Super excited that @binancezh is also diving into the topic of stablecoins! I read through the entire document, and there are basically two key points. The first is that holding stablecoins is becoming more and more like holding cash. Especially since exchanges are now paying interest to stablecoin holders—most of you are probably familiar with USD1, right? It’s been about a year now. Of course, aside from USD1’s self-subsidized model, exchanges are also using lending mechanisms to activate the funds users store on the platform, generating interest in the process. Earlier, I saw a post from Yi Jie mentioning that since 2022, Binance Earn has distributed over $1.2 billion to stablecoin holders. This shows that a large number of users are now using exchanges to earn interest on stablecoins, and this has already become an industry consensus. The second point is stablecoin payments. The team at Binance Research believes PayFi is the direction for future development. Payment systems might shift from credit cards to “free” payments enabled by stablecoin interest earnings. As for this perspective, I still have some of my own thoughts. I previously wrote a research article titled “Why Stablecoins Struggle to Replace Credit Cards — The Moat of Credit Cards Isn’t Payments, It’s Buy Now, Pay Later.” Link: https://(x.com)/PhyrexNi/status/2067521247064555802?s=20 Personally, I think stablecoin payments might not work well in Europe and the U.S., but in countries across Asia, Africa, and Latin America, stablecoins are already being used as payment tools. Whether it’s PayFi or Earn to Pay, these models are essentially vertical management for payment purposes. To put it simply: countries where stablecoins can be used for payments don’t need stablecoin payments, and countries where stablecoins can’t be used for payments might need them, but their governments don’t support stablecoins.