For a long time, I have held a relatively indifferent attitude towards the application of two types of crypto assets:

First, payments based on crypto assets (such as stablecoins);

Second, purchasing tokenized stocks or tokenized physical assets on-chain.

(Note: Here, I specifically refer to scenarios where humans, rather than AI, use crypto assets. I have previously shared my optimistic views on AI using crypto assets.)

For users in China, who live in a context completely covered by internet payments, I really cannot see why we still need payments based on crypto assets when WeChat and Alipay are already so developed.

In fact, even if crypto assets are legal in our country, I still do not see what their advantages are in everyday payment scenarios compared to WeChat and Alipay.

Transferring money using crypto assets is not as fast as WeChat or Alipay; the transaction fees are higher than those of WeChat and Alipay; the use of wallets and the storage of keys are also more complicated than WeChat and Alipay…

Not only in our country, but even in the United States, where crypto assets are completely legal, I do not see their particular advantages. From what I have observed, aside from some companies in the crypto ecosystem pushing for crypto payments in conjunction with AI, it seems that crypto payments are still not mainstream in the daily lives of Americans.

As for purchasing tokenized stocks or tokenized physical assets, it is even more so:

Here, many people can completely purchase stocks from other countries through legal means. Why would they take the risk of breaking the law by converting fiat currency into stablecoins and then using stablecoins to buy tokenized stocks?

In the United States, it goes without saying that people can legally and compliantly use all means to purchase all assets. Why would they take a detour?

Of course, tokenized stocks can be traded on-chain around the clock, but this is only meaningful for high-frequency trading users. For most ordinary retail investors and long-term investors, it seems to have less significance.

Recently, while listening to an audio clip, a trend expert from the internet era mentioned a scenario:

Nearly 2 billion people globally still cannot access the internet, let alone enjoy modern financial services. In the future, this group will achieve connectivity through Starlink and, at the same time, will have unobstructed access to crypto assets as they go online. This group will be the native population of crypto assets and a potentially significant user base for crypto assets in the future.

After hearing this prediction, I thought it made logical sense, but it still felt too distant for me because I found it hard to imagine their circumstances and situations. So I merely regarded it as a kind of vision and expectation.

It wasn't until recently that I read an article from "Dongcha" titled "Underground Argentina: Jewish Money Houses, Chinese Supermarkets, Laid-back Youths, and the Middle Class Falling Back into Poverty" (original text can be found in the reference link at the end) that I had a significant change in perspective regarding the two crypto application scenarios mentioned above.

In this article, the author describes how ordinary people in Argentina, a South American country suffering from severe inflation, use crypto assets (more accurately, stablecoins) to protect their assets, obtain remote income, and conceal their tax information…

In this country, the use of crypto assets is by no means the lofty "idealism" it sounds like, nor is it a flashy behavior; rather, it is an essential means of economic survival for both the wealthy and the common people.

This resilient and widespread use across society is the most solid and substantial use case for technology, and it is also the most vital and persuasive evidence of technology's impact.

If payments based on stablecoins have become an absolute necessity in a country like Argentina, then what will be the most convenient means for the newly emerging middle class and wealthy individuals in that country to invest and manage their finances in the future?

Undoubtedly, it will be fully on-chain assets based on blockchain technology. In that virtual world, they will not be restricted by banks, brokers, or precious metal exchanges; they can freely purchase and invest in any asset in the crypto world through a wallet, including native crypto assets, tokenized government bonds, tokenized stocks, tokenized derivatives, and tokenized precious metals…

This is similar to what is happening in our country today: many young people have long stopped using banks and brokers, instead directly buying precious metals and index funds through Alipay and WeChat…

So, from this perspective, for the people of Argentina, payments based on stablecoins and investments in RWA assets must be a necessity.

In the past, we mainly focused on ourselves and developed countries. In these countries, due to a very mature and developed financial system, we seem to see no high-frequency use cases or necessary scenarios for crypto assets in daily life, and can only observe their use as investment or speculative products.

However, for countries like Argentina and even some more underdeveloped developing countries, the role that crypto assets may play in their daily lives is fundamentally important and unimaginable to us.

The example of Argentina also illustrates that today's crypto assets and applications are no longer just flashy technologies; they are rapidly becoming inclusive technologies and applications that are spreading globally at an unimaginable speed.

Reference link:

https://x.com/BeatingOfficial/status/1997880282163134587

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