I've been pondering a particularly twisted issue: this group of us in the DeFi world keeps shouting "decentralization," yet the largest assets in our wallets are either USDT or USDC. It feels like a group of pioneers claiming they want to establish an independent nation, yet they're still using the currency issued by the old king. Isn't that a bit awkward?

It wasn't until I saw STBL @stbl_official that I felt this matter might have a solution.

They do not intend to create a "more powerful" stablecoin, but rather want to simply take the "money printer" switch from a few large companies and distribute it to various project parties themselves. They call this ESS (Ecological Stablecoin).

A simple and straightforward understanding is: in the future, a single chain, an L2, or even a DAO can use the "Lego modules" provided by STBL to issue a proprietary stablecoin backed by on-chain real-world assets (RWA), which the community can mint and redeem themselves, and the profits can flow back to the community.

The pattern of this matter has suddenly expanded. This is no longer a discussion about stablecoins themselves, but about the issue of the "right to issue currency." When each ecosystem has its own "central bank" that can use its own money for settlement, issuing incentives, and governance, that is what is truly called an economic closed loop.

They are not just talking without action. Their first model, USST, is set to upgrade its automated peg mechanism this month (November), allowing the system to become smarter on its own; by the end of December, it will integrate lending and perpetual contracts, making the money truly "usable." Because a stablecoin that can only be observed has no soul.

So, the game of STBL is quite significant. It aims to make "money" itself a programmable and customizable infrastructure.

So, if in the future every chain can issue its own official stablecoin, which ecosystem do you think will be the first to abandon USDT/USDC and fully switch to its own stablecoin?