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Deconstructing First Principles of Payments: How Can Stablecoins Unlock a Trillion-Dollar Opportunity?
Original Article Title: A First Principles Breakdown of the Crypto Payments Stack
Original Article Author: @proofofnathan
Original Article Translation: zhouzhou, BlockBeats
Editor's Note: This article explores the huge potential of stablecoins in the payment space, suggesting that stablecoins will surpass traditional payment systems due to being more efficient, faster, and cheaper. The article introduces the various layers of the crypto payments stack, from consumer wallets and payment providers to the financial integration layer, such as Banking as a Service and over-the-counter trading platforms. The application of stablecoins has not only boosted financial firms' profits but also improved user experience, driving the adoption of crypto payments. Ultimately, the core role of stablecoins in crypto payments will drive nearly all blockchains towards the payments space.
The following is the original content (slightly rephrased for better readability):
It's not just because stablecoins' supply has exceeded $230 billion, or that Circle has filed for an IPO, or that I often say, "It's already here."
It's because stablecoins are fundamentally disrupting the payments industry, and this disruption will continue at an exponential pace.
My core thesis is simple: Stablecoins will replace traditional payment methods because they are better, faster, and cheaper.
However, "payment" is a broad concept. Today's payment system is still dominated by traditional payment networks, banks, and fintech companies, each playing different roles in the payment structure of Web2.
While stablecoins offer a more efficient, highly available alternative, today's payment stack is gradually replicating the complexity of Web2 systems—this is why it is necessary for us to break it down.
Currently, hundreds of companies are building stablecoin-based payment networks or establishing complementary infrastructure alongside them.
@Dberenzon put together a fantastic chart that breaks down the on-chain payment ecosystem into nine different subdomains, and below is that chart.
What Dmitriy provides is a deep and somewhat technical breakdown, while entities like Pantera in "The Trillion-Dollar Opportunity" take a more macro view, dividing the entire payment system into four layers.
In this article, I attempt to reframe the payment stack in a crypto-native, first principles-based manner. Of course, the classification methods proposed by individuals such as Dmitriy and Pantera remain highly valuable, providing a good framework from another perspective.
For a better understanding, I see the structure of the entire payment stack as a vertical path—where the top is one type of user and the bottom is another type of user. And I believe the ultimate achievement of the payment stack is to allow billions of users to seamlessly access the crypto system, even unknowingly.
Crypto Payments Stack
Starting from first principles, a stablecoin is a token on the blockchain that represents a fiat currency unit, with the most common being pegged to the US Dollar.
There are several types of stablecoins, including:
· Fiat-backed, such as USDT
· Crypto-backed, such as DAI
· Synthetic, such as USDe
The most dominant type is fiat-backed stablecoins. These stablecoins are backed by highly liquid assets such as US Treasuries, cash, and equivalents, held in reserves by custodians at a 1:1 ratio. Therefore, at the bottom layer of the payment stack, traditional banks and payment systems still exist.
As mentioned earlier, stablecoins are disrupting the traditional payment system because they are better, faster, and cheaper. This has not only increased the profit margins of fintech and payment companies but has also provided end-users with a better experience. Therefore, from a user perspective, consumers are at the topmost layer of the payment stack.
In conclusion, the current payment stack can be roughly understood as follows:
(An illustrative diagram will be shown here)
Now, let's look at the most core use case in the payment stack. We have seen that one of the highest user retention use cases in the crypto industry is actually the "off-ramp"—converting cryptocurrency to fiat currency.
While the concept of an "on-ramp" (converting fiat into crypto) is also common, the predominant need has always been the ability to easily spend crypto assets, especially stablecoins.
In the payment stack we are building, on/off-ramp service providers sit right in the middle.
Above the on/off-ramp service providers is a section primarily focused on consumers or tools that support consumer usage, which I refer to as the **"Consumer Serving Layers".
