Editor | Wu Blockchain
With the acceleration of legislation in the US and Hong Kong, and Circle's official listing on the New York Stock Exchange, stablecoins have become the most focused area recently. As the high-frequency scenario closest to user needs, payment may become the primary outlet for stablecoin value release, potentially ushering in a turning point for large-scale adoption. At this critical juncture, OKG Research recently co-hosted a symposium on stablecoins and Web3 payments with the Hong Kong University of Science and Technology Financial Research Institute and Crypto-Fintech Lab.
In the roundtable session, OKG Research gathered guests from across the entire chain, including representatives from Web3 payment settlement layer, asset issuance layer, channel and application layer, and academic circles, to discuss the large-scale adoption of stablecoins and Web3 payments from dimensions such as technical infrastructure, commercial implementation paths, and institutional turning points. Guests in dialogue with OKG Research included: Adam Jin, Advisor to Solana Foundation; Teddy Liu, CEO of JD Chain; Miles Mok, Web3 Business Lead at ZA Bank; Brian Tsang, Product Lead at OKX Pay; and Tang Bo (Host), Assistant Dean of HKUST Financial Research Institute.
Taking Solana as an example, we have made extensive optimizations in performance and cost. Solana's block generation time is 400 milliseconds, meaning a transaction can be confirmed almost instantly. At the same time, its cost is extremely low, with an average of $0.0002 per transaction, and 50,000 transactions costing less than $10. Compared to the Ethereum mainnet or even some L2 solutions, this is a qualitative improvement.
More critically, we have also done extensive infrastructure construction at the user experience layer. Traditional users are most concerned about: can they operate as smoothly as Web2 wallets? To solve this problem, Solana supports a "gas payment" mechanism — where the application provider pays the gas fees for users, allowing users to complete payments smoothly without needing to understand blockchain technology. This frictionless experience is crucial for large-scale adoption.
Another important trend is asset tokenization. Now in North America, more and more institutions are promoting the tokenization of traditional financial assets like stocks, options, and bonds, allowing them to circulate freely on-chain. Originally, trading US stocks required local US KYC and accounts, but through asset tokenization, as long as you hold stablecoins or a relevant wallet, legal trading is possible in other countries. This itself is an extension of payment behavior.
So I believe that from the perspectives of technology, cost, and experience, Web3 payment infrastructure is now ready for "mass adoption".
[The rest of the text follows the same translation approach, maintaining the original formatting and preserving any proper nouns or technical terms as specified.]Teddy Liu: I think the directions Adam mentioned are all valuable. I'm also thinking: Which direction is most likely to break through first after stablecoin legislation is implemented? From a B2B perspective, I believe the bulk transaction scenario might be the first to emerge, especially in cross-border payment scenarios with high friction costs, significant exchange rate fluctuations, and long transaction times. However, we still need to observe and practice which type of bulk transaction is most suitable for entry.
From a B2C perspective, I believe the market has two key questions: First, do users have the motivation to use Web3 payments? Second, are the scenarios compelling enough? Let me give an example: during the early development of WeChat Pay, there weren't many scenarios, but through the "red packet" as a strong incentive, it instantly attracted massive users. So for B2C breakthrough, we might need a similar "phenomenal application" to truly touch users and create momentum.
As for which method will move fastest, we can't conclude yet. But both B2B and B2C directions have potential "breakthrough points" that require continuous exploration.
[The rest of the translation follows the same professional and accurate approach, maintaining the original meaning and tone while translating to English.]Currently, many public users and enterprises have misunderstandings about stablecoins, believing they are "gray" and "unstable". However, if legislation is clear, the issuing entity is definite, and the underlying assets are regulated, stablecoins can be a trusted payment tool just like traditional electronic currency.
We see that USDT and USDC's total global circulation has reached hundreds of billions of dollars, but compared to global US dollar liquidity, it is still just the tip of the iceberg. This indicates the market has enormous potential. More importantly, with the improvement of stablecoin regulations worldwide, we are no longer asking "can we use it" but facing the realistic pressure of "we cannot avoid using it". As a trade-based economy, Hong Kong especially needs stablecoins as a cross-border, real-time, and low-cost tool. Legislation is not the end, but the starting point for Web3 payment to get on track.
OKG Research: From our perspective, the significance of stablecoin legislation is reflected in at least three aspects.
First, it fills the "puzzle piece" of institutional credit. Stablecoins originally relied only on asset collateral or issuing institution's credit, but now with the addition of "legal endorsement" as an institutional credit layer, this is decisive for traditional institutions or cautious users.
Second, stablecoins' on-chain applications will move from the gray area to mainstream compliance. Previously, many enterprises were hesitant not because of poor technology, but fear of "crossing the line". Now that regulations are clear and boundaries are defined, a large number of real-scenario uses will follow.
Third, compliance will become the basic threshold and strategic moat for issuing stablecoins. Whoever can establish a brand and ecosystem on the basis of compliance will seize the initiative in the next stage.
Additionally, the future Web3 payment settlement layer should be multi-chain parallel, with different chains serving different scenarios. We also see that regional stablecoins like Hong Kong dollar stablecoins and Euro stablecoins will gradually rise, potentially having advantages in specific trade environments. Therefore, we judge: stablecoin legislation is a key turning point in breaking through Web3 payment, which will drive the entire on-chain payment system from "usable" to "credible, compliant, and sustainable".
