Stablecoins are completing a narrative leap from being a trading medium in the crypto market to becoming a core component of global payment infrastructure.

In 2024, the on-chain transaction volume of stablecoins reached $27.6 trillion, surpassing the total transaction volume of Visa and Mastercard for the first time. By the first half of 2025, this figure climbed to $8.9 trillion. The proportion of enterprises using stablecoins in cross-border payments and supply chain settlements grew by about 25% in 2024.

Against this backdrop, the stablecoin chain sector is set to experience explosive growth in 2025.

In October, Tempo, a payment public chain co-incubated by Stripe and Paradigm, successfully recruited Ethereum core developer Dankrad Feist. His addition, a top developer who has been deeply involved in Ethereum core research since 2018 and has made significant contributions to scaling technologies like Danksharding, marks a decisive entry of traditional payment giants into the stablecoin infrastructure space.

"Stablecoin first stock" Circle is also making frequent moves. In its Q2 2025 financial report, Circle announced its latest layout: a dedicated stablecoin Layer 1 public chain named Arc. Arc is designed specifically for stablecoin finance and asset tokenization, is EVM compatible, and focuses on scenarios such as global payments, foreign exchange, and capital markets, aiming to address issues like transaction fee volatility, settlement uncertainty, and lack of privacy faced by existing public chains in enterprise applications.

In this race, Tether-supported Plasma is undoubtedly the most dazzling star. With a hot pre-deposit campaign and impressive market performance post-TGE, Plasma quickly became the market focus. Within less than two weeks of its mainnet launch, its TVL surpassed $6.3 billion, briefly ranking sixth among public chains by TVL. Users participating in the pre-deposit were allocated XPL tokens worth at least approximately $8,390. From token performance to ecosystem enthusiasm, Plasma has almost occupied the C position in all discussions about "stablecoin chains."

As another stablecoin L1 project deeply tied to Tether, Stable is also positioned in the payment infrastructure but maintains a relatively low profile amid the market noise. On October 24 at 9:10 AM Beijing time, Stable announced the launch of its pre-deposit campaign, which reached its deposit limit within 2 minutes.

While all eyes are on Plasma, what exactly is Stable doing? What is the division of labor logic between it and Plasma? Why do the two chains, both backed by Tether, choose such different market strategies? In the competition for stablecoin payment infrastructure, how will Stable break through?

Recently, BlockBeats engaged in an in-depth dialogue with Stable CEO Brian Mehler, discussing its technical architecture choices, ecosystem cooperation strategies, synergy with Tether, responses to global regulatory trends, and the practical application logic of stablecoins on the enterprise side, attempting to restore the true picture of this "underrated" stablecoin chain. Here is the original dialogue:

Competition with Plasma and Other Stablecoin Chains

BlockBeats: Before we start, could you give us a brief self-introduction? Why did you decide to join the Stable team?

Brian Mehler: My name is Brian Mehler, and I am the CEO of Stable. I come from the traditional finance industry, and in 2018, I was fortunate to join the Block.One team and participate in the launch of the EOS fund. This is an ecosystem fund with a total scale of $1 billion, aimed at supporting the development of the EOS blockchain ecosystem. Since then, I have managed several venture capital funds and provided asset management services for some individual investors.

Earlier this year, I was invited to join the Stable team. The founding team of Stable consists of very experienced entrepreneurs who have worked on many projects before. I was lucky to have collaborated with them in some roles in the past. They are very clear that the team needs an "executor," someone who can truly bring the vision of "bringing traditional finance on-chain" to life. My experience in venture capital and corporate operations complements their needs perfectly. So when they invited me to join, I felt it was a very natural decision.

BlockBeats: Let's talk about the popular "free transfer" feature of stablecoin public chains. Stable offers a gas-free USDT0 peer-to-peer transfer function while using gasUSDT as its native gas token. Is this free transfer feature mainly to compete with similar products like Plasma?

Brian Mehler: The introduction of the gas-free peer-to-peer transfer function is actually part of our core mission. We hope to truly push stablecoins into the mainstream with this feature. This not only enhances the experience for individual users but also greatly assists enterprises in fund management and payment processing.

In the past, the price volatility of gas tokens has always been a pain point for users when trading on-chain. We hope to eliminate this barrier, making the Stable chain and our stablecoins more suitable for commercial scenarios and easier for ordinary users to accept. To this end, we are actively seeking partners to help promote this goal.

