# 稳定币发展与应用

#稳定币发展与应用 The story of stablecoins is entering a new chapter! 🚀
Recently, a few things have made me particularly excited: Ethena Labs' white-label stablecoin JupUSD launched on Solana, and Zama achieved truly private stablecoin transfers using fully homomorphic encryption — these are not small iterations but key proofs that stablecoins are evolving from "just trading pairs" to "real money."
Think about it, what is missing in traditional finance? **Efficient payments** + **Privacy protection** + **Extremely low costs**. And this is exactly what Web3 stablecoins are filling in. Zama's single t

#稳定币发展与应用 The new moves in stablecoins are worth paying close attention to, but don't rush to chase the trend.
Ethena's JupUSD launching on Solana and Zama implementing fully homomorphic encryption to realize privacy stablecoins look quite lively. But I have to be honest—these technological innovations require a calm and thorough analysis of the underlying logic.
The white-label stablecoin model essentially decentralizes issuance rights. Jupiter aims to gradually replace its $500 million USDC holdings with JupUSD. That sounds promising, but the question is: who maintains the creditworthiness

#稳定币发展与应用 FASB includes stablecoins in the 2026 agenda, and the core issue is quite clear: the criteria for recognizing cash equivalents.
From on-chain data, the liquidity of stablecoins has long proven their cash-like nature—USDC and USDT's daily trading volumes on major exchanges have already surpassed many fiat trading pairs. However, the lag in accounting standards has always been a pain point. The 《Genius Act》 addresses the regulatory framework but leaves a gap in financial recognition.
The key variables are at three levels:
**First level: The boundary for recognizing cash equivalents.**

#稳定币发展与应用 Seeing the FASB include stablecoins in their 2026 work plan, I am reminded of the cyclical patterns that have played out over the past decade.
Around 2015, people were still debating whether Bitcoin could be considered an asset; during the 2017 bull market, exchanges largely ignored accounting standards; by 2020, when MicroStrategy and Tesla started adding Bitcoin to their balance sheets, the market truly realized that regulation is not just a technical issue but a redistribution of power.
This time, the classification of stablecoins as "cash equivalents" is essentially a repetition

#稳定币发展与应用 Seeing this wave of rebound in the crypto market at the start of the new year, I am reminded of a frequently overlooked detail.
Bitcoin rebounded from a low of $88,000 to $92,000. Many see this as an opportunity for gains, but I pay more attention to the structural changes behind it—rebalancing of institutional funds, capital inflows into spot ETFs, and the expansion of stablecoins linked to US bonds. These are not speculative signals but signs of market maturity.
What’s truly worth pondering is that the seemingly disappointing scenario of the 2025 "halving market not erupting as ex

#稳定币发展与应用 Recently, the new developments in stablecoins have been flooding the news, and I realized that my previous understanding of this area was too superficial. 😅 Ethena Labs' JupUSD launched on Solana, Zama's privacy stablecoin is also live, and there's Plasma's payment vision... It seems that stablecoins are not just "the dollar of the crypto world" anymore?
After looking into the information, I understood that stablecoins are now differentiating—some focus on privacy (Zama uses fully homomorphic encryption, with transfer costs only 0.13 USD!), some adopt a white-label model (Jupiter's

#稳定币发展与应用 Recently, what's interesting is that Zama's privacy stablecoin has launched, with a single transaction cost of only $0.13. This is true technological implementation. I looked into it, and fully homomorphic encryption runs directly on-chain, completely hiding transaction amounts and balances. Compared to those schemes that require contract restructuring, this is indeed impressive.
Speaking of which, there are also quite a few controversies in the stablecoin space now. Lighter's distribution structure has attracted a lot of criticism—50% goes to the team and investors, only 25% is res

#稳定币发展与应用 Bitmine's recent actions are indeed worth paying attention to. 659,000 staked ETH, a volume of $2 billion, accounting for 3.4% of the circulating supply—these numbers reflect that major capital is betting on the long-term value of the Ethereum ecosystem.
The key lies in the timing of MAVAN's launch. The friendly US policy environment combined with Wall Street's changing attitude towards stablecoins—these two factors together are creating new demand for the Ethereum ecosystem. The expansion of stablecoin applications directly increases reliance on on-chain infrastructure, while the s

#稳定币发展与应用 Stablecoins are indeed undergoing changes. Zama's privacy transfer solution is quite interesting; the cost per transaction is only $0.13, which means FHE technology has finally moved from theory to real-world application. Previously, it was all conceptual hype; now, we have real data to support it.
But honestly, I am more focused on the underlying logic— the implementation of privacy stablecoins is actually redefining what "money" should look like. Plasma is also exploring this, with the idea that "Stablecoins should feel like money." It sounds simple, but executing it is the real c

#稳定币发展与应用 Wait, I just saw a detail: ether.fi CEO said that by 2026, Ethereum's growth will no longer be driven by speculative trading cycles? What will it rely on? Native crypto banking? 🤔
Looking closely at this logic—new banks completely shield DeFi complexity, offering ordinary users 4-5% on-chain yields, using stablecoins + self-custody combos. This is indeed a different narrative, shifting from "trading coins" to "saving coins for interest."
But I have to be honest, this sounds a bit too idealistic. Institutional staking, DAT, retail new banks forming a synergistic effect? It sounds go