In today's world where digital payments have deeply penetrated, many people have a question upon hearing about "stablecoins":
"Alipay and WeChat have long been able to scan codes for transfers, online payments, and even cross-border remittances; why bother with 'stablