#稳定币发展 Looking back at the development of stablecoins, one can't help but feel a surge of emotions. From the initial dominance of USDT to the rise of USDC, and now the emergence of white label stablecoins, the entire industry landscape is quietly changing. In the past, we focused on who issued stablecoins; now, what matters more is who holds the distribution rights. Applications and public chains with strong user bases and distribution capabilities are redefining the stablecoin economy.

Taking Hyperliquid as an example, by launching their own USDH, they can capture $220 million in revenue that would originally flow to Circle and Coinbase each year. Jupiter, MegaETH, and others are also following suit. This is not just a simple transfer of income, but a reshaping of ecological value. These revenues can be used for token buybacks, funding development, and subsidizing users, creating a virtuous cycle.

However, not all public chains can act swiftly. Mature ecosystems like Solana face more complex challenges. An annual loss of about $500 million in revenue has even indirectly funded competitors like Base, and this situation needs to change. However, coordinating numerous stakeholders is no easy task, and the consideration of maintaining "trustworthy neutrality" also limits their room for action.

For investors like us who have experienced multiple cycles, this is undoubtedly a brand new perspective. In the future, when evaluating a project, it's not only important to look at on-chain activity but also to follow its ability to effectively capture and utilize stablecoin earnings. Projects that can successfully complete this transformation will stand out in the next bull market. After all, in this rapidly changing industry, only continuous adaptation and innovation can ensure survival.