The complete formula for financial freedom is: choose an emerging field × build infrastructure × establish a moat × wait for acquisition by giants. Take @Reeve_Collins as an example. This serial entrepreneur, founder of STBL, has started 11 companies over 25 years, and his success follows a fixed pattern: Internet era → Build digital advertising infrastructure Blockchain era → Build DeFi infrastructure 1/ Internet Experience In 1997, Collins joined Avenue A—one of the world’s earliest internet advertising companies. At the time, he was just a regular employee fresh out of college, but he caught the peak of the internet bubble. The company IPO’d with a valuation of $6.6 billion. Collins keenly identified the opportunity window in the emerging field of digital advertising. Over the next few years, he founded four companies, all focused on internet marketing/digital advertising, essentially replicating the success of his first job experience. 2/ Crypto Entrepreneurship In 2013, Collins spotted the opportunity in blockchain infrastructure and co-founded Tether. At the time, Bitcoin had just started to move beyond the early geek circles, and the DeFi ecosystem was far from mature. The market urgently needed a stable value-anchor tool. Two years later, he exited Tether and began his journey of serial entrepreneurship in the crypto industry, venturing into NFT and DeFi lending fields, though these attempts were not very successful. In 2024, he founded the stablecoin yield protocol @stbl_official, returning to his entrepreneurial roots. Traditional stablecoin model: Users collateralize assets, issuers earn the yield. STBL model: Yield returns to users, and the protocol only charges service fees. Users collateralize RWA assets like U.S. Treasury bonds to mint AmericaT, while also receiving YLD tokens to capture the yield. This yield-stripping mechanism allows users to maintain liquidity without giving up their rights to the yield. From an infrastructure perspective, Stablecoin 2.0 is definitely a direction worth paying attention to. Will the story be different this time?