Key Takeaways TL;DR

· Stablecoins are the Killer App of Crypto: Not NFTs, not meme coins. They are already the "everyday currency" of the global south. The market's focus is not on creating new coins but on how to truly integrate existing stablecoins into everyday payment scenarios.

· Consumer Value Driven by B2B: While P2P transfers and crypto cards between individuals are important, the author believes the largest TAM will occur in the realm of cross-border payments between enterprises. Those who abstract stablecoins and embed them directly into large corporate transfer systems through crypto orchestration layers and PSPs can capture huge additional revenue from massive fund flows and fund settling.

· License + Corridor = Moat: Just as infrastructure has shifted from technological competition to distribution, the real barrier in the B2B payment field is regulatory licenses (MSB/EMI/SVF, etc.), bank partnerships, and the first-mover advantage in cross-border corridors. (e.g., Bridge holds a US MSB/MTL, RD Tech holds a Hong Kong SVF license).

· Orchestration > Aggregation: Aggregators are merely market matching platforms with thin margins; orchestrators control compliance and settlement rights. The real defense comes from holding licenses directly and being able to execute fund flows themselves.

· Competition is Intensifying: From emphasizing "underlying technology" to competing in "actual usage": similar to consumer applications, the market will reward real adoption and user scale. The rise in TRON transaction fees has already validated the strong demand for stablecoin transactions, and the next phase will be stablecoin-native chains (such as Plasma, Arc, etc., stablecoin issuers with issuance and distribution channels), which will actively guide users to directly use their in-house stablecoin blockchains for transactions and settlements, similar to application-specific chains like Hyperliquid, thus avoiding most transaction fees being siphoned off by general-purpose blockchains. At the same time, users can also directly use the transferred stablecoin to pay transaction fees, achieving a unified payment medium and network incentive.

Introduction

Stablecoins and the blockchain built around stablecoins are almost daily becoming the focus of the industry and making headlines. Projects such as Tether.io's Plasma and Stable, Circle's Arc, Stripe's Tempo, Codex PBC, 1Money, Google's upcoming next-generation L1 blockchain, and many more to come are all accelerating this trend. At the same time, as one of the most widely used self-custodial wallets globally, Metamask has officially announced the launch of its native stablecoin, marking a further expansion of wallet products into payment and value transfer functions. On the other hand, personal cross-border remittance giant Remitly has announced the launch of a multi-currency fiat and stablecoin wallet—Remitly Wallet, currently in the testing phase and planning to officially launch in September in partnership with Circle.