Gas fees generated by stablecoin transactions account for 98.7% of the total gas fees on the Tron network
Source: token terminal

We are not passively responding to market competition; we are proactively proposing solutions. For example, we chose USDT as the native gas token on the chain, which is a significant differentiating advantage and can bring real value to users.

The Stable chain payment network we are building will redefine the way funds flow, addressing various existing obstacles. Currently, many obstacles stem from the volatility of gas tokens. In the future, these issues will no longer exist. For instance, if you want to transfer a small amount of money to your family or send a cross-border remittance as a thank you, you no longer have to worry: "Do I have to pay an extra 10% fee?" We are working hard to eliminate these concerns, hoping to make these payment actions as simple as sending a message.

So I believe this feature is not only suitable for ordinary consumers but also very suitable for enterprises' needs in cross-border payments and fund circulation.

Additionally, from the operational perspective of the chain, although USDT is the native gas token on the Stable chain, it is actually priced in the form of "gasUSDT." This design allows us to build a unified system where transactions and fees are settled in USDT, achieved through an account abstraction layer. This means that users do not need to worry about different types of balances; they only need to see a unified number or transaction amount.

This mechanism brings a "gas-free" user experience. For users, the underlying technical details are completely shielded, and no manual conversion or operation is required. Therefore, when conducting peer-to-peer transfers of stablecoins on the Stable chain, the price remains consistent, and the process is efficient and seamless.

BlockBeats: Not long ago, Plasma's native token XPL launched and received a strong market response, with its valuation quickly rising to billions of dollars, and early investors seeing returns of over 220 times. Meanwhile, the Stable team has remained silent, with some saying you lost to Plasma in the Go-To-Market strategy. How do you view this perspective?

Brian Mehler: I believe stablecoins are currently a very hot sector, and it doesn't seem to be cooling down in the short term. I think we all saw related news last week, and the asset management scale of stablecoins is reaching new milestones. We are very excited about this growth trend, not just because of the push from the "Genius Act" in the U.S., but also because many countries around the world are actively formulating new regulations and regulatory frameworks to support the development of stablecoins.

We are glad to be part of this and are very confident in the products we are about to launch. We have strong partners and a team that has been pushing the project together from day one and continues to expand. I am very excited about all of this.

Additionally, you mentioned different participants in the market; I want to add a point that may not have been noticed by everyone: Stable is a Layer 1 protocol, which means we can provide users with higher speed and transaction confirmation efficiency from the launch stage, rather than relying on Layer 2 solutions. We understand that there are various projects in the market and welcome their participation. A rising tide lifts all boats, and the entire ecosystem will benefit.

So we are looking forward to seeing the development and expansion of the stablecoin chain market. We hope to become, and are working hard to become, a very key player in this sector, whether next week or in the coming years.

BlockBeats: Many people are curious about the relationship between Stable, Plasma, and Tether. Can you also talk about the relationship between Stable and Tether? And what are the positioning and differences between Stable and Plasma?

Brian Mehler: From day one, Stable has received support from Tether CEO Paolo, who is one of our advisors. He has provided a lot of help in the design process of our products, ensuring that we are building a stable foundation that users truly need. We are also continuing many of Tether's philosophies, such as making funds more accessible, flowing faster, and achieving zero-fee transfers.

Stable focuses on building high-performance payment infrastructure, and the Stable chain uses USDT as its native gas token, which is one of our major features. I want to say that the products launched by Tether, especially USDT, are a core component of our Layer 1 construction. Whether it's USDT, USDT0, or future collaborations with other projects, we are very focused on USDT and hope it can drive the expansion of the global market, which is also Stable's goal.

At the KBW summit, USAT CEO Bo Hines (center) and Stable CEO Brian Mehler (right) discuss the institutional future of stablecoins
Source: Stable official website

BlockBeats: Currently, Plasma seems to have some "first-mover advantage," having established partnerships with mainstream DeFi projects like Aave and Ethena after its mainnet launch, with TVL rapidly growing to over $2 billion. Does Stable also have confirmed ecosystem collaborations with financial institutions or DeFi protocols?

Brian Mehler: I don't have any particularly groundbreaking news to announce today, but I can share some recent progress we've made.

One important piece of news is the investment from PayPal Ventures. PayPal is a global fintech giant that has long been entrenched in traditional finance, with millions of users. They have made a strategic investment in Stable. Part of this collaboration involves bringing their stablecoin, PYUSD, onto the Stable chain. This not only expands the distribution channels for PYUSD but also enhances its utility and liquidity.

