2026-01-16 00:42:21

That research report is indeed quite good, but there's a detail worth scrutinizing — this time, the true protagonist of the payment test isn't actually USDT, but the Vietnamese dong.

Why do I say that? USDT is just staying at the front-end interface level. The merchant actually receives the local fiat currency. Users see the stablecoin, but what they actually get is the real Vietnamese dong. This involves a real-world issue: merchants don't have much demand for USDT itself. What they truly care about is whether they can complete settlements quickly and with low friction. As long as the final amount received is a currency that can be directly spent, the choice of bridging tools becomes secondary. This also explains why the application of stablecoins on the payment side often gets stuck at the merchant acceptance stage.

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BearMarketBuyer

· 01-17 19:18

Ha, to put it simply, stablecoins are still虚的; merchants want real cash that can be spent. The details have indeed been overlooked; USDT is just a shell. It's another seemingly good but actually unused thing—this is the current situation. Are stablecoins at the payment layer truly a pseudo-need? It seems to be stuck on trust. So in the end, we still have to go back to fiat currency. How should the stablecoin path proceed?

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SilentObserver

· 01-17 06:18

Basically, it's just a rebrand; USDT is just a cover. What merchants ultimately want is real money to be credited.

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WinterWarmthCat

· 01-16 01:12

You hit the nail on the head, the real bottleneck is merchants... USDT is just the surface, the Vietnamese dong is the real core.

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RugPullSurvivor

· 01-16 01:09

Ha, very blunt and to the point. Essentially, fiat currency still rules, and stablecoins are just a facade. Merchants don't really care what currency you use, as long as the payment is instant and fee-free. What's the use of the USDT wrapper? This is the real dilemma for payment applications. --- Speaking of which, that's why those big dreams in the crypto world wake up so quickly. --- No wonder those payment projects all failed; they never addressed the core pain points. --- Wait, how about a different approach? What if we use fiat currency's Lightning Network directly... Never mind, probably just wishful thinking. --- Vietnamese dong is the real protagonist. I prefer to call it the most honest summary. --- The problem isn't technology; it's that merchants just want to make more money. USDT? Whatever. --- It turns out this whole setup is just a story to trap retail investors; merchants have long seen through it. --- The coffin for stablecoin payments is once again nailed shut.

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OnlyOnMainnet

· 01-16 01:01

To the point, frankly, merchants don't really care what currency you use; they just want the money that can be spent. The USDT approach is actually just a facade.

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TokenomicsTrapper

· 01-16 00:50

lmao so basically they're just cosplaying with USDT on the frontend while merchants are like "yeah but where's my actual cash tho" 💀 classic case of solution looking for a problem that doesn't exist ngl

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