#稳定币生态 Recently, the popularity of stablecoins has indeed increased. On one side, domestic experts are suggesting pilot programs for stablecoins in free trade zones, while on the other side, the US has already signed the GENIUS Act to bring stablecoins into the regulatory framework.

To be honest, everyone was worried before that stablecoins might threaten banks' traditional business, but after looking at research from Cornell University, I realized—it's not that absolute. Although the market capitalization of stablecoins has skyrocketed, actual data shows there hasn't been a large-scale outflow of deposits. The "stickiness" of bank accounts is stronger than expected—after all, mortgages, salaries, and credit cards are all tied to them, and users are reluctant to bother switching.

What's even more interesting is that, although stablecoins can't kill banks, they are forcing banks to raise interest rates and improve efficiency. It's like the "threat of exit" itself has become a weapon to push traditional finance to evolve. The most obvious improvement in efficiency is in cross-border payments—what used to take days to settle can now be done instantly on the blockchain with stablecoins, which is the real benefit.

It feels like this isn't a zero-sum game, but rather a process where two forces are driving each other forward. As the regulatory framework becomes clearer, this situation could actually accelerate.