The Rise of Stablecoins: The Indifference of the Crypto Circle and the Disruption by Web2 Giants

Recently, the stablecoin sector has shown remarkable development trends. Some large technology and retail companies are exploring the issuance of their own stablecoins, a trend that has even affected the stock prices of traditional payment giants. However, surprisingly, despite the heat in the stablecoin sector, the cryptocurrency circle appears to be unresponsive, with funds even flowing towards related concept stocks in the US stock market. The reasons behind this phenomenon are worth pondering.

The Indifferent Response of Crypto's Native Narrative to the Stablecoin Boom

Looking back, when some well-known figures proposed the idea of issuing digital currencies, the cryptocurrency community was full of anticipation, believing it would bring positive spillover effects. However, in the face of truly scalable stablecoin opportunities, the Crypto sphere has shown a certain confusion. The core reason for this contrast lies in the fact that the success of stablecoin business hinges on the issuance channels rather than technical advantages.

Currently, the feasible channels for stablecoin issuance mainly include cryptocurrency exchanges, large internet companies, and traditional banks. These channels are not directly related to the development direction of most Crypto projects. For example, Tether's success is more attributed to seizing market demand and channel advantages, rather than technological innovation. Even Circle, which has more standardized technology, needs to cooperate with large exchanges to obtain issuance channels.

For ordinary investors, stablecoins may seem unappealing because they lack the imaginative potential for huge profits. This also explains why the Crypto community has shown a relatively lukewarm attitude towards the development of stablecoins.

Web2 Giants: Potential Disruptors in the Stablecoin Space

Traditional banks are at a disadvantage in the competition for stablecoins. Compared to the around-the-clock, cross-border digital dollar system, traditional banking systems appear inefficient. This situation has instead created opportunities for the development of stablecoins.

What truly has disruptive potential are those internet giants with a large user base and mature payment scenarios. When large tech companies and retail giants begin to venture into the stablecoin space, they are essentially opening the door to cryptocurrency infrastructure for billions of mainstream users.

This is the true value of stablecoin development: it does not bring short-term profit opportunities to the Crypto circle, but rather allows cryptocurrency infrastructure to quietly penetrate into the mainstream world. As billions of Web2 users begin to use stablecoins in their daily lives, the demand for infrastructure in various fields such as DeFi, DeAI, and GameFi will significantly increase, which is a long-term, potential growth driver.

The Far-Reaching Impacts Behind the IPO Boom

Although the current stablecoin craze seems calm in the Crypto circle, market speculation still exists. In the future, more projects may follow the pioneers to conduct IPOs. While most of these projects may lack actual distribution capabilities, their market valuations could be significantly inflated under the push of the stablecoin narrative.

However, the real significance of this wave of IPOs lies in popularizing the value of cryptocurrencies within traditional finance. It is when Wall Street investors start to seriously study the business models of stablecoins that this subtle influence becomes most noteworthy.

In the long run, the development of stablecoins marks an important turning point for cryptocurrencies, transitioning from a niche innovation area to a mainstream business choice. Although the current Crypto circle may not feel the direct heat, as the cryptocurrency infrastructure accommodates more real-world demands, every participant in the cryptocurrency ecosystem will benefit from this wave of infrastructure upgrades.