The value creation center of stablecoins is shifting from a simple "issuance" phase to "creation, empowerment, and deepening application scenarios."
Written by: Aiying Compliance
With Circle's successful listing on Nasdaq, the stablecoin market is undergoing a structural reshaping. While the market focuses on Circle's $5 billion market capitalization and its stablecoin business model, a deeper transformation is taking place: the value creation center of stablecoins is moving from a simple "issuance" phase to "creation, empowerment, and deepening application scenarios." This is not merely a simple adjustment in business strategy, but a fundamental reconstruction of the entire industry's value logic. By analyzing the driving forces, market landscape, and development paths of this transformation, we will see that the future competitive core of stablecoins lies not in "who can issue more coins," but in "who can create and control more valuable application scenarios."
I. Shift in Value Focus: From Issuance Monopoly to Scenario Competition
When we analyze the development trajectory of the stablecoin industry, a clear pattern emerges: this field is transitioning from an "issuance-centered" approach to a "scenario-centered" approach. This shift is not accidental, but the result of five structural forces working together.
The squeeze effect of the issuance phase. Circle's prospectus reveals a key reality: even as the second-largest issuer in the market, it must pay 50% of its net interest income (NII) to Coinbase as a distribution subsidy. This costly distribution model exposes the substantial compression of profit margins in the issuance phase. As excess profits diminish, market participants are forced to explore other segments of the value chain, particularly at the application scenario level.
The network effects of the issuance phase have solidified. As a medium of value, the utility of stablecoins largely depends on their acceptance— the more people use a particular stablecoin, the more valuable it becomes. This typical network effect has allowed USDT to firmly occupy 76% of the market share, while USDC struggles to maintain a 16% position, with all other competitors sharing the remaining 8%. This market structure has become highly entrenched, making it difficult for new entrants to shake up the existing landscape simply by issuing new stablecoins.
Fundamental shifts in regulatory guidance. The global regulatory framework for stablecoins is transitioning from "risk prevention" to "promoting innovation and emphasizing applications." The U.S. "GENIUS Act" clearly distinguishes between "payment stablecoins" and other types, designing specific compliance pathways for the former; Hong Kong's "Stablecoin Issuer Ordinance" officially passed and implemented on May 21, 2024, not only regulates issuance activities but also provides a clear legal framework for innovative applications based on stablecoins; the Monetary Authority of Singapore (MAS) further categorizes stablecoins into "single currency stablecoins" (SCS) and other types, designing differentiated regulatory measures for different application scenarios. These regulatory trends point in one direction: the value of stablecoins will increasingly depend on their performance in actual application scenarios, rather than simply on issuance scale.
A qualitative change in user demand. A hallmark of a maturing market is the shift in user demand from simply holding stablecoins to using stablecoins to solve specific problems. Early users may have been satisfied with merely holding a "digital version of the dollar," but users in a mature market expect to see practical application value beyond speculation. This shift in demand forces market participants to focus from "minting more tokens" to "creating more use cases."
Considerations for the sustainability of business models. As competition in the stablecoin market intensifies, business models that rely solely on seigniorage and issuance scale face long-term sustainability challenges. Competition in the issuance phase will lead to rising bids for reserve fund yields, squeezing profit margins. In contrast, developing application scenarios can bring about a more diversified revenue structure, including transaction fees, value-added service fees, and revenue sharing from financial products, providing stablecoin ecosystem participants with a more sustainable business model.
These five forces are collectively driving the stablecoin industry from an "issuance war" to "scenario competition." Looking at the industry's development history, we can clearly identify three stages of development:
Concept validation period (2014-2018): Stablecoins were accepted as a concept by the market, primarily meeting the liquidity needs of the crypto trading market.
Transaction medium period (2018-2023): The position of stablecoins in trading scenarios was solidified, with a surge in minting volume.
Practical value period (2024-): The market focus shifts from issuance scale to the development and value creation of actual application scenarios.
