#稳定币生态发展 After reading this in-depth analysis of digital banking, I feel truly enlightened. It turns out that stablecoins are the real gold mine, not user scale or bank card transaction fees.

I used to think digital banks were just lightweight banks, but I’ve realized that this idea is already outdated. The case where Revolut’s valuation surpasses Nubank’s is a perfect example—more users don’t necessarily mean more profit; the key is where your money comes from.

The most sobering point is this: digital banks must either deeply integrate stablecoin trading channels or become the least efficient link in the chain. It sounds like a knockout competition—no room for complacency. I believe the future competitive landscape will be very clear, dividing into three modes—earning interest from stored coins, relying on transaction volume, and controlling infrastructure. The last one is an obvious winner-takes-all, because no matter how users operate, they can keep making money.

Another detail that left a deep impression is that identity verification is becoming the new account entry point. Once the EU’s digital identity wallet concept is implemented globally, the entire industry’s approach will have to be rewritten. Compared to that, on-chain identity verification is still in the exploratory stage, but the direction is correct. This means that future digital banks are not really banks at all, but infrastructure service providers wearing consumer-facing masks.

To put it simply, whoever controls the issuance and settlement rights of stablecoins is the true player in this game.