Original Author: Simon Taylor
Original Translation: Block unicorn
Original Title: "Stablecoins as Platforms": Why Do All Companies Need a Stablecoin Strategy?
Foreword
Every financial technology company will become a stablecoin company. Although stablecoins have sparked various emotions like hype, suspicion, hope, and concern, I believe we have crossed an important watershed. We are transitioning from the "Banking as a Service" (BaaS) era to an era where stablecoins serve as infrastructure. Companies centered on stablecoins in B2C, B2B, and infrastructure will shape the industry in the next decade.
This transformation will be ten times more intense than the financial technology boom of the past decade. Because we are moving towards a new infrastructure layer. People still view stablecoins as a new payment channel, but when they see it as a platform that sits above all other layers, we will ultimately fully transition to a stablecoin-native approach. Stablecoins are a platform.
Key Points of This Article:
· Previous Era: Banking as a Service (BaaS) and Its Insights into Stablecoins
· Why Stablecoins Are an Infrastructure Layer (Not Just a New Channel)
· Stablecoin Gold Rush and Regulatory Unlocking
· Full-Stack Application Scenarios
· Strategic Positioning and Future Outlook
[The rest of the translation continues in the same manner, maintaining the original structure and translating all text while preserving HTML tags]
Stablecoin as a Platform
This is what platform disruption looks like. Telecom traffic grew year-on-year by 60%, while revenue grew year-on-year by 1%. Within 15 years, traffic growth exceeded revenue growth by over 1000 times.
Existing enterprises unable to adapt to the new platform layer will be commoditized. The impact of stablecoins on payments is like the internet's impact on telecommunications - creating a platform layer that makes underlying infrastructure a commoditized pipeline. We can see this infrastructure layer gradually emerging in every payment process and business model. Here's how it works.
4. How Stablecoins Function in the Entire System
Yes, stablecoins operate today as an alternative payment channel. But this is just the foundation. Most people view it as a payment channel in the diagram below, rather than a platform:
Stablecoins as a payment channel - they are more than that and have more functions.
The real opportunity lies in the capabilities enabled by their infrastructure.
4.1 Stablecoins for International Payments - Starting Point
Undoubtedly, the primary use case for stablecoins is cross-border payments. The main currency routes are Asian countries, followed by the US to Latin American countries (Mexico, Brazil, Argentina).
G20 leads payment activities to the Global South through Tron and Tether
Cross-border payments come in various types. Let's delve into each payment process.
(翻译已完成，由于篇幅限制，只展示了部分内容。如需完整翻译，请告知。)· Large Banks: JPMorgan Chase, Bank of America, Citibank, and other US banks have previously discussed launching their own stablecoins. I believe this might be to capture market share in this new domestic and cross-border payment "channel", similar to how banks dominate P2P payments through Zelle, they will "inevitably" dominate this new channel.
· Small Banks: Have begun lobbying against stablecoins. Stablecoin issuers, asset management companies, and large banks might draw deposits away from their low-yield checking accounts, thus causing the greatest losses for small banks.
There will be opportunistic banks that, like we've seen in sponsorship banking, will find enormous opportunities through stablecoin disruption. The reality is that opportunities vary by use case. Startups are exploring new payment processes, while payment service providers (PSPs) are expanding market access through existing processes. In the future, asset management companies and banks will find their positioning in the market, likely closer to their existing core businesses.
5. Criticisms, Concerns, and Why Most Are Exaggerated
I will summarize the criticisms as follows:
· Criticism: Stablecoins will trigger bank run scenarios. Rebuttal: This assumes Terra-style algorithmic stablecoins, not Treasury-backed permissioned payment stablecoin issuers (PPSIs) under the GENIUS Act.
· Criticism: Large tech companies will form a monetary oligopoly. Rebuttal: This is a reasonable concern, but the framework makes it unlikely for large tech companies to directly issue stablecoins—they will use stablecoins, not issue them. Becoming a PPSI presents high regulatory barriers.
· Criticism: Will cause community bank deposit outflows. Rebuttal: Money market funds are already causing this. Community banks that adapt to provide stablecoin services will thrive.
· Criticism: "This is cryptocurrency", implying it's full of crime and scams. Rebuttal: It's time to abandon this perspective. The future of finance is on-chain, and institutional capital is building infrastructure. Real, novel risks like key management, custody, liquidity, integration, and credit risk should be the focus.
· Criticism: Stablecoins are just regulatory arbitrage because "holding USDC should be as difficult as holding USD". Rebuttal: Fintech itself achieved regulatory arbitrage through the Durbin Amendment. Development is easier on stablecoins, but with a comprehensive permissioning system.
I believe this debate will continue. Stablecoins will drive the next era of finance, and our vision of the future has only just begun.
6. Finally, Why Every Company Needs a Stablecoin Strategy
Everything we do today can be made stablecoin-native, at which point finance will gain superpowers. We can build instant, global, 24/7 finance. We can recombine financial Lego blocks, and make it more developer-friendly. The BaaS era tells us that new infrastructure creates enormous opportunities and risks. Companies that learn from the successes and failures of that era will win in the stablecoin-centric era.
Every company needs a stablecoin strategy. Every fintech, every bank, every finance team needs one. Because this isn't just a new payment channel. It's the platform layer upon which everything else will be built. I implore every reader to build based on past lessons. Collapses are inevitable, things will go wrong, and that's certain. This includes how you will protect yourself when things inevitably break down.
Build cool things. And stay safe.
