Arthur's long article clearly sorted out the past and present life of stable currency - Amazon and Wal Mart explored the issue of stable currency, Visa's share price fell, and the whole stable currency track was not popular. But what surprised me was that despite the signs of the popularity of stablecoin Summer, the entire Crypto community reacted very coldly, and even funds flowed out to speculate in concept stocks in the US. Why？ ——Why is the Crypto Native narrative 'insensitive' to the stablecoin craze? 1) That's quite interesting. Looking back at the original Trump coin issue, we were still excited about the spillover effect of the presidential coin. Why did the stable coin with the potential of Mass Adoption come, and the Crypto circle became "confused"? In fact, Arthur provided the answer to this question: "Without distribution channels, there can be no stablecoin business. The core of the stablecoin business model is the issuance channel, and Arthur summarized three feasible channels - cryptocurrency exchanges, Web2 giants, and traditional banks. Does this seem unrelated to most of the build directions in the crypto industry? You see, Tether's success is not due to its impressive technology, but rather because it has captured the essential needs and channels. Even if Circle's technology is more standardized, it still has to distribute 50% of the interest income to Coinbase in exchange for the issuance channel. From this perspective, without a hardcore distribution channel, projects that attempt to challenge USDT with "better technology" are basically daydreaming. For retail investors, it is easier to understand that stablecoins are too "boring" and there is no room for imagination of 10 times or 100 times sudden wealth, so the Crypto circle naturally feels indifferent. ——Web2 giants are the real disruptors 2) Arthur's judgment on traditional banks is sharp - 'basically hopeless'. The competition between a 7x24 borderless US dollar system and a banking system with redundant personnel and bureaucratic processes is not at all on the same scale. The decline of banks has actually given stablecoins a huge survival space. The Web2 giants such as Meta, X, and Google have real disruptive potential because they come with their own user base and payment scenarios. When Amazon and Wal Mart began to explore stable currency, it was not a simple business expansion, but directly "feeding" billions of mainstream users to the Crypto infrastructure. In my opinion, this is the true value of stablecoin Summer - not to bring short-term wealth opportunities to the Crypto community, but to allow Crypto infrastructure to silently penetrate into the mainstream world. When billions of web2 users start using stablecoins on a daily basis, the demand for Infra in various fields such as DeFi, DeAI, GameFi, etc. will correspondingly increase, which is a long-term growth buff that cannot be ignored but cannot be perceived in the short term. ——Behind the IPO wave, there is a subtle and silent "moistening of things" 3) Of course, even if Summer is quiet, there will definitely be hype. Arthur's reminder is very accurate: Circle IPO is just the first shot, there will be a bunch of imitators rushing in later. Most of these projects do not have real distribution capabilities, but with the narrative of stablecoins, the market dream rate will be exaggerated. But returning to Arthur's core judgment - projects without distribution channels are basically hopeless, the key is that this part of Summer's expectations may not be related to most retail investors, just watch the show. However, from another perspective, this wave of IPOs is essentially "popularizing" the value of cryptocurrency to Wall Street. When traditional investors start to seriously study the business model of stablecoins, the impact of this "subtle and silent" approach is the most worth considering. In my opinion, stablecoin Summer is the turning point for Crypto to transition from a "fringe innovation experimental field" to a "mainstream commercial alternative". At present, it is normal for the crypto community to not feel the heat because the game rules have changed and the protagonists are no longer them. But in the long run, when the crypto infrastructure carries more real-world needs, every crypto native will be a beneficiary of this wave of infrastructure upgrades.