We are at the beginning of the third stage, where the core competition will revolve around "who can create more valuable application scenarios." For market participants, understanding this shift is crucial, as it will redefine the standards of success and the patterns of value distribution.
II. Deepening Scenarios: The Value Gold Mine of Stablecoin Applications
To truly understand the deep logic of "scenarios are king," we need to penetrate the surface-level technical discussions and analyze the specific mechanisms through which stablecoins create value in different application scenarios. This analysis cannot stop at simple statements of "increasing efficiency" and "reducing costs," but must dissect the inherent complexities, existing pain points, and transformative potential of stablecoin technology in each scenario.
1. B2B Cross-Border Payments and Trade Finance: Beyond Simple "Funds Transfer"
The issues surrounding B2B cross-border payments are far more complex than they appear. Traditional narratives often focus on the speed and cost of payments, but the real pain points lie in the fragmentation and uncertainty of the entire cross-border payment and trade finance ecosystem.
When an Asian company pays a European supplier, it faces challenges including:
Exchange rate risk management: During the lag time from payment decision to fund arrival, exchange rate fluctuations can erode 1-3% of value.
Liquidity segmentation: Funds pools in different markets are isolated from each other, making effective integration impossible.
Uncertainty in settlement time: The variability in arrival times for traditional cross-border payments complicates supply chain management and cash flow planning.
Complexity of payment compliance: Cross-border payments involve multiple regulatory frameworks, with high compliance costs and significant risks.
Disconnection between finance and payments: There is a lack of seamless integration between payments and trade finance (such as letters of credit, factoring, and supply chain financing).
The value of stablecoins in this scenario lies not only in accelerating funds transfer but also in creating a comprehensive value system through smart contracts and blockchain technology:
Programmable payment conditions: Payments can be automatically linked to trade events (such as shipment confirmation, quality inspection approval), enabling programmatic control over trade processes.
Real-time foreign exchange processing: By using smart routing and real-time pricing from multi-currency stablecoin pools, the risk of exchange rate fluctuations can be minimized.
Liquidity integration: Cross-market and cross-currency liquidity can be managed on the same infrastructure, significantly improving fund utilization efficiency.
Programmatic trade finance: Traditional trade finance tools like letters of credit and accounts receivable financing can be transformed into smart contracts on the blockchain, enabling automatic execution and risk management.
This comprehensive value enhancement far exceeds simple efficiency improvements; it fundamentally reconstructs the operational model of B2B cross-border payments and trade finance. It is important to note that achieving this vision requires addressing numerous practical challenges, including legal framework adaptation (the legal validity of smart contracts in different jurisdictions), legacy system integration (connecting with enterprise ERP and banking core systems), and cross-chain interoperability (value transfer between different blockchain networks).
2. Tokenization of Real-World Assets (RWA): Creating a New Value Internet
The tokenization of real-world assets is another application scenario with transformative potential for stablecoins, but its complexity and challenges are often underestimated.
In the traditional financial system, real-world assets (such as real estate, commodities, and private equity) suffer from significant liquidity discounts, which arise from high transaction costs, limited market participants, and inefficient value discovery mechanisms. Tokenization of real-world assets promises to reduce this discount through blockchain technology, but to truly realize this promise, a complete ecosystem is needed, with stablecoins serving as the key infrastructure.
Stablecoins play three critical roles in the RWA ecosystem:
Value bridge: Connecting on-chain tokenized assets with fiat currencies in the traditional financial system.
Transaction medium: Providing liquidity and counterparties for tokenized assets.
Revenue distribution channel: Offering automated distribution mechanisms for income generated by assets (such as real estate rent, bond interest).
For example, in real estate tokenization, deep integration of stablecoins can create entirely new value models: investors can purchase tokenized shares of real estate using stablecoins, rental income can be distributed in real-time to token holders in stablecoin form, and tokens can be used as collateral to obtain liquidity on stablecoin lending platforms, all of which can be automated through smart contracts without the need for traditional intermediaries.
However, the realization of this scenario faces complex challenges:
Legal connection between on-chain and off-chain assets: How to ensure the legal relevance and enforceability of on-chain tokens with off-chain assets.