I believe this is a great collaboration model, demonstrating that we are not only working with investors but also driving ecosystem development with strategic partners. We look forward to announcing more key content in the coming days, and I will reach out to you as soon as we do.

BlockBeats: PayPal Ventures has been very active recently in the stablecoin and AI agent payment space. What are your thoughts on their positioning in this direction?

Brian Mehler: I can't speak on behalf of PayPal or PayPal Ventures, but I can share some of my personal observations and understanding. Their core business revolves around transferring funds between people, and for the past few decades, they have relied on traditional payment infrastructure that dates back to the 1970s. This system has many frictions, such as transaction delays and poor user experience.

More importantly, they do not have complete control over the ecosystem they operate in and must constantly respond to user feedback regarding fees, speed, and experience. So, if they can find a solution, such as integrating stablecoins or other new mechanisms, to enhance the customer-facing product experience, I think this is a direction they are very willing to explore and invest in. This not only optimizes user experience but also improves the efficiency and flexibility of the entire payment ecosystem.

Stable's Technical Philosophy and Strategic Positioning

BlockBeats: Next, let's talk about Stable's strategic positioning. Stable positions itself as a high-performance Layer 1 designed specifically for institutional settlement and B2B cross-border payments. Given that most of the current transaction volume for stablecoins comes from DeFi and retail trading, why did you choose to prioritize the slower, more complex institutional market?

Brian Mehler: In fact, it's quite the opposite; this was a conscious choice we made from the very beginning in our product design and market strategy.

At the project's inception, we decided to focus on the institutional market because we clearly saw an opportunity: the potential to fundamentally change the way global payments are processed. In building Stable, we realized that if we could create a high-performance Layer 1 blockchain specifically for institutional settlement and support cross-border B2B payments, it would truly transform the future payment infrastructure. It would not only be faster and more secure but also scalable to meet the actual needs of enterprise clients.

The monthly settlement amount for B2B stablecoins has grown from less than $100 million at the beginning of 2023 to over $3 billion by early 2025
Source: Stable official Medium

Of course, we are also very concerned about the user experience for individual users and consumers. However, we want to ensure from the outset that Stable's design possesses "currency-grade" operational capabilities, meaning it must support large-scale usage.

Our goal is to make stablecoins an indispensable part of everyone's daily financial life, including achieving real-time settlement and a highly predictable financial operation experience.

BlockBeats: You mentioned earlier that Stable's underlying design aims to address various pain points in payment systems. For the financial institutions you serve, what is the most critical assurance? Is it ultra-low latency, or the ability to guarantee predictable transaction costs under any network load?

Brian Mehler: I believe the most critical technical assurance for financial institutions is to provide an inclusive and highly predictable solution that ensures controllable transaction costs and final confirmation of transactions. These are actually pain points we recognized early in the project, but they have not been well addressed for a long time.

Regardless of network conditions, we hope to solve these issues through Stable. Currently, many enterprises using stablecoins often encounter severe fluctuations in gas fees, making transaction costs unpredictable. This poses a significant challenge for CFOs, as it is difficult for them to accurately determine which costs can be passed on to customers and which need to be absorbed.

Additionally, exchange rate fluctuations between different currencies can introduce further uncertainty. Coupled with slow settlement speeds, these factors can turn the use of stablecoins into a "trap" in certain scenarios. Therefore, when designing Stable, we systematically optimized for these challenges. We chose to use USDT as the native gas token, fundamentally eliminating the volatility of gas fees, allowing enterprises to clearly understand the costs and delivery fees of the entire process before initiating a transaction.

Moreover, we have achieved sub-second transaction finality. Compared to the uncertainty in confirmation times on traditional networks, Stable provides a stable and fast settlement experience. This not only addresses cost control issues but also significantly enhances transaction efficiency. We believe this will greatly improve operational efficiency for enterprises and expand the application space for stablecoins in more practical scenarios in the future.

BlockBeats: One very special feature of Stable is called "Guaranteed Blockspace," which reserves a portion of fixed network capacity for enterprise clients, ensuring their transactions are prioritized. What are the main commercial application scenarios for this mechanism?

Brian Mehler: I'm glad you brought this up. "Guaranteed Blockspace" is one of our most differentiated core features for enterprise clients.

As we mentioned earlier, many blockchain networks currently experience significant fluctuations in transaction fees and confirmation times. For example, if you initiate a $100,000 transfer using USDT today, you might only need to pay $2 to $3 in fees. But later in the day, as different markets come online and network congestion increases, that fee could soar to $20, $30, or even higher.