Below them — from on/off-ramp to traditional banks — lies the part that integrates stablecoins into the traditional financial system, which I call the "Financial Integration Layers".
It is worth noting that the number of layers in the Consumer Serving Layers is much greater than in the Financial Integration Layers.
The reason is simple: building a Financial Integration Layer often requires licensing, compliance processes, and highly structured operations. Consumer Serving Layers can directly leverage the services and contractual relationships established in the lower layers to rapidly build on top of them.
Of course, there may be other modules in the Consumer Serving Layers, but here I have only selected the key parts in the entire payment stack that have clear functionality, well-defined dependencies, and a crucial role to explain.
Consumer Serving Layers
From the consumer's perspective, the first step into the crypto payment stack is a wallet.
A wallet is not just a tool for storing crypto assets; it is actually the gateway to the entire "save, spend, earn" experience.
Modern wallets usually have various functions, such as debit card payments, virtual bank accounts, peer-to-peer transfers, etc., designed to meet users' diverse scenario needs.
There are already a wide range of wallet products on the market, some targeting global users and others focusing on specific regional markets.
Building a wallet is actually very complex
It involves integrating multiple services and requires high-level security measures to prevent hacking attacks.
Therefore, many teams choose to rely on Wallet-as-a-Service (WaaS) providers. These WaaS solutions have been audited, battle-tested, and usually integrate infrastructure such as on/off-ramp services, issuer interfaces, and more.
In order to get consumer wallets truly "running," they also need to rely on various B2B stablecoin payment service providers, with key modules including:
· Invoice services: allow users to invoice their employer in crypto or fiat, with the platform receiving the payment, converting on demand, and then depositing into the user's wallet.
· Payment streaming: as companies globalize and employees are distributed worldwide, these platforms support regular stablecoin payroll, especially useful in countries where local bank access is not available.
· Card issuers: as user spending shifts from cash to electronic payments, encrypted cards become increasingly important. These issuing entities usually partner with Visa, Mastercard, enabling wallets to have the ability to "swipe card" for real-world transactions.
Compliance is also crucial, and to safeguard user funds, most platforms integrate comprehensive compliance tools at the wallet layer, including:
· KYC/AML (Know Your Customer/Anti-Money Laundering)
· On-chain fraud detection services
These compliance service providers play a significant role in the consumer service layer, both ensuring platform compliance and enhancing user trust.
Additionally, peer-to-peer payment networks are also part of the consumer layer. These networks bypass traditional payment pathways, directly connecting users and merchants for encrypted and fiat transaction exchanges.
P2P payments are widely adopted in some developing countries, but compared to the overall payment stack, they are less efficient with smaller transaction volumes, serving more as a complementary solution to traditional channels. Finally, the on/off-ramp aggregators sit at the bottom of the consumer service layer.
They consolidate multiple on/off-ramp services into a single unified API, allowing wallet developers to automatically choose solutions with faster speeds, lower fees, and better regional coverage, enhancing user experience.
Financial Integration Layers
Transitioning to Financial Integration Layers brings us to the "backbone" of the entire crypto payment stack.
In the traditional payment stack, the part we are about to discuss is usually referred to as the Aggregation & Orchestration Layer. However, I believe that the reason it can "aggregate" and "orchestrate" is because it sits on top of a robust and intricate infrastructure. Therefore, this layer should be placed at the very top of the financial integration layer.
Below the Aggregation & Orchestration Layer lies the core support for the entire fund flow, with the following three layers being key foundational modules that are frequently aggregated and orchestrated:
1. Banking-as-a-Service (BaaS) Providers
These platforms offer modular financial infrastructure that allows companies to integrate services such as virtual bank accounts, card issuance, payment channels, and more.
They typically assist clients in completing compliance, back-office settlement, and other processes, enabling businesses to provide quasi-banking services in their products without holding a financial license themselves.
