significance of stablecoins: The struggle for control over financial infrastructure

Currently, we are witnessing an important transformation regarding the future of financial infrastructure. Although some traditional fintech companies remain skeptical, an increasing number of financial giants are actively positioning themselves in the stablecoin space. This is not just a debate about cryptocurrencies; it is a critical battle that will determine the direction of the next generation of financial infrastructure. In this transformation, stablecoins are gradually evolving from a controversial concept into the core infrastructure that will reshape the global payment system.