Stablecoins, the main battlefield of the cryptocurrency industry
In the recent backdrop of repeated fluctuations in the cryptocurrency market and rapid capital rotation, stablecoins are gradually becoming one of the most practically demanded and feasible tracks in the entire industry.
This momentum does not come from price performance, but from the way it is used.
The long-discussed triangular dilemma of encryption technology—efficiency, decentralization, and secure settlement—has always been difficult to balance in most assets; however, with stablecoins, these three conditions are simultaneously met for the first time, and it's not theoretical, but being widely utilized.
From speculative assets to financial tools
The core positioning of stablecoins is not 'worth investing in', but rather a widely used financial tool.
Its purpose is very simple:
Not for the sake of rising, but to solve the recurring, yet long-term inefficient financial problems in reality, such as:
Cross-border transfers and remittances
Payments and settlements
Capital flows in international trade
In these scenarios, the value of stablecoins comes not from price fluctuations, but from improvements in speed, cost, and accessibility.
For users, whether they are 'using cryptocurrencies' is not important; what matters is whether the funds can arrive faster, whether the fees are lower, and whether the settlement is trustworthy.
This also leads to a key phenomenon: stablecoin users do not believe they are using cryptocurrencies.
Stablecoins are more often wrapped in payment, finance, or enterprise services, becoming part of backend infrastructure.
This is a crucial landing, because users do not want to understand the underlying technology, which is the blissful ignorance of consumers.
Imagine how painful it is to transfer to the wrong chain!
The actual use of stablecoins as 'digital dollars'
In many regions, the dollar has long been viewed as a value preservation tool, but the cost of acquisition is high and circulation is inconvenient.
Stablecoins provide a more efficient form of dollars in such an environment:
No need to directly contact the traditional banking system
Can be accessed and transferred in real-time via the internet
Costs significantly lower than existing financial channels
This is a financial innovation, which is the 'decentralization' of currency, an open competition in the form of issuance.
Indeed, the base currency of the dollar can still only be created by the Federal Reserve;
But stablecoins allow 'how the dollar is used, how it circulates' to be open to competition among multiple issuers for the first time.
In other words, although the source of the dollar is still centralized, the appearance of the dollar is beginning to decentralize.
In these use cases, the success of stablecoins does not arise from faith in crypto technology, but because they are practically better than existing systems.
The intersection of traditional finance and the crypto industry
Compared to highly volatile crypto assets, stablecoins have several characteristics that institutions cannot ignore:
The narrative is simple: 1:1 corresponds to the dollar
Easier to be included in regulatory frameworks (Genius Act)
Easier to integrate with existing financial products (RWA, derivatives, settlement systems)
This makes stablecoins a common language between capital, regulation, and technology, and an important foundation for the crypto industry to move towards institutionalization and large-scale application.
High demand means that competition has just begun
When a track has clear demand, practical scenarios, and institutional space simultaneously
The outcome often has only one: intensified competition.
There are crypto-native teams, financial institutions, and issuers backed by large platforms joining the battlefield
Different strategies, different sources of trust, but the goal is the same: to seize the entry point for dollar settlement.
Including various stablecoins recently listed on Binance: $U , $USD1 , $RLUSD ... etc.
All reflect that this war has already entered a smoke-free beginning
Who will be the final winner?
The real winners are no longer the ones who win on price
But winning in the true sense of going beyond the circle
