A new wave of stablecoins is coming. The recent vote on the stablecoin bill in the Senate has been passed, and the stablecoin bill in the House of Representatives has also been officially proposed. The stablecoin bill should be the earliest cryptocurrency asset bill to be passed this year, and it is estimated to be seen by the middle of the year. Several thoughts on stablecoins: 1. Under the wave of further compliance, stablecoins may be deeply integrated into the existing US dollar system, and from another perspective, it should also be the evolution of the US dollar. Wyoming is testing its own stable currency, WYST, Fidelity Digital Assets Department is testing its own stable currency, WLFI, the Trump family project, has launched a dollar linked stable currency, USD1, etc. In addition to pyusd and robinhood, which were launched by paypal before, are also planning to launch stable currency. It can be seen that traditional financial giants and the government are running into the market, which should have a great impact on usdt and usdc in the future. The impact on usdt should be greater, after all, usdt is still a non compliant and semi transparent stable currency, and recently lanchpool has supported usdc, and many small coins are off the shelf can be seen from the usdt transaction pair. 2. From the perspective of payment system and clean computing: The current global payment system is mainly composed of four payment systems: automatic clearing houses (such as ACH), credit card networks (such as Visa and Mastercard), international bank payment systems (such as SWIFT and CIPS) and mobile payment systems (such as PayPal and Alipay). Although these traditional payment systems are mature, they suffer from high transaction costs (average cross-border transfer cost of 6.35%), slow settlement times (especially on weekends), and limited transparency. In this context, stablecoins have shown great potential as an emerging payment method. In 23 years, the total trading volume of stablecoins reached 10.8 trillion US dollars, with substantial trading volume exceeding 2.3 trillion US dollars. Compared to traditional payment methods, stablecoins offer lower transaction costs (0.5% -3%), near real-time settlement speeds, and higher transparency based on blockchain technology, making stablecoins far more efficient in cross-border circulation/clearing settlement than fiat currencies' SWFIT system. The annual settlement scale of the latest stablecoin is already similar to the settlement scale of Visa and Master payment networks. If more and more payments and cross-border settlements are made through stablecoins in the future, it will undoubtedly be a huge, rapidly growing, and lucrative market. 3. The political and economic significance of US dollar compliant stablecoins lies in: I talked with @ HAZENLEE_ about the Trump government's efforts to promote stable currency policy, which should have a greater level of political game. The trend on the chain is inevitable, and the trend of "tokenizing everything" - from public market stocks to private market stocks, and then to short-term and long-term treasury bond "also shows signs. Whoever holds the key to stablecoins holds the pricing power of the future on chain capital market. Furthermore, the compliant stablecoins promoted by the United States are naturally anchored to the US dollar, which is also a further expansion of the US dollar on the chain. The opening for the US dollar lies with the Federal Reserve, while the opening for the US dollar to anchor stablecoins may lie with the Treasury Department or SEC. It could also be the Office of the Superintendent of the Currency, which means that government agencies have taken away the regulatory authority over the US dollar from the Federal Reserve. Overtaking the curve is another form of cutting the power of the Federal Reserve. Furthermore, the trend on the blockchain is becoming increasingly strong, and the number of encrypted users in various countries is growing. In the real physical world, the local currency is used, but the US dollar stable currency is used on the chain. Needless to say, all kinds of payfi projects are actively introducing stable currency into various offline actual consumption scenarios. In the future, many people may not touch the local currency to complete consumption directly through these payment projects. In this sense, "many countries are de dollarizing, but the US dollar stable currency will directly draw people from all countries to the US dollar camp in the future." Another form of strengthening the US dollar is more drastic, which may be the best way for Trump to ensure the status of the US dollar. I have previously discussed the difference between the strength of the US dollar's position and the strength of the US dollar index https://(x.com)/qinbafrank/status/1887398534867198075? s=46&t=k6rimWsEbo2D2tXolYcM-A Furthermore, the issuance of a large number of US dollar compliant stablecoins has resulted in a significant portion of the US dollar reserves being used to purchase short-term US Treasury bonds. The amount of over 200 billion US dollars in stablecoins is not large enough. If the issuance of US dollar stablecoins exceeds 500 billion US dollars or 1 trillion US dollars, the purchasing power would be quite enormous.