Stablecoins overtake on the curve The narrative of fully collateralized stablecoins has never been uncommon in the cryptocurrency industry. In 23-24, a group of stablecoin projects were launched due to Tether's ultra-high US bond income. Everyone has a shining background, compliance, and top-notch financial owners and teams behind them. But stablecoins as strong as Paypal have never emerged. Most of the projects have top-level concepts, narratives, and financing, but no one bought them after their actual launch. After the passing of this wave of Genesis Act, it is believed that there will be more stable coin project parties with golden spoon. After all, every Internet enterprise wants to issue its own currency, but according to the current trend, it is difficult to challenge the position of Tether and Circle. Why is that? What any currency needs most is usage scenarios and distribution channels. On the one hand, USDT is early enough, and on the other hand, it has found the demand for black and gray production with sufficient decentralization, thereby expanding its business coverage area; Circle firmly grasps the compliance line and continuously incentivizes the use of real money and silver scenarios. The problem with Paypal USD is that it has not found a good yield scenario in SOL (it is estimated that it will take 25 years to provide treasury bond bond interest rates), nor has it really been fully embedded in Paypal's system, which will not be able to stimulate the actual distribution channels or even TVL. From the perspective of usage scenarios within the circle, if this type of stablecoin is inserted into the existing Defi puzzle in the cryptocurrency circle, the ecosystem cannot challenge USDT and USDC because the pit is already occupied. So where is the opportunity to overtake on a bend? I think it's deeply tied to public chains. The most lucrative asset in the cryptocurrency industry is the public chain, and the most coveted behavior for transaction transfers is also the public chain (which can collect taxes), which is also a potential investor in this type of stablecoin. The possibility of Sol officially providing PayPal USD incentives is very small, but the possibility of other blockchain stickers using some coins to start mining activities is relatively high. Binding public chains together can solve the use (profit) scenario. As for distribution channels, this is a problem that this combination can solve together. It is best if the chain itself has a strong background and can bring some channels and traffic. In addition, with the channels of stablecoin issuers, customers can be found through real-world payments and cross-border transfers. From this perspective, there are not many public chains that meet this standard. Firstly, the background needs to be strong enough and willing to invest money. Secondly, there needs to be strong linkage with compliant stablecoin projects of large companies 1. The ecological niche of Kaia, East Asia, Kakao, Line and other Super APPs, as the product of the merger of two national level APPs in the cryptocurrency industry, Kaia carries the last hope of the Korean public chain and is also preparing to issue its own stablecoin recently. According to the popularity of Crypto in the East Asian world, the narrative of Korean won stablecoin payments can be pushed forward. In addition, the DEFI infrastructure on Kaia is relatively complete, and after adopting a money throwing strategy to acquire users, the greater volume will drive the faster popularization of stablecoins. Stablecoins and public chains are likely to spiral upwards, ultimately affecting stocks. 2. The ecological niche of Aptos Meta series is all in the United States, compared to Sui's efforts in the Middle East. As a high-performance public chain, if Meta ecosystem chooses to issue stablecoin Aptos, it is definitely one of the options. And Aptos has been encouraging mining activities on the chain recently, and is also determined to promote this matter. With the increasing number of stablecoins in the future, there will be a group of those who choose to issue on ETH and follow the traditional DEFI route on SOL. But I believe that some stablecoin project parties will choose to cooperate with medium-sized public chains, where public chains provide TVL incentives for stablecoins and stablecoins provide the necessary transactions and asset accumulation for public chains, ultimately achieving a win-win situation.