2. Over-the-Counter (OTC) Trading Platforms
OTC platforms specialize in handling large-volume transactions, serving as a bridge for companies that cannot directly interface with major exchanges or liquidity providers.
They can swiftly and efficiently facilitate bi-directional exchanges between stablecoins and fiat currencies, greatly simplifying the settlement process for large trades.
3. Liquidity Providers
Working closely with OTC platforms, they ensure sufficient fund availability and timely settlement for transactions globally. These institutions shield the complexity of fund movement between crypto and fiat currencies, allowing various applications to execute coin swaps, payments, and other operations through simple API calls.
Many companies are unwilling to self-custody millions of dollars' worth of stablecoins or other crypto assets. Therefore, custody service providers have become an indispensable foundational component. They offer regulated, insured, institutional-grade secure custody solutions, serving as the trust anchor for almost all crypto payment applications.
In the payment stack, Centralized Exchanges (CEXs) play a critical role, especially in the financial integration stage. They facilitate large-scale fiat-to-stablecoin settlements through liquidity provider integrations and mint/redeem services. These exchanges typically hold a portion of stablecoins and cash reserves to ensure smooth fund transfers for both parties.
At the bottom layer are the Mint & Redeem services, which form the foundation of the entire payment stack. Stablecoins exist because someone "mints" them, and others "redeem" them.
· Tether (USDT) operates its minting and redemption mechanism based on whitelisted partners who directly receive user bank transfers and exchange them for an equivalent amount of USDT.
·Circle (USDC) provides minting and redemption services through Circle Mint for companies that have completed KYB (Know Your Business) verification.
Final Summary: A Comprehensive Payment Stack Overview
The payment stack is dynamic and highly interconnected. Each layer relies on the tools, services, and providers behind it. Overall, the cryptocurrency payment stack looks like this:
Stablecoin-driven payments represent one of the most influential and easily adoptable real-world use cases for cryptocurrencies beyond Bitcoin as a store of value. @PlasmaFDN is a blockchain designed specifically for stablecoin payments and is well-positioned in this area. However, I expect that almost all blockchains will eventually pivot towards stablecoins and the payments space.
To achieve this goal, they must rethink their payment stack—simply being EVM-compatible is no longer sufficient.
In summary, stablecoins indeed present a trillion-dollar opportunity, and those who play key roles in the payment stack will reap the greatest rewards.
Source: Original Article Link
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Never Underestimate the Significance of the US Stablecoin 'Infrastructure Bill'
If the US stablecoin bill, the "GENIUS Act," passes smoothly this time, its significance will be tremendous. I even think it's significant enough to enter the top five in Crypto history.
Although abbreviated as the GENIUS Act, which translates directly to the Genius Act, it is actually the Guiding and Establishing National Innovation for U.S. Stablecoins, which translates to "Guiding and Establishing National Innovation for US Dollar Stablecoins."
The proposal is lengthy, with several key points summarized for everyone:
· Mandatory 1:1 Full Asset Backing: Assets include cash, demand deposits, and short-term US Treasuries. At the same time, misappropriation and rehypothecation are strictly prohibited.
· High-Frequency Disclosure: Reserve reports must be published at least monthly, introducing external audits.
· Licensing Requirement: Once the circulating market cap of the issuer's stablecoin exceeds $100 billion, it must transition into the federal regulatory system within a specified timeframe, adopting banking-grade regulation.
· Introduction of Custody: The custodian of the stablecoin and its reserve assets must be a regulated qualified financial institution.
· Clear Definition as a Payment Medium: The bill explicitly defines stablecoin as a new type of payment medium, primarily regulated by the banking regulatory system, rather than restricted by the securities or commodities regulatory system.
· Embracing Existing Stablecoins: A maximum 18-month grace period after the bill's enactment, aimed at encouraging existing stablecoin issuers (such as USDT, USDC, etc.) to promptly obtain licenses or become compliant.
After finishing the main content, let's talk about the significance of this matter with an excited heart.
