#稳定币发展 Looking back at the past, the development of stablecoins has been truly spectacular. From initially relying on public chains like Ethereum to now, where giants are building their own dedicated networks, each step carries profound significance. Circle launched Arc, Tether released Plasma and Stable, and Stripe partnered with Paradigm to introduce Tempo. This series of actions highlights the ambition of industry giants to reconstruct the value chain.

These emerging stablecoin public chains are not merely simple technological upgrades; they represent a complete restructuring of the financial infrastructure. Through vertical integration strategies, they firmly control the issuance, trading, and clearing processes, addressing the pain points of value distribution and laying the groundwork for future innovation.

Particularly noteworthy is that these public chains have made numerous optimizations in their design for payment scenarios. From sub-second confirmations to built-in payment primitives, and to multi-currency Gas fee designs, all reflect a deep consideration for user experience and development flexibility. These advancements may give rise to entirely new business models, such as innovative applications like "agent payment" aimed at AI agents.

However, from a historical perspective, the significance of this transformation goes far beyond that. It is likely the most profound reconstruction of the global financial architecture since the invention of double-entry bookkeeping and the modern banking system. Just like the promissory notes of Venetian merchants and the multinational banking network of the Rothschilds, stablecoin public chains are expected to redefine the way value flows, injecting new vitality into the global economy.

Of course, this transformation inevitably brings challenges. Traditional financial institutions, especially banks, are under pressure to redefine their roles. From a broader perspective, the global expansion of the dollar stablecoin is, to some extent, a continuation of dollar hegemony in the digital age, which will undoubtedly trigger complex geopolitical games.

Overall, 2025 can be seen as the inaugural year of stablecoin public chains. We are standing at a historic juncture, witnessing the birth of a more open and efficient global payment network. For industry participants, closely monitoring the movements of these giants and deeply understanding their strategic layouts will be key to grasping future trends. After all, in this transformation that reshapes financial infrastructure, opportunities and challenges coexist, and only those who can gain insight into the early movers will have the advantage in future competition.