For enterprises, this uncertainty can greatly impact their business plans. Sometimes they can be profitable, while other times they might incur losses due to soaring costs. I don't think any company wants to face such risks. Through "Guaranteed Blockspace," we have created a "fast lane" for enterprises on the Stable network. Enterprises can ensure their transactions are prioritized for inclusion in the next block through subscription or pay-per-use models.

These fees are also paid in USDT, allowing enterprises to clearly understand the cost of each transaction before proceeding. Through the subscription model, they can even estimate their total costs for the month in advance, eliminating concerns about the uncertainties brought by gas price fluctuations and the need for additional hedging operations. The costs of the entire transaction process are locked in and predictable.

BlockBeats: In extreme situations of market volatility and high network congestion (such as during the recent market crash when many public chains like Ethereum and Solana experienced soaring gas fees, network congestion, or transaction failures), how does Stable ensure that critical enterprise transactions are not affected?

Brian Mehler: The situation you mentioned can actually be divided into two aspects: one is network congestion, and the other is token price volatility.

For the issue of token volatility, we can address it well. Since we use USDT as the native gas token, it is a stablecoin that everyone is familiar with, with stable prices that do not fluctuate as dramatically as other crypto assets, thus eliminating one of the uncertainties.

As for network congestion, general-purpose Layer 1 blockchains, while powerful, are not specifically designed for payment scenarios. From the very beginning, we focused on building a dedicated network aimed at enabling payments to truly operate at scale.

Therefore, on Stable, you won't encounter the high congestion situations seen on other chains. Our focus is on the circulation of stablecoins, and we do not have a large number of non-payment applications like games or meme coins occupying network resources.

BlockBeats: Plasma's security relies on the Bitcoin network, which can be understood as a sidechain or Layer 2 of Bitcoin. In contrast, Stable uses its own POS Layer 1 and Stable BFT security framework. How do you view the differences between these two architectures? From the perspective of institutions that place a high emphasis on security, how can a self-secured BFT mechanism compare to the mature security model of the Bitcoin network?

Brian Mehler: The security of Bitcoin is indeed very mature, but the Stable BFT you mentioned is a mechanism we specifically designed for stablecoin transaction scenarios, rather than applying a system originally designed for other purposes. We have been architecting around this theme from the very beginning.

Stable BFT can achieve fast final confirmation and high throughput, which are characteristics that institutional users highly value. While ensuring security, we also prioritize performance to ensure it is truly applicable to the market we are targeting. Specifically, Stable BFT can provide sub-second final confirmation, allowing institutions to gain certainty immediately after a transaction is completed, rather than waiting 15 to 20 minutes or even longer as on other networks.

At the same time, it can maintain stable performance under high loads, meeting the reliability standards required for financial-grade settlements. This is precisely the goal we are striving to achieve.

BlockBeats: For example, you have already announced and implemented OPE (Optimistic Parallel Execution) and DAG consensus mechanisms, demonstrating that Stable is continuously undergoing technical upgrades. Can you share how Stable's development roadmap will support B2B payments or the development of the entire ecosystem?

Brian Mehler: Of course. I believe these are two key technical upgrades we are very much looking forward to, and we plan to officially launch them in the version early next year. These upgrades are something we have been actively promoting to ensure that the Stable chain can compete in performance with other high-performance Layer 1 blockchains.

I believe these technologies are crucial for building a future-adaptive architecture. Current B2B capital flows not only require predictability in transaction finality but also the execution efficiency of global payments. We must possess the scalability that traditional financial market participants have. OPE allows us to process independent transactions in parallel, significantly enhancing network throughput and reducing latency. The future introduction of the DAG system aims to accelerate transaction confirmation speeds while further improving efficiency without sacrificing network reliability.

The operating mechanism of OPE
Source: Stable official documentation

The combination of these two mechanisms will ensure that the Stable chain has good scalability and promote widespread adoption among institutional users. Through the implementation of these technologies, we are preparing for the upcoming growth demands in the market while avoiding the scalability bottlenecks caused by complex architectures in traditional financial systems.

BlockBeats: Assuming that in the future, Stable successfully captures the B2B and institutional settlement market while Plasma dominates the broader retail market, do you think that relying solely on B2B business revenue can sustain the L1 infrastructure and validator incentives in the long term?

