Nowadays, when it comes to stablecoins, most people default to using US dollar stablecoins. When Ghana in Africa and Argentina in South America use US dollar stablecoins for remittances or even payments, people have ample reason to believe that stablecoins are an opportunity for the expansion of US dollar hegemony, and encryption technology is an important tool for US dollar hegemony. But if it were over a hundred years ago, during the era of the empire where the sun never sets, and if there were encryption technology, perhaps stablecoins would have been defaulted to the pound. What's interesting here is that encryption technology itself is neutral, and today's stablecoins are dominated by the US dollar, which is also the strongest. What about the future? Will it always be like this? Currency itself is based on credit, and if there are more trustworthy currencies in the future, the protagonist of stablecoins may not necessarily be the US dollar. If the world is one pole, then basically the stablecoin is the US dollar stablecoin, and the strong always remain strong. But what if the future world pattern is multipolar? Or the rise of new hegemony? Who knows. Although the probability of occurrence within the foreseeable time is not high. That is to say, although the US dollar stablecoin will have dominance in the foreseeable future, it does not have absolute dominance and will change with the change of credit hardness. This is the first stage of the evolution of stablecoins. Here we can also see that compared to the players who issue stablecoins themselves, what is more persistent is the encryption technology used to build stablecoins, and the encrypted financial infrastructure will be one of the most important human infrastructures in the coming decades. *Crypto native stablecoin The second stage of stablecoin evolution is encrypted native stablecoins, which do not rely on any fiat currency and gradually move towards stablecoins based on encrypted assets and algorithms, rather than infinitely issued fiat currencies. Assuming that one day in the future (although it may be a long time ago), the total asset value of BTC+ETH exceeds $50 trillion, and BTC/ETH is used as the underlying collateral asset to issue encrypted native stablecoins. This stablecoin is adjusted based on price indices and other factors to achieve relatively stable purchasing power. This will be the truly mature stage of the entire encryption field, and encrypted native stablecoins are also the biggest and final holy grail of the encryption field. Although many projects have started experimenting with native stablecoins since the last cycle, they are still far from true success and have basically failed, whether from the perspective of the scale of encrypted assets themselves, external world credit, or daily life payments... However, failure does not mean that there is no opportunity, it is just the timing. As predicted, the market has not been successful for ten years until last year. Crypto native stablecoins are unlikely to gain widespread adoption in the next ten or twenty years. But with the increase of the total market value of BTC/ETH, the continuous division and opposition of the geopolitical landscape, and the inflation of fiat assets, from a certain perspective, whether it is BTC/ETH or encrypted native stablecoins, they are hedging against the modern credit economic system. As long as this system does not change, the time is favorable for BTC/ETH and encrypted native stablecoins. Some things, although they are in their infancy for a long time, the trend is irreversible, and what should come will come, even if it takes decades.