We are standing at the starting point of the stablecoin super cycle. But the bad news is that US dollar stablecoins have long been a red ocean. The duopoly pattern formed by Tether and Circle has deterred all newcomers. In terms of supply, USDT and USDC together account for approximately 83% of the total market value of stablecoins; In terms of usage, USDT alone accounts for 73.6% of CEX trading volume; In terms of profitability, Tether's annual net profit has exceeded billions of dollars, and its US bond holdings rank 17th in the world, surpassing most sovereign countries. Today, challenging these two giants in the US dollar stablecoin market is no less difficult than rebuilding Facebook in 2010. However, there is still an opportunity hidden in this seemingly fixed market that has been overlooked by the vast majority of people. Currently, about 99.5% of stablecoins are supported by the US dollar. In other words, the combined share of all non US dollar currencies on the chain is less than 0.5%. This is an entire undeveloped continent. The real problem is only two: Which non US dollar currency is worth being put on the blockchain? What mechanism should be used to put it on the chain? As the largest Swiss franc stablecoin currently, @ frankencoinzchf has provided its own answer. Frankencoin was launched in 2023 and has never been unanchored. Currently, it has been deployed on 8 chains with a TVL exceeding $63 million. On October 8th, stablecoin ZCHF was launched on Kraken. The currently supported trading pairs are ZCHF/USD and ZCHF/CHF, which is a milestone moment for Frankencoin. Why Swiss Franc? The anchoring of stablecoins to which fiat currency is essentially selecting a long-term purchasing power curve for the holder. Over the past 50 years, the US dollar has depreciated by about 80% against the Swiss franc. There are several important reasons behind the long-term strength of the Swiss franc: The Swiss National Bank has long pursued a restrained monetary policy; Switzerland has a long-standing tradition of low inflation; Political neutrality, fiscal stability, and sound rule of law make the Swiss franc a natural safe haven currency. Therefore, holding USDT for ten years and holding ZCHF for ten years may result in a considerable difference in purchasing power. Why Frankencoin? Most US dollar stablecoins are essentially tokenized packaging of US dollar assets. Central issuers such as Circle and Tether hold reserve assets such as US treasury bond bonds, and then issue corresponding stable currencies on the chain. What users truly trust is still the issuing institution behind it. Frankencoin chose a completely different path. There is no centralized issuer; Excess collateral from on chain assets; The collateral includes BTC, ETH, tokenized gold, and tokenized stocks; The entire system operates in a decentralized manner, and both reserves and rules can be verified on chain. It is closer to the DAI model, but anchored not in the US dollar, but in the Swiss franc. For native encrypted users, not needing to trust centralized institutions is not an additional feature, but one of the core values of the product. In terms of mechanism design, Frankencoin consists of two core tokens. ZCHF is a stablecoin itself that can be used for payments, savings, and borrowing. FCS represents the ownership share of the reserve pool. The revenue from the agreement is deposited in the reserve pool by FCS, and FCS holders also have the right to govern the agreement. One is responsible for providing stable value, while the other is responsible for undertaking agreement benefits and governance rights, both of which together constitute Frankencoin's economic system. 3/Frankencoin's true target market It must be acknowledged that Frankencoin will not compete head-on with USDT and USDC for trading liquidity. Its battlefield belongs elsewhere. It targets three types of demands that are structurally difficult for the duopoly of US dollar stablecoins to cover. Long term purchasing power preservation; Decentralization and censorship resistance; Real Swiss Franc payment needs. If summarized in one sentence, the US dollar stablecoin is a cash flow currency on the chain, while the Swiss franc stablecoin is more like a safe haven savings account on the chain. The two are not an either or substitution relationship, but a complementary relationship serving different scenarios. When the stablecoin super cycle truly unfolds, the market will eventually realize that the diversification of stablecoins not only means the diversification of issuers, but also the diversification of underlying pricing currencies.