Brian Mehler: We believe that capturing high-margin B2B and institutional settlement flows can indeed provide the necessary support for the Layer 1 we are building. Our focus is on continuously creating exceptional value for these clients while ensuring the stable operation of the infrastructure and maintaining the sustainability of the validator incentive mechanism.

Moreover, as the application scenarios for stablecoins continue to expand, more exciting new opportunities will emerge in the market. This not only deepens our existing market but also includes the emerging fields we are actively entering. Whether on the institutional side or the retail side, we are synchronously laying out in both directions.

As the platform develops, we will launch more integrated solutions, collaborative projects, and cross-domain collaborations. Ultimately, our users will truly gain value in multiple scenarios. We certainly do not want to limit Stable to a specific audience or vertical. We believe this network has the potential to cover a broader market.

BlockBeats: Currently, the competitive landscape for stablecoin chains is becoming increasingly intense, with Circle launching Arc, Stripe launching Tempo, and Stable and Plasma being seen as Tether's "internal race." Can you talk about how Stable can attract more use cases to migrate to Stable for settlement?

Brian Mehler: That's a great question. Stable is actively promoting collaborations in various fields, including commodity trade and financial services. Many third-party transactions that are being brought on-chain are a key focus for our business development team. Especially in emerging markets where Tether has already established a strong influence, they have fundamentally changed the local banking systems and capital flow, which we value greatly.

We have established some partnerships and will announce them in the coming weeks. These collaborations will help us quickly bring a large influx of capital into the Stable chain. These emerging market corridors are where USDT is already solving real-world problems, and we are simply riding the wave to meet existing market demands.

We are very focused on the regions where Tether has already brought about transformation and look forward to further amplifying this influence to make capital flow more freely and efficiently.

BlockBeats: Another competitor you face is the Tron network, which many USDT whales and users currently rely on. What specific features or incentives will Stable use to attract these users to migrate from the Tron network to Stable?

Brian Mehler: I believe some of the features we offer, such as the previously mentioned "Guaranteed Blockspace" and "sub-second finality," are very critical for enterprises. These are elements that enterprises highly value when pursuing efficiency and reliability. The infrastructure of Stable is specifically designed for large-scale transactions, and the costs are very low. Therefore, for institutional users currently operating on other chains, we present a very attractive alternative.

They may find that continuing to use their existing infrastructure is becoming increasingly unfeasible, while Stable offers a faster, cheaper, and safer option. I would say that capital always flows to the path of least resistance. If we can eliminate these friction points, we will naturally see capital start to flow our way.

The Future of Stablecoin Regulation

BlockBeats: Next, let's talk about regulatory issues. Stable is developing a "confidential transfer" mechanism that hides transaction amounts while retaining addresses to meet compliance requirements. How important do you think this feature is in winning over regulated institutional clients?

Brian Mehler: We have invested a lot of effort into this issue, not only listening deeply to the voices of enterprise clients to understand the real needs of the institutional market but also placing great importance on compliance issues in different jurisdictions. This is a very large and complex system, and we must become experts in this area.

Currently, we are exploring various innovative ways to implement the "confidential transfer" mechanism, aiming to attract institutional clients who have high privacy protection requirements while also being subject to regulatory constraints. We hope they can enjoy the benefits of privacy protection while ensuring compliance when handling sensitive data. This is a topic they care deeply about. We are advancing from both regulatory requirements and customer needs, and once we are ready, we will announce more details publicly.

BlockBeats: Will the rules for this feature differ in different countries or regions?

Brian Mehler: At this point, we do not have specific information to disclose, as this work is still in progress. But it is certain that we will ensure the entire system is designed with compliance and structural integrity in mind. Our goal is to create a payment infrastructure that can support global-scale expansion, and compliance is an indispensable part of that.

BlockBeats: Stable's goal is to achieve complete decentralization of the validator set. However, we also know that institutions often prefer to work with controlled, known validators to meet compliance and reliability requirements. How will Stable balance the concept of "open participation" in the crypto world with institutions' need for a "permissioned validation environment"?

Brian Mehler: We fully understand that having reliable validators is crucial for institutional clients. Our goal is to create a network environment that encourages permissionless participation while ensuring that the validators on the chain meet the necessary compliance and performance standards. The key is to find a suitable balance that allows the network to remain open while providing the stability and trust assurances that institutional users require.

BlockBeats: Do you think the main service targets for stablecoins in the future will be the consumer-to-consumer (C2C) market or the business-to-business (B2B) market?

