# 稳定币生态发展

#稳定币生态发展 Reflecting on the development history of the stablecoin ecosystem, I can't help but feel a mix of emotions. From the earliest USDT to the later USDC and DAI, each step has been filled with challenges. Now seeing Circle deploy the native USDC to Hyperliquid, not only supporting deposits and withdrawals on HyperCore and HyperEVM, but also enabling institutional-level deposits and withdrawals through Circle Mint, and facilitating cross-chain transfers via CCTP V2, is truly exciting. This move will undoubtedly further solidify USDC's position in the stablecoin market and provides

#稳定币生态发展 Seeing Circle announce the deployment of the native USDC and CCTP V2 to Hyperliquid is undoubtedly an important advancement in the development of the stablecoin ecosystem. This move will bring more liquidity and cross-chain capabilities to the Hyperliquid ecosystem, enhancing its competitiveness as a financial application platform.
From a data analysis perspective, several key indicators need to be focused on:
1. The minting and burning volume of USDC on Hyperliquid reflects the market's acceptance of the platform.
2. The scale of cross-chain transfers conducted through CCTP V2 c

#稳定币生态发展 The competition for the USDH stablecoin this time is truly lively. Seeing pros like Paxos, Frax, and Agora all entering the fray, each bringing out their own trump cards. Some promise high proportion profit sharing, some emphasize Compliance endorsements, and others play the alliance model. Ultimately, everyone is vying for this lucrative piece of Hyperliquid.
However, as an old user who has experienced multiple rounds of being cut down, I remain vigilant about this seemingly alluring promise. After all, there is no free lunch in the world, and such high returns inevitably come with

#稳定币生态发展 Moody's core logic is quite clear—the quality differences in reserve assets directly impact the credit rating of stablecoins. This means that on-chain stablecoins claiming a 1:1 peg to the US dollar may actually have very different risk levels.
From an on-chain data perspective, the key is to track changes in the composition of these reserve assets. The proportion of US Treasuries, cash reserves, counterparty risks—these details determine the true safety margin of stablecoins. After Moody's joined the rating system, institutional capital inflows and outflows will become more cautious

#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 efficien

#稳定币生态发展 Seeing Visa enter the stablecoin consulting business, my first reaction is not excitement, but to stay calm. Traditional financial giants suddenly embracing crypto sounds wonderful, but there is deep thinking worth doing behind it.
With an annual settlement volume of $3.5 billion and over 130 stablecoin card projects—things look good on paper, but the question is whether this top-down "mainstream army entering" is truly addressing real needs or just creating new scenarios for harvesting profits.
I have seen too many projects that start with grand promises—"strategic partnerships," "i

#稳定币生态发展 Seeing the valuation comparison between Revolut and Nubank, I am reminded of the detours digital banks have taken over the years. Back then, everyone was competing for user numbers and interface design, thinking that was the moat. But what was the result? The platforms that truly made money were those that captured revenue per customer.
Today’s article discusses something deeper — digital banks have reached a critical crossroads. The combination of wallets and bank cards has been played out; any institution can do it. The real issue is that under the impact of stablecoins, the origin

#稳定币生态发展 Seeing the news that Interactive Brokers has opened stablecoin deposits, my first reaction is: this is a sign of an mature ecosystem.
From an asset security perspective, this development warrants attention. Traditional brokerage accounts have relatively limited deposit methods, whereas stablecoins serve as a bridge asset with fast settlement speeds and strong cross-chain liquidity. When institutional-level brokers start to accept them, it indicates that stablecoins have moved from the fringe to becoming part of mainstream financial infrastructure.
However, I want to remind everyone:

#稳定币生态发展 Moody's stablecoin evaluation framework is quite interesting. The core logic is essentially borrowed from traditional credit ratings—reserve asset quality determines creditworthiness. The significance for the market is that, for stablecoins claiming to be 1:1 pegged to the US dollar, there is now a "passport" distinction.
From a copy-trading perspective, this is a good signal. More and more institutionalized and standardized evaluation systems are coming in, indicating that the stablecoin ecosystem is evolving from wild growth to maturity. This directly impacts liquidity and counterp

#稳定币生态发展 Another major signal is here! The UK FCA has approved Sling Money to provide crypto payment services, which means that stablecoin cross-border transfers have finally received official recognition from mainstream financial regulators.
Think about what this means — the once doubted and suppressed stablecoin ecosystem is moving from the underground to the mainstream. From the Netherlands to the US and now the UK, more and more major jurisdictions are giving the nod. This is not a coincidence; it is a microcosm of the gradual adoption of Web3 payment infrastructure.
The core value of sta