Author: Haotian

Arthur's lengthy article clearly outlines the past and present of stablecoins—Amazon and Walmart exploring stablecoins, Visa's stock price dropping in response, and the entire stablecoin sector booming. However, I was surprised that despite the evident signs of a stablecoin summer, the entire Crypto circle reacted very coldly, with even some funds flowing out to the US stock market to speculate on concept stocks. Why?

—Why is the Crypto Native narrative "unmoved" by the stablecoin boom?

1) This is quite interesting. Looking back at the time when Trump issued a coin, everyone was excitedly anticipating the spillover effect of the presidential coin. Why is it that when a truly mass adoption potential stablecoin opportunity arises, the Crypto circle seems "confused"?

In fact, Arthur provides the answer to this question: "Without issuance channels, there is no stablecoin business." The core of the stablecoin business model is the issuance channel, and Arthur summarizes three feasible channels—crypto exchanges, Web2 giants, and traditional banks. This seems to have little connection with the direction most of the Crypto industry is building towards?

You see, Tether's success is not due to how advanced the technology is, but because it captured the essential need + channel. Circle, even with more standardized technology, still has to share 50% of interest earnings with Coinbase to gain an issuance channel. From this perspective, without hardcore issuance channels, those projects trying to challenge USDT with "better technology" are basically daydreaming.

For retail investors, it's easier to understand; stablecoins are too "boring," lacking the imagination of 10x or 100x wealth, so the Crypto circle naturally feels indifferent.

—Web2 giants are the real "disruptors"

2) Arthur's judgment on traditional banks is very sharp—"basically hopeless." The 24/7 borderless dollar system vs. the redundant personnel and bureaucratic processes of the banking system is not even a competition of the same magnitude. The decline of banks has instead provided a huge survival space for stablecoins.

The real disruptors are Web2 giants like Meta, X, and Google, as they come with a user base and payment scenarios. When Amazon and Walmart start exploring stablecoins, it is not just simple business expansion, but directly "feeding" billions of mainstream users to Crypto infrastructure.

In my view, this is the true value of the stablecoin summer—not bringing short-term wealth opportunities to the Crypto circle, but allowing Crypto infrastructure to quietly permeate the mainstream world.

When billions of Web2 users start using stablecoins daily, the infrastructure demand for DeFi, DeAI, GameFi, and other sectors will correspondingly increase. This is a long-term growth buff that cannot be perceived in the short term but should not be ignored.

—The "subtle influence" behind the IPO wave

3) Of course, the so-called summer, even if quiet, will still have speculation. Arthur's reminder is very pertinent: Circle's IPO is just the first shot, and a bunch of "imitators" will rush in afterward. Most of these projects lack real distribution capabilities, but under the narrative of stablecoins, the market dream rate will be exaggerated.

However, returning to Arthur's core judgment—projects without issuance channels basically have no chance. The key is that this part of the summer expectation may have nothing to do with most retail investors; they can just watch from the sidelines.

From another perspective, this wave of IPOs is essentially "educating" Wall Street about the value of crypto. When traditional investors start to seriously study the stablecoin business model, this "subtle influence" is what is most worth contemplating.

In my view, the stablecoin summer is a turning point for Crypto to transform from a "marginal innovation testing ground" to a "mainstream business alternative."

Currently, it is normal for the Crypto circle not to feel the heat because the rules of the game have changed, and they are no longer the main characters. However, in the long run, as crypto infrastructure accommodates more real-world demands, every crypto native will benefit from this wave of infrastructure upgrades.

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