Stablecoins are tokens that are price-pegged to fiat currencies (primarily 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 explicitly opposed CBDCs, believing that CBDCs would strengthen public power and undermine individual freedom, while being friendly towards stablecoin policies, viewing stablecoins as beneficial for enhancing and consolidating the hegemony of the US dollar. In contrast, the European Union and China support CBDCs and are not friendly towards stablecoin regulation.
Under the stablecoin regulatory framework in the United States, stablecoin networks will be deeply integrated into the existing US dollar system. This will lead to unprecedented intense market competition in the stablecoin sector. World Liberty Financial and Fidelity Investments have already entered the market.
Currently, the main functions of stablecoins are value storage, medium of exchange, and payment. The effectiveness of these functions is largely inherited from the fiat currency to which they are pegged. The characteristics of stablecoins, such as fast confirmation and programmability, allow them to far exceed the efficiency of fiat currency's SWIFT system in cross-border circulation/settlement. The annual settlement scale of stablecoins is already twice that of the Visa payment network.
During the first wave of stablecoins from 2018 to 2019, project teams focused on licenses and asset sides, neglecting the liquidity network effects and user experience of stablecoins, which led to the failure of almost all stablecoin projects except for USDC.
In this second wave, as the US stablecoin regulatory framework is about to become clear, obtaining licenses is no longer the top priority. Naturally, the priorities will shift towards asset scale, liquidity network effects, and user experience.
In addition to the "chosen ones" like World Liberty Financial's stablecoin USD1 and Fidelity's planned stablecoin, a large number of new stablecoin projects will emerge.
The second wave of stablecoins offers ordinary people two main investment opportunities: one is decentralized CDP stablecoin protocol YT Yield Farming, and the other is investing in stablecoin infrastructure projects.
The former is relatively specialized, while the latter is more straightforward. Therefore, investing in stablecoin infrastructure projects is more suitable for everyone.
Stablecoin infrastructure projects can be divided into two categories: one is liquidity support projects like @CurveFinance and @Perena, and the other is new application scenario projects for stablecoins like @humafinance.
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