Trust issues in value input: How to reliably input off-chain asset information into on-chain systems (oracle problem).
Complexity of regulatory compliance: Tokenized assets may be subject to multiple regulatory frameworks, including securities law, commodities law, and payment law.
In this scenario, stablecoin issuers that focus solely on maintaining currency stability without participating in building a broader RWA ecosystem will struggle to capture scenario value. In contrast, participants who can provide integrated solutions for stablecoin payments, asset tokenization, transaction matching, and compliance management will dominate this field.
3. Cross-Ecosystem Connectors: Bridging DeFi and Traditional Finance
In the current financial system, there are two parallel ecosystems: decentralized finance (DeFi) and traditional finance (TradFi). Each of these ecosystems has unique advantages: DeFi offers permissionless access, programmability, and high capital efficiency; TradFi provides regulatory certainty, deep liquidity, and a broad user base. In the long run, maximizing the value of these two systems will be achieved through connection rather than replacement.
Stablecoins are becoming the key link connecting these two ecosystems because they possess attributes of both worlds: they are tokens on the blockchain that can seamlessly interact with smart contracts, while also representing the value of fiat currency, making them compatible with the traditional financial system. This positions them as a natural medium for value flow between the two systems.
In this connector role, specific application scenarios supported by stablecoins include:
Dual-ecosystem strategy for corporate treasury management: Companies can manage daily operating funds within the traditional banking system while deploying part of their liquidity into DeFi protocols using stablecoins to earn returns.
Cross-ecosystem optimization paths for funds: Building intelligent systems that automatically optimize fund allocation between TradFi and DeFi based on market conditions in different ecosystems.
Compliance-wrapped DeFi services: Accessing DeFi services in a compliant manner through stablecoin service providers with regulatory licenses, meeting the entry requirements of institutional investors.
Aiying has found in discussions with several corporate treasury departments in the Asia-Pacific region that this "day-and-night fund management" model is being adopted by an increasing number of companies— even traditional enterprises are beginning to recognize that deploying part of their liquid funds into the DeFi space through stablecoins can create additional returns while maintaining necessary risk control.
However, building such scenarios requires overcoming several key challenges: the complexity of regulatory compliance (especially for regulated financial institutions), risk isolation mechanisms (to ensure that DeFi risks do not spread to core businesses), and simplifying user experience (to make it convenient for non-crypto professionals to use). Successful solutions need to provide innovations across the three dimensions of technology, regulation, and user experience.
Through an in-depth analysis of these three core scenarios, we can clearly see that the value creation of stablecoins has far exceeded the simple concept of a "digital dollar" and is developing towards building a complex, multi-dimensional application ecosystem. In this direction, mere issuance capability is no longer a winning factor; instead, it requires a deep understanding of specific scenario needs, constructing an integrated application ecosystem, and providing a comprehensive ability to deliver a frictionless user experience.
III. Diverging Regulatory Landscape: Forward-Looking Layouts in Hong Kong and Singapore
The regulatory environment shapes and reflects the direction of market evolution. By analyzing the stablecoin regulatory strategies of the two major financial centers in the Asia-Pacific region—Hong Kong and Singapore—we can better grasp the trend of stablecoin value shifting towards application scenarios.
Hong Kong: Evolution from Sandbox to Mature Framework
On May 21, 2024, the Hong Kong Legislative Council officially passed the "Stablecoin Issuer Ordinance," marking the transition of Hong Kong's stablecoin regulation from an exploratory phase to a mature framework phase. The core features of this ordinance include:
Layered regulatory framework: Differentiated regulatory requirements are designed for different types of stablecoins, prioritizing regulation for payment-oriented single fiat-pegged stablecoins.
Comprehensive risk control: Not only focusing on the issuance phase but also covering custody, trading, payment processing, and the entire ecological chain.
Scenario-oriented regulatory incentives: Providing compliance convenience and policy support for application scenarios that serve the real economy.
