A very interesting article in *Fortune*—the "Genius Act" that took effect last July has begun to disrupt the $9 trillion global remittance market. What does this mean? The confrontation between crypto payment companies and traditional giants like Western Union and MoneyGram is set to escalate.

First, let's talk about the changes in stablecoins. Originally, stablecoins were mainly used to hedge against volatility during transactions, but if they can truly establish a foothold in the massive cross-border remittance market, they will become a payment tool backed by real demand—no longer solely maintained by coin price speculation. This represents a significant boost to the credibility of the entire crypto ecosystem.

Next is the reversal of the competitive landscape. Traditional remittance companies face a dilemma: adopting low-cost stablecoin solutions can reduce costs, but it directly threatens their vested interests. This is the classic "innovator's dilemma"—burdened by historical baggage and slow to adapt. In contrast, crypto-native payment companies, unencumbered by such baggage, can leverage technological advantages to quickly seize market share.

The deeper significance lies in the fact that traditional financial infrastructure is being pushed to integrate blockchain technology. Ultimately, they will realize that rather than clinging to old models, it’s better to treat blockchain as a cost-reduction tool. As a result, blockchain shifts from being an "opposing system" to an "enhancing system," opening up new possibilities for the long-term development of the crypto industry.