Over the years, when others asked, "After working in the Crypto industry for 16 years, what application have you created?"
In the future, you can confidently tell others—Stablecoins.
Some people have held opposing views. In the past, people's impression of stablecoins was that they were an opaque black box. Every few months, there would be FUD — whether Tether's assets were frozen or Circle had a significant black hole deficit.
In fact, if you think about it, Tether easily rakes in billions of dollars a year just from the interest on those underlying government bonds. Circle, slightly less, also made a $1.7 billion profit last year.
They basically made money while standing there. From a motivational standpoint, they have no malicious intentions. In fact, they are the most eager for compliance.
Now, this opaque black box will become a transparent white box.
In the past, the only complaint was that Tether's funds might have been frozen by the United States. Now, they will be directly placed into U.S. compliant custodial institutions, with high-frequency disclosures, so you can rest assured.
【No need to worry about a rug pull】 is such a huge advantage—I think especially all Crypto people understand this.
Stablecoins were once almost on the verge of being overtaken by CBDCs. In any country, if a central bank digital currency really exists, it is highly likely not built on a blockchain, at most it is built on some internal central bank consortium chain, which to be honest, is meaningless.
When CBDCs were at their peak, that was the most dangerous time for stablecoins.
If CBDCs had become a reality back then, stablecoins today would have been relentlessly suppressed into a dark corner, and blockchain would only be able to play a minimal role.
The remaining half-dead stablecoins would even have to learn the standards of central bank digital currencies, completely relinquishing their standard-setting power.
And now, stablecoins have won (or are about to).
Instead, everyone should learn the 【Blockchain + Token】 standard.
Nowadays, many blockchains actually have no meaningful applications on top, only stablecoin transfers. For example, with Aptos, the only scenario I use Aptos for is transfers between Binance and OKX.
And now, stablecoins will be legislated, what does that mean?
That's right, blockchain will become the only standard.
In the future, every stablecoin user will be the first to learn how to use a wallet.
As an aside, I actually think Ethereum's concerted push for EIP-7702 is quite forward-thinking. While other chains are all about memes, thank you Ethereum for sticking to account abstraction.
EIP-7702 is about Account Abstraction, which can support, for example:
· Social Account Registration Wallet
· Paying GAS with Native Coin
· And more
This paves the way for future new users to heavily use stablecoins, solving the last-mile problem.
Furthermore, once stablecoins receive legislative support, deposits and withdrawals will become even easier.
Let's imagine a scenario: previously, hindered by the gray nature of stablecoins, but after the bill passes, many traditional brokerages can support stablecoins themselves. The money from a US stock investor can be converted into stablecoins in minutes and instantly deposited into Coinbase. Believe it or not.
Let's imagine another scenario: if the brilliant bill smoothly passes through the House of Representatives, next, you will see:
Due to the extremely lucrative nature of this trading, existing stablecoin leaders and newly entering traditional giants will crazily start promoting their stablecoin products.
And an outsider, due to these promotions, will start using stablecoins. And then one day, after finding out that the wallet account has been created, will explore Bitcoin inside. Is mining Bitcoin difficult?
Stablecoins are a huge Trojan horse. The moment you start using stablecoins, you unwittingly step half a foot into the Crypto world.
As a large reservoir for digesting US debt, although stablecoins cannot directly absorb debt, they at least provide ammunition for the US debt secondary market. These functions are quite important, and slowly, stablecoins are becoming a part of the US debt market's body. Therefore, once the US legislation is passed and experiences the benefits, there is no turning back.
And, we are also confident that stablecoins are indeed one of the great innovations in our industry. People who have used stablecoins will find it hard to return to the traditional cash-banking system.
Once the bill is passed, users can't go back. In the future, concerns are about to be resolved, standards will be mastered, and the era of large deposits seems to be on the horizon.
