#稳定币 Seeing institutions like Tether, Circle, and Ripple one after another gaining trust bank licenses, and watching ADNOC deploy AE Coin at gas stations and Interactive Brokers open stablecoin deposit channels, I am reminded of the scene back in 2017—when people were still debating whether Bitcoin could be used to buy coffee. Now, stablecoins have been integrated into gas stations, securities accounts, and football club operations.

This is no small matter. It is a signal of cyclical overlay.

I remember when stablecoins first emerged in 2018, Tether was dominant, and skepticism was constant. At that time, everyone thought stablecoins were just trading pairs, at best a tool for exchanges. But now, the change is a qualitative leap—from a pure trading medium to a payment infrastructure, and then to an entry point for financial asset custody.

Tether’s move to acquire Juventus for 1 billion euros seems ambitious, but the logic behind it is quite clear: it is leveraging the global influence of a sports brand to push stablecoins from the crypto world into mainstream consumer scenarios. This is not sponsorship; it’s infiltration. Meanwhile, the OCC’s approval of trust licenses for five institutions effectively provides these companies with direct access to the traditional financial system—Fedwire, CHIPS—previously restricted zones.

I believe this timing is critical. The stablecoin supply has surged from 130 billion at the beginning of the year to 310 billion, a 140% increase. This growth rate is not volatility; it is demand-driven. From the payment side with ADNOC’s deployment, from the institutional side with IBKR’s openness, and from the regulatory side with the US’s shift—these three dimensions are advancing simultaneously. What does this indicate? It shows that stablecoins are no longer just a game for crypto natives; they have officially become a bridge connecting two financial systems.

History tells us that whenever infrastructure upgrades are completed, applications will explode. Between 2013-2014, improvements in exchange entry and exit channels led to the market boom of 2015-2016; the launch of futures in 2017 directly fueled that year’s frenzy. The current logic is similar, just more profound—comprehensive deployment of payments, custody, and compliance. Stablecoins are no longer fringe assets; they have become the main arteries of two financial worlds.

But there are also traps. Some worry that this is luring retail investors out of DeFi, using stablecoins to trap liquidity. This concern is not unfounded, but my view is that this is an inevitable part of market maturation. The true winners are those who understand this turning point and position themselves early.