From the policy documents of the Hong Kong Monetary Authority and industry communications, we notice that Hong Kong's strategic focus has clearly shifted from "attracting stablecoin issuers" to "nurturing an innovative application ecosystem based on stablecoins." This shift is reflected in specific policies, such as providing regulatory clarity for corporate clients using stablecoins for cross-border trade settlements, offering guidance for financial institutions to conduct stablecoin custody and exchange services, and supporting the interconnection of stablecoin payments with traditional payment systems.
The strategic positioning behind Hong Kong's approach has its unique considerations: as a gateway connecting mainland China with international markets, Hong Kong aims to strengthen its strategic position in global offshore RMB business, cross-border financial services in the Greater Bay Area, and as an international asset management center in Asia through the construction of a stablecoin application ecosystem.
Singapore: A Refined Risk-Adaptive Framework
In contrast to Hong Kong, the Monetary Authority of Singapore (MAS) has adopted a more refined "risk-adaptive" regulatory strategy. Within its framework, stablecoins are categorized into multiple types, each subject to different regulatory standards:
Single Currency Stablecoins (SCS): Stablecoins pegged to a single fiat currency, primarily used for payment purposes, subject to the strictest reserve requirements and risk control standards.
Non-Single Currency Stablecoins: Including stablecoins pegged to a basket of currencies or other assets, subject to differentiated regulatory requirements.
Scenario-adaptive regulation: Adjusting regulatory intensity based on the stablecoin's use case (such as retail payments, wholesale payments, transaction mediums, etc.).
Notably, Singapore's regulatory strategy particularly emphasizes the application value of stablecoins in cross-border payments, trade finance, and capital markets. MAS has initiated several pilot projects for stablecoin application scenarios, including Ubin+ (exploring cross-border stablecoin settlements), Guardian (tokenization and trading of sustainable financial assets), and Project Orchid (retail stablecoin payments). These projects all point in a common direction: the value of stablecoins lies not in the issuance itself, but in the application scenarios they support.
This direction aligns with Singapore's positioning as an international trade hub and financial center, reinforcing its strategic role in connecting global trade and financial flows by promoting the application of stablecoins in real business scenarios.
Common Trends and Insights in Regulatory Trends
By comparing the regulatory strategies of Hong Kong and Singapore, we can identify several key common trends:
Shift from "risk prevention" to "promoting innovation": Both regions have transitioned from an initial cautious attitude to a more proactive direction in guiding innovation.
Emphasis on application scenario value: Both view stablecoins as financial infrastructure rather than merely financial products, focusing on their value creation in actual application scenarios.
Asymmetrical allocation of regulatory resources: Regulatory resources are tilted towards stablecoin applications that serve the real economy and solve practical problems.
These regulatory trends further validate my core viewpoint: the value of the stablecoin ecosystem is shifting from the issuance phase to application scenarios. Regulatory agencies have recognized this evolutionary direction and are guiding the market to develop in this direction through policy design.
For market participants, this regulatory landscape means that focusing solely on competitive strategies in the issuance phase will face increasing limitations, while those who can innovate application scenarios and solve practical problems within the regulatory framework will gain more policy support and market opportunities.
IV. Empowering Scenario Innovation through Payment Infrastructure: From Distribution to Value Creation
If application scenarios are the value gold mine of the stablecoin ecosystem, then payment infrastructure is the necessary tool for mining these gold mines. As the market shifts from "who issues coins" to "who can create application scenarios," a key question arises: what kind of infrastructure can truly empower a rich variety of application scenarios?
Through in-depth interviews and demand analysis with dozens of global enterprise clients, Aiying has found that enterprises' needs for stablecoin payment infrastructure far exceed the simple "send and receive stablecoins" functionality. What enterprises truly need is a comprehensive solution that can address five core challenges:
Five Core Challenges of Enterprise-Level Stablecoin Payments
Complex multi-currency and multi-channel management: International enterprises often need to handle 5-10 different fiat currencies and various stablecoins, requiring a unified interface to integrate this complexity rather than establishing independent processes for each currency.