Original Article Link
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HTX Research Latest Research Report丨Sonic: A Case Study of the New DeFi Paradigm
While the industry was still embroiled in the Layer 2 scaling debate, Sonic offered a new answer through a "foundational revolution." Recently, HTX Research released its latest research report "Sonic: A Blueprint for the DeFi New Paradigm," detailing the new public chain Sonic. While fully compatible with the EVM, Sonic has achieved a throughput of over 2000 TPS, 0.7-second transaction finality, and a transaction cost of 0.0001 USD, outperforming mainstream Layer 1 solutions and even surpassing most Layer 2 solutions. The performance-boosting Sonic is reshaping public chain infrastructure, officially ushering in the "sub-second era" of public chains.
As a high-performance public chain based on a Directed Acyclic Graph (aDAG), Fantom Opera initially stood out for its high throughput and fast confirmation capabilities. However, as the on-chain ecosystem expanded, the limitations of its traditional EVM architecture became increasingly apparent: state storage expansion, slow node synchronization, and constrained execution efficiency. To address this, Fantom introduced the new upgrade solution Sonic, aimed at achieving performance leaps through fundamental reconstruction without relying on sharding or Layer 2.
Led by the restructured Sonic Labs, Sonic's core development team brought together top industry talents, including CEO Michael Kong, CTO Andre Cronje (founder of Yearn Finance), and Chief Research Officer Bernhard Scholz. Over a period of two and a half years, the team comprehensively optimized from the virtual machine, storage engine to the consensus mechanism, ultimately creating the standalone new chain Sonic. While being EVM-compatible, Sonic has achieved over 2000 TPS, 0.7-second finality, $0.0001 transaction cost, a 90% improvement in storage efficiency, and reduced node synchronization time from weeks to within two days.
· SonicVM: The new virtual machine dynamically compiles EVM bytecode, caches high-frequency operations (such as SHA3 hashing), and pre-analyzes jump instructions, improving execution efficiency several times over to support high-throughput demands.
· SonicDB: Using a layered storage design, it separates real-time state (LiveDB) from historical data (ArchiveDB), compressing storage space by 90%, reducing node maintenance thresholds, and enhancing decentralization.
· Sonic Gateway: A Layer 2-like cross-chain bridge to Ethereum, balancing security and efficiency through a batch processing mechanism, supporting bi-directional asset migration, and seamless integration with the Ethereum ecosystem.
Sonic introduces its native token S, exchanged 1:1 with the old token FTM, undertaking functions such as gas payment and governance staking. Its innovative mechanisms include:
· Gas Fee Monetization (FeeM): Developers can receive up to 90% of transaction fee sharing, incentivizing ecosystem app innovation; non-FeeM apps have 50% of fees burned to deter inflation.
· Point Airdrop System: Users earn points (Passive/Activity Points and Gems) through holding tokens, participating in DeFi, or ecosystem interactions, redeemable for a total of 200 million S tokens, creating a "usage is mining" positive feedback loop.
During the market downturn in 2025, Sonic's on-chain TVL grew over 500% against the trend, with stablecoin volume surpassing $260 million, driven by high-leverage yield strategies:
· Silo v2 Recurring Borrowing: Pledge S tokens to borrow stablecoins, leverage up to 20x, capturing multiple points and spread yields.
· Euler+Rings Combination: Deposit USDC to mint overcollateralized stablecoin scUSD, leverage up to 10x, while receiving Sonic points and protocol airdrops.
· Shadow DEX Liquidity Mining: Provide liquidity for mainstream trading pairs, earning up to 169% APY and receiving a share of trading fees.
The ecosystem's future plans involve introducing Real World Asset (RWA) yields and off-chain payment scenarios, expanding through compliant asset backing and consumer app integration, establishing a sustainable stablecoin utility loop.
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· Adaptive AMM Curve: Combining Curve V2's liquidity aggregation advantage, introducing external oracle monitoring of volatility, dynamically adjusting the curve shape—close to a constant-product curve during low volatility (low slippage), and approaching a constant-product curve during high volatility (preventing liquidity depletion), reducing impermanent loss by 42%, and improving capital efficiency by 85%.