Brian Mehler: I think it will be both. From market performance, we can clearly see this trend. The total deposits and transaction volumes of stablecoins are continuously growing. The retail side indeed contributes a large number of transactions, while the institutional side holds a larger volume of funds.

This is very similar to banking operations in traditional finance, and account management on the chain is also showing a similar structure. The combination of the two helps balance the overall transaction frequency and transaction scale. This dual participation model is very beneficial for the development of the entire ecosystem.

BlockBeats: What do you think the application scenarios for stablecoins in institutions will be in the future? Enterprises already have very mature traditional financial systems to handle scenarios like fund transfers and payroll. Why would they turn to stablecoins?

Brian Mehler: If you ask any CFO or business leader of a multinational company, they will surely tell you about the various pain points in the current financial network, such as unexpected fees or transaction delays.

For example, using the SWIFT network for cross-border transactions is not easy; many people cannot use it smoothly. Sometimes banks do not support it, or you need to pay a $100 fee to send $50. With the acceleration of global information flow, payment systems must keep pace. The current settlement processes may take T+2, T+3, or even T+4, which is very detrimental to business operations.

For instance, payroll: if the end of the month is a holiday and the next day is Monday, when does the CFO need to prepare the funds to pay global employees? They might need to have it ready by the previous Wednesday. This means that funds must leave the account a long time in advance. By using stablecoins, enterprises can align more closely with actual payment times, even completing payments on holidays.

Consumers and employees live their lives 365 days a year and should not have to wait for bank business days to receive their salaries. Global holidays vary, and many delays are unpredictable because no one can remember all the calendars of different countries. So, why can't stablecoins enable instant, global, frictionless payments?

BlockBeats: How do you view the impact of the future regulatory environment in places like the U.S. and the EU on the competitive landscape of the stablecoin sector?

Brian Mehler: This is something I am very much looking forward to; it is exciting to see regulations gradually taking shape. We have been closely monitoring regulatory developments globally, and I personally attended the launch event in New York.

What reassures me is that many of the participants are old friends I have known in the industry for the past decade, and there are also many from the traditional banking system— I remember in 2018, they were even reluctant to discuss anything related to stablecoins. Now, individuals, companies, and even large institutions from different backgrounds are actively embracing on-chain technology.

The "Genius Act" provides the necessary regulatory framework for institutions, especially large banks, allowing them to start accepting and adopting this new technology. They have realized the effectiveness of this technology, and that is no longer the issue.

Banks and financial institutions are aware that blockchain can solve many long-standing pain points they face, and the past barriers were mainly due to the lack of a clear regulatory framework. Without clear judicial coverage, they could not fully embrace this technology. The introduction of the "Genius Act" has completely changed this situation. For example, the launch of USAT is a great example.

This is indeed exciting. I still remember after the Stable project was officially announced, we held a large offline event in New York and co-sponsored the Korea Blockchain Week. I was sitting on stage next to the CEO of USAT, discussing how regulation could reshape the market landscape. This work is primarily aimed at eliminating fees and frictions in cross-border transactions, allowing payments to flow smoothly. Nowadays, TikTok can allow content to spread freely, but capital still struggles to flow efficiently.

The faster and smoother capital flows, the more active the economy and business activities will be. We are very much looking forward to this. Whether in the U.S., other Asian markets, or even in the EU that you mentioned, all these regulatory frameworks are helping to build a new system. Not only companies like Stable but even traditional financial institutions are starting to excitedly embrace it.

BlockBeats: Is Stable considering entering the stablecoin market in Hong Kong?

Brian Mehler: Stable's positioning does not include issuing stablecoins. Therefore, many regulatory requirements are aimed at stablecoin issuers, which is clearly something those companies and teams need to focus on. As a Layer 1 permissionless system, we do not participate in these regulatory discussions because we neither hold funds nor own any assets. So, this is indeed a matter that our partners and related companies need to seriously evaluate in the coming weeks.

BlockBeats: One last question, if we place Stable within the ecological niche of the traditional financial system, do you think Stable aims to be the "Visa" of the future payment world or a bank branch?

Brian Mehler: I believe we indeed touch on multiple levels. Our vision is to become the "rail" of global payments; that is our mission—to connect A to B, making the flow of funds faster and smoother. So I would say we are the carriers of network effects, much like the core payment networks in the traditional financial system.

Of course, there are many excellent projects building stablecoin ecosystems, and we hope to be the "home" for all stablecoins. We are indeed a network effect platform while actively seeking more opportunities for collaboration and cooperation to expand the entire ecosystem to unprecedented scales.

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