Opaque foreign exchange conversion costs: In cross-border transactions, hidden foreign exchange costs can often reach 2-3% or even higher. Enterprises need tools that can monitor and optimize these conversion costs in real-time.
Multi-layered compliance and risk control requirements: Transactions of different sizes and in different regions face varying compliance requirements, necessitating a solution that meets strict regulations without overly complicating operations.
Integration barriers with existing systems: Any new payment solution must seamlessly integrate with the enterprise's existing ERP, financial management, and accounting systems; otherwise, the adoption costs will be too high.
Lack of programmable payment capabilities: Modern enterprises require not only simple fund transfers but also advanced features such as conditional payments, multi-level revenue sharing, and event-triggered automatic payments.
In response to these complex needs, the market is forming three distinctly different infrastructure provision models, each representing different strategic positions and value propositions:
In-Depth Comparison of Three Stablecoin Payment Infrastructure Models
A deep analysis of these three models suggests that the "neutral platform" model has unique advantages in empowering diverse application scenarios, particularly in three key areas:
Multi-ecosystem integration capability: No single stablecoin or payment channel can meet all scenario needs. A neutral platform provides maximum flexibility by integrating multiple stablecoins, various payment channels, and multiple fiat currency pathways. This allows enterprises to choose the optimal combination based on different scenario requirements without being constrained by a single ecosystem.
Cross-scenario intelligent optimization capability: True value lies not in simply providing multiple options but in intelligently recommending the optimal path for specific transactions. For example, a payment from Singapore to Brazil may require different optimal paths under different conditions: using USDC through a specific exchange during period A, while during period B, it may be more suitable to use USDT through another channel, or even revert to traditional banking channels under certain circumstances. This dynamic optimization capability is at the core of scenario value.
Compliance empowerment capability: As stablecoin applications shift from simple transactions to broader business scenarios, the complexity of compliance requirements significantly increases. A neutral platform reduces the cost and complexity of enterprises building their own compliance infrastructure by integrating various compliance tools and processes (such as KYB, transaction monitoring, suspicious activity reporting, etc.), enabling them to innovate application scenarios under strict compliance.
In the long run, we anticipate that future stablecoin payment infrastructure will further specialize, forming a clear layered structure: stablecoin issuers will focus on currency stability and reserve management; neutral payment infrastructure providers will be responsible for connecting different stablecoins, optimizing payment paths, and ensuring compliance; and vertical industry solutions will focus on deep applications in specific scenarios. This specialization will significantly enhance the efficiency and innovation capabilities of the entire ecosystem.
V. Future Outlook: The Evolution of Payment and Finance Integration
Looking ahead to the future evolution path of stablecoin application scenarios, we can identify a clear trajectory of development: transitioning from a simple payment tool to a comprehensive financial infrastructure. This evolution will unfold in three stages, each representing a qualitative change in the value creation model.
Three-Stage Evolution of Stablecoin Application Scenarios
Stage One: Payment Optimization (2023-2025)
Currently, we are in the first stage of stablecoin application, where the core value proposition is to solve basic payment issues, particularly in cross-border payment scenarios. Characteristics of this stage include:
Increasing payment speed (reducing from 3-5 days to real-time or near real-time).
Significantly lowering costs (from an average of 7% to 0.1%-1%).
Enhancing payment transparency (real-time tracking of transaction status).
Optimizing foreign exchange processing (reducing losses from exchange rate fluctuations).
In this stage, stablecoins primarily serve as a medium for fund transfers, replacing or supplementing traditional payment channels. The competitive focus for market participants is on who can provide a faster, cheaper, and more reliable payment experience.
Stage Two: Embedding Financial Services (2025-2027)
As basic payment issues are resolved, stablecoin applications will enter the second stage, characterized by the deep integration of financial services and payments. This stage will see:
Seamless connection between payments and trade financing (e.g., automatically providing accounts receivable financing based on payment history).
Embedding liquidity management tools (e.g., smart fund pool management, optimizing idle fund returns).