· Dynamic LTV Lending Model: Drawing inspiration from Curve's LLAMA liquidation mechanism but dynamically adjusting the loan-to-value (LTV) ratio based on market volatility. For example, the ETH collateral loan-to-value ratio can plummet from 80% during calm periods to 50% during volatile periods, reducing systemic risk.
With its triple advantage of "high performance + nested yield + low threshold," Sonic is expected to exceed $2 billion in TVL within 12 months, and its token S may impact billions of dollars in market capitalization. Its model has established a new paradigm for the industry: replacing liquidity speculation with on-chain efficiency and real returns, potentially triggering a fundamental shift in the logic of public chain competition.
Potential risks are concentrated at the technical level, including the Adaptive AMM relying on an external oracle, which could result in liquidity pool anomalies if the price feed is attacked. High-leverage strategies face liquidation risks during extreme market conditions and require hedging tools (such as perpetual contract shorts) to manage volatility.
From a macro perspective, Sonic is poised to be the dark horse in the 2025 DeFi revival wave, with the success of its stablecoin ecosystem creating broad upside potential for the ecosystem token S and overall network value. Sonic's rise validates a key proposition: even in a bear market, through mechanism innovation and performance breakthroughs, DeFi can still build a "yield fortress" to attract rational capital for long-term retention. Its nested yield model, developer incentive system, and efficient infrastructure provide the industry with a reusable template. If successfully integrated with RWAs and payment scenarios, Sonic may become a bridge connecting on-chain yield with real economic demand, propelling DeFi into a new stage of mass adoption.
To read the full report, please visit: https://square.htx.com/wp-content/uploads/2025/04/HTX-Research-Latest-Report.pdf
HTX Research is the dedicated research arm of HTX Group, responsible for in-depth analysis of a wide range of areas including cryptocurrency, blockchain technology, and emerging market trends. HTX Research produces comprehensive reports, offers professional evaluations, and is committed to providing data-driven insights and strategic foresight. It plays a key role in shaping industry perspectives and supporting informed decision-making in the digital asset space. With rigorous research methods and cutting-edge data analysis, HTX Research always remains at the forefront of innovation, driving industry thought leadership and facilitating a deep understanding of the evolving market dynamics.
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Never Underestimate the Significance of the US Stablecoin 'Infrastructure Bill'
If the US stablecoin bill, the "GENIUS Act," passes smoothly this time, its significance will be tremendous. I even think it's significant enough to enter the top five in Crypto history.
Although abbreviated as the GENIUS Act, which translates directly to the Genius Act, it is actually the Guiding and Establishing National Innovation for U.S. Stablecoins, which translates to "Guiding and Establishing National Innovation for US Dollar Stablecoins."
The proposal is lengthy, with several key points summarized for everyone:
· Mandatory 1:1 Full Asset Backing: Assets include cash, demand deposits, and short-term US Treasuries. At the same time, misappropriation and rehypothecation are strictly prohibited.
· High-Frequency Disclosure: Reserve reports must be published at least monthly, introducing external audits.
· Licensing Requirement: Once the circulating market cap of the issuer's stablecoin exceeds $100 billion, it must transition into the federal regulatory system within a specified timeframe, adopting banking-grade regulation.
· Introduction of Custody: The custodian of the stablecoin and its reserve assets must be a regulated qualified financial institution.
· Clear Definition as a Payment Medium: The bill explicitly defines stablecoin as a new type of payment medium, primarily regulated by the banking regulatory system, rather than restricted by the securities or commodities regulatory system.
· Embracing Existing Stablecoins: A maximum 18-month grace period after the bill's enactment, aimed at encouraging existing stablecoin issuers (such as USDT, USDC, etc.) to promptly obtain licenses or become compliant.
