A stablecoin is essentially a currency.

In ancient China, the rights to produce salt and currency were held solely by the monarch. Anyone without an army who dared to dream of issuing currency was courting death. Back in the day, Xiaomage's Q coin became the prototype of virtual currency, but it was soon directly cut off.

In the modern world, the Federal Reserve firmly holds the global currency hegemony of the US dollar. Oil trade must be settled in dollars, and international financial systems such as SWIFT, IMF, and the World Bank also rely heavily on the dollar. Central banks around the world hold dollars as reserves, and some small countries even directly abandon their local currency in favor of using dollars, due to the instability of their own currency.

And now in the crypto era, anyone can issue stablecoins and create their own value anchor. This means the liberalization of finance and the decentralization of the world's ledger.