How can forex stablecoins break through under the pressure of Tether and Circle giants? Forex stablecoins are currently facing challenges like poor liquidity and frequent de-pegging. Instead of stubbornly sticking to spot issuance, why not take a page from traditional finance and use USDT/USDC-based non-deliverable forwards (NDFs) to create 'synthetic forex'? This model of 'holding USD at the base + displaying local fiat currency at the front end' not only retains the deep liquidity and yield of USD stablecoins but also directly unlocks three major business scenarios: - Empowering stablecoin neobanks to create truly multi-currency accounts. - Opening up massive on-chain forex arbitrage vaults (e.g., long JPY, short BRL). - Meeting enterprise-level global seamless payment hedging needs. Recommended reading