After finishing the main content, let's talk about the significance of this matter with an excited heart.
Over the years, when others asked, "After working in the Crypto industry for 16 years, what application have you created?"
In the future, you can confidently tell others—Stablecoins.
Some people have held opposing views. In the past, people's impression of stablecoins was that they were an opaque black box. Every few months, there would be FUD — whether Tether's assets were frozen or Circle had a significant black hole deficit.
In fact, if you think about it, Tether easily rakes in billions of dollars a year just from the interest on those underlying government bonds. Circle, slightly less, also made a $1.7 billion profit last year.
They basically made money while standing there. From a motivational standpoint, they have no malicious intentions. In fact, they are the most eager for compliance.
Now, this opaque black box will become a transparent white box.
In the past, the only complaint was that Tether's funds might have been frozen by the United States. Now, they will be directly placed into U.S. compliant custodial institutions, with high-frequency disclosures, so you can rest assured.
【No need to worry about a rug pull】 is such a huge advantage—I think especially all Crypto people understand this.
Stablecoins were once almost on the verge of being overtaken by CBDCs. In any country, if a central bank digital currency really exists, it is highly likely not built on a blockchain, at most it is built on some internal central bank consortium chain, which to be honest, is meaningless.
When CBDCs were at their peak, that was the most dangerous time for stablecoins.
If CBDCs had become a reality back then, stablecoins today would have been relentlessly suppressed into a dark corner, and blockchain would only be able to play a minimal role.
The remaining half-dead stablecoins would even have to learn the standards of central bank digital currencies, completely relinquishing their standard-setting power.
And now, stablecoins have won (or are about to).
Instead, everyone should learn the 【Blockchain + Token】 standard.
Nowadays, many blockchains actually have no meaningful applications on top, only stablecoin transfers. For example, with Aptos, the only scenario I use Aptos for is transfers between Binance and OKX.
And now, stablecoins will be legislated, what does that mean?
That's right, blockchain will become the only standard.
In the future, every stablecoin user will be the first to learn how to use a wallet.
As an aside, I actually think Ethereum's concerted push for EIP-7702 is quite forward-thinking. While other chains are all about memes, thank you Ethereum for sticking to account abstraction.
EIP-7702 is about Account Abstraction, which can support, for example:
· Social Account Registration Wallet
· Paying GAS with Native Coin
· And more
This paves the way for future new users to heavily use stablecoins, solving the last-mile problem.
Furthermore, once stablecoins receive legislative support, deposits and withdrawals will become even easier.
Let's imagine a scenario: previously, hindered by the gray nature of stablecoins, but after the bill passes, many traditional brokerages can support stablecoins themselves. The money from a US stock investor can be converted into stablecoins in minutes and instantly deposited into Coinbase. Believe it or not.
Let's imagine another scenario: if the brilliant bill smoothly passes through the House of Representatives, next, you will see:
Due to the extremely lucrative nature of this trading, existing stablecoin leaders and newly entering traditional giants will crazily start promoting their stablecoin products.
And an outsider, due to these promotions, will start using stablecoins. And then one day, after finding out that the wallet account has been created, will explore Bitcoin inside. Is mining Bitcoin difficult?
Stablecoins are a huge Trojan horse. The moment you start using stablecoins, you unwittingly step half a foot into the Crypto world.
As a large reservoir for digesting US debt, although stablecoins cannot directly absorb debt, they at least provide ammunition for the US debt secondary market. These functions are quite important, and slowly, stablecoins are becoming a part of the US debt market's body. Therefore, once the US legislation is passed and experiences the benefits, there is no turning back.
And, we are also confident that stablecoins are indeed one of the great innovations in our industry. People who have used stablecoins will find it hard to return to the traditional cash-banking system.
Once the bill is passed, users can't go back. In the future, concerns are about to be resolved, standards will be mastered, and the era of large deposits seems to be on the horizon.
Original Article Link
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