#科技巨头入场稳定币

📌Why are tech giants entering the market?

1. Expansion of payment and financial services

Tech companies already have a huge user base for payments (such as Apple Pay, Google Pay, WeChat Pay, etc.). Issuing or participating in stablecoin projects can deepen their financial ecosystem:

Improve the efficiency of cross-border payments

Reduce transaction costs

Establish their own financial infrastructure and decrease reliance on banks

2. Data and ecosystem closure

Stablecoins can strengthen their ecosystem closure: users can use digital currencies to purchase services, tip content creators, and conduct transactions within the platform.

3. Global market layout

Stablecoins can bypass traditional financial regulatory barriers and more quickly enter emerging markets and developing countries.

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📌Typical Cases

🔹 Meta (formerly Facebook) — Diem (originally named Libra)

Meta originally planned to launch the Libra stablecoin to build a global payment network.

Due to regulatory resistance, the project was completely terminated in 2022.

However, Meta has not given up on the direction of crypto payments and is exploring blockchain wallets and digital identities.

🔹 PayPal — PYUSD

Launched in 2023, the stablecoin PYUSD issued by Paxos, pegged 1:1 to the US dollar,

is used in its payment ecosystem, including Venmo, PayPal App, etc.

This reflects the trend of traditional payment companies expanding into on-chain finance.

🔹 Tencent, Alibaba

Although they have not directly issued stablecoins, both are actively laying out blockchain technology.

Tencent has invested in numerous Web3 projects; Alibaba Cloud provides infrastructure services for Web3.

If China allows the central bank digital currency (DCEP) to connect with commercial platforms, they are likely to become implementers.

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📌Challenges Faced

High regulatory pressure: especially in the US and EU, there are strict requirements for stablecoin issuers and asset reserves.

Trust issues: A transparent asset custody and auditing mechanism is needed.

Difficulty in multinational compliance: especially in countries with exchange rate controls or developing countries.

Technical and security risks: The technical maturity of blockchain platforms and the risk of hacking still exist.

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📌Future Trend Predictions

1. Tech companies are more likely to collaborate rather than issue stablecoins independently (e.g., collaborating with Paxos, Circle, etc.)

2. Stablecoins will be embedded in super app ecosystems (such as social, shopping, entertainment)

3. Compete or cooperate with CBDC (central bank digital currency)

4. Cross-border payments will become the main battlefield.