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The Second Wave of Stablecoins Is Coming: 5 New Facts We Need to Know
Stablecoins are tokens that are price-pegged to fiat currencies (basically the US dollar), and their essence is a set of standardized smart contracts. Stablecoins are not fiat currencies, nor are they CBDCs (Central Bank Digital Currencies).
The Trump administration clearly opposed CBDCs, believing that CBDCs would strengthen public authority and undermine the integrity of individual freedoms, while being friendly towards stablecoin policies, as they believe stablecoins are beneficial for enhancing and consolidating the dominance of the dollar. In contrast, the European Union and China support CBDCs and are not friendly towards stablecoin regulation.
Under the regulatory framework for stablecoins in the United States, stablecoin networks will be deeply integrated into the existing dollar system. This will lead to an unprecedented fierce market competition in the stablecoin sector. World Liberty Financial and Fidelity Fund have already entered the arena.
The main functions of stablecoins currently include value storage, transaction medium, and payment. The effectiveness of these functions is largely inherited from the fiat currency they are pegged to. Additionally, the characteristics of stablecoins, such as fast confirmation and programmability, allow them to far exceed the efficiency of fiat currencies in cross-border circulation/settlement compared to the SWIFT system. Currently, the annual settlement total of stablecoins is already twice that of the Visa payment network.
During the first wave from 2018 to 2019, project teams focused on licenses and asset sides while neglecting the liquidity network effects and user experience of stablecoins, leading to the failure of almost all stablecoin projects except USDC.
In this second wave, due to the impending clarity of the stablecoin regulatory framework in the United States, licensing is no longer the top priority. Naturally, the priorities have shifted towards asset scale, liquidity network effects, and user experience.
In addition to the "chosen ones" stablecoin projects like World Liberty Financial's stablecoin USD1 and the stablecoin that Fidelity Fund plans to launch, a large number of new stablecoin projects will emerge.
The second wave of stablecoins provides us ordinary people with two main investment opportunities: one is YT Yield Farming of decentralized CDP stablecoin protocols, and the other is to invest in infrastructure projects for stablecoins.
The former is relatively professional, while the latter is more mindless. Therefore, it is more suitable for everyone to invest in stablecoin infrastructure projects.