Stablecoins aus der Sicht verschiedener Menschen: Von Finanzinstrumenten bis hin zur industriellen Revolution?

Circle's successful listing marks the official entry of stablecoins into the mainstream financial landscape. From investors, banks, central banks, payment institutions to entrepreneurs, each group has different understandings and concerns about stablecoins. Stablecoins are reshaping payments, currencies, and even the global financial order. They are not just "dollars on the blockchain," but a systematic wave of innovation.

Traditional finance is asking: "What are stablecoins?"

For most traditional finance professionals, stablecoins seem like a kind of "electronic dollars" or a fiat currency mapping in digital wallets. But in fact, they are digital assets that run on the blockchain and are pegged to the value of fiat currencies. Stablecoins represented by USDC and USDT have the following characteristics:

• Stability (price pegging)
• Programmability (supported by smart contracts)
• Global circulation (7x24 - hour transfers)

They are an "internet - native monetary unit" and are gradually becoming the underlying settlement assets of the digital economy.

Securities firms are asking: "Apart from Circle, who else is involved in stablecoins?"

After Circle's successful IPO, companies related to stablecoins have entered the investment spotlight. Currently, several technology and financial companies are involved:

• Tether (USDT): The most widely used globally
• PayPal USD: Integrated with the online payment ecosystem
• Paxos, First Digital: Compliant stablecoins
• Visa, Mastercard: Piloting cross - border stablecoin settlements

This is no longer just "innovation in the cryptocurrency circle," but a rapidly forming financial infrastructure market.

Banks are asking: "Can tokenized deposits challenge stablecoins?"

Some banks are trying to counter stablecoins through "tokenized deposits." However, the problems are as follows:

• They operate within a closed system and cannot circulate freely.
• They are not suitable for the on - chain ecosystem, and the developer threshold is high.
• They are far inferior to stablecoins in terms of speed and availability.

The advantages of stablecoins lie in their openness and composability, which cannot be compensated for by regulatory "permits." They have become the "default currency" for on - chain applications.

Central banks are asking: "Isn't CBDC better?"

Although central bank digital currencies (CBDCs) are theoretically more compliant, they face technical difficulties in reality:

• Most are developed based on proprietary technologies in a closed manner and cannot be connected to mainstream blockchains.
• Similar to the early "local area network protocols" competing against the open Internet, they are destined to have difficulty forming network effects.
• They are extremely unfriendly to developers, and the ecosystem activity is low.

CBDCs are more like a "government - managed local area network," while stablecoins are the "global Internet financial layer" under an open protocol.

The game between stablecoins and sovereign currencies

The popularity of stablecoins, especially US dollar - pegged stablecoins, is changing the global monetary system:

• In some countries with unstable local currencies or capital restrictions, people bypass traditional banks through stablecoins and directly hold US dollar assets on the blockchain.
• This will accelerate the dollarization process and strengthen the global dominance of the US dollar.
• At the same time, stablecoins improve the circulation efficiency of the US dollar and may also reduce the total demand for the US dollar.

This has a two - way impact on the Federal Reserve: on one hand, the demand for the US dollar expands; on the other hand, the money multiplier is changed by technology. In the future, the Federal Reserve will have to start monitoring the issuance and flow of "dollars on the blockchain," creating unprecedented new variables for monetary policy.

The payment industry is asking: "Will stablecoin payments replace us?"

This is the most anxiety - inducing question for payment institutions, but it is also the biggest opportunity.

Stablecoins have the following features:

• Intermediary - free settlement
• Global seamless arrival
• Fast and low - fee transfers

This will weaken the traditional core value of payment gateways. But on the other hand:

• Third - party payment companies have a large number of merchants and user channels.
• If they integrate stablecoins and create on - chain payment interfaces and wallet services.
• They will have the opportunity to rise from being "appendages" of banks to becoming the core infrastructure in the new payment era.

This is a re - balancing process where "channels are king." Stablecoins are a challenge, but also a springboard for upgrading.

Entrepreneurs are asking: "What other innovations can be made with stablecoins?"

The answer is: There are too many.

• Access to stablecoin wallets and payment scenarios
• Stablecoin auditing, clearing, and compliant intermediary services
• Localized stablecoins in developing countries such as those in Africa and Latin America
• Combined financial products of stablecoins and real - world assets (RWA)
• On - chain scenarios such as stablecoins combined with games, tips, and content payments

Stablecoins are not only currencies but also the basic asset layer of programmable financial protocols.

Bitcoin believers are asking: "Why are stablecoins so popular?"

Although Bitcoin is more decentralized, the reality is:

• The daily active users and trading volume of stablecoins far exceed those of the BTC network.
• BTC is a store - of - value tool, while stablecoins are truly used for circulation.
• Whether in DeFi, cross - border transactions, trading platforms, or Web3 games, stablecoins are the kings of liquidity.

Stablecoins are not the ultimate ideal, but they are the key fuel for promoting "real - world applications."

✅Summary:

Stablecoins are a victory for the blockchain but also a compromise of the decentralized ideal. They achieve the efficiency of open finance but still rely on centralized custody and fiat currency reserves. This is a compromise between reality and ideal and a sign that Web3 is gradually entering the mainstream financial order. The future winners will not be those who shout the loudest, but those who truly understand the value of stablecoins and can use them to build new business models.

This article is from the WeChat official account "Yuanwang Capital iVision" (ID: iVisionVC). Author: Tian Hongfei. Republished by 36Kr with permission.