Programmatic collaboration among multiple financial parties (e.g., automated collaboration among buyers, sellers, and financial institutions in supply chain finance).
Real-time asset-liability management (shifting corporate treasury functions from lagging reports to real-time management).
In this stage, stablecoins will no longer be just payment tools but will become the foundational infrastructure for building new financial services. The competitive focus will shift from simple payment efficiency to who can provide more comprehensive and intelligent financial solutions.
Stage Three: Financial Programmability (2027 and Beyond)
Ultimately, stablecoin applications will enter the third stage: financial programmability. In this stage, enterprises will be able to customize complex financial processes based on business logic through APIs and smart contracts. Specific manifestations include:
Business rules directly converted into financial logic (e.g., sales conditions automatically converted into payment conditions).
Dynamic optimization of financial resources (funds automatically flowing between different channels and tools based on real-time conditions).
Automation of cross-organizational financial collaboration (programmatic collaboration of financial systems among upstream and downstream enterprises in the supply chain).
Democratization of financial innovation (enterprises can build exclusive financial tools and processes at low cost).
In this stage, stablecoins will become true "programmable currencies," with financial operations no longer being independent functions but deeply embedded in the core business processes of enterprises. The competitive focus will be on who can provide the most powerful and flexible financial programming capabilities.
VI. Formation of a New Division of Labor System
This three-stage evolution will drive the stablecoin ecosystem to form a more specialized division of labor system, mainly reflected in three levels:
Infrastructure Layer: Stablecoin issuers focus on maintaining currency stability, reserve management, and regulatory compliance, providing a reliable value foundation for the entire ecosystem. Participants at this level will face pressures of standardization and commoditization, with limited differentiation space.
Application Platform Layer: Neutral payment infrastructure providers are responsible for connecting different stablecoins, optimizing payment paths, ensuring compliance, and providing core application functions. Participants at this level will differentiate themselves through technological capabilities, user experience, and ecosystem integration capabilities.
Scenario Solution Layer: Vertical industry solution providers focus on deep optimization of specific scenarios, offering highly customized solutions. Participants at this level will differentiate themselves through a profound understanding of specific industry pain points and targeted solutions.
As this specialization deepens, we will see changes in the value distribution ratio at each level: the profit margins at the infrastructure layer will gradually compress, while the application platform layer and scenario solution layer will gain a larger share of value. This trend is highly similar to the development trajectory of the internet—from early infrastructure competition to platform competition, and finally to application scenario competition.
Conclusion: Whoever Can Create Application Scenarios Holds the Future of Stablecoins
The stablecoin market is undergoing a profound value reconstruction: shifting from "who issues coins" to "who can create and amplify real-world application scenarios." This is not a simple adjustment of business models but a redefinition of the entire industry's value creation methods.
Looking back at the history of payment technology development, we can identify a recurring pattern: each payment revolution has gone through a process from infrastructure construction to product standardization, and finally to the explosion of scenario value. Credit cards took decades to evolve from a simple payment tool to the infrastructure for building a consumer finance ecosystem; mobile payments also experienced a long evolution from simply replacing cash to deeply integrating various life scenarios. Stablecoins are undergoing a similar development trajectory, and we are currently at a critical turning point from standardization to the explosion of scenario value.
In this new stage, the key to success is no longer who has the largest issuance volume or the strongest capital strength, but who can most deeply understand and solve practical problems in specific scenarios. Specifically, market participants need to possess three core capabilities:
Scenario Insight Capability: The ability to identify and understand deep pain points and needs in specific fields.
Integration and Coordination Capability: The ability to connect and integrate multiple resources to build a complete solution ecosystem.
User Empowerment Capability: The ability to make complex technologies easy to adopt through appropriate abstraction and simplification.
For participants in the stablecoin ecosystem, this value migration means a strategic shift: from simply pursuing scale and speed to deeply cultivating vertical scenarios and user value. Those who can establish specialized divisions of labor, create open ecosystems, and focus on scenario innovation will stand out in this transformation reshaping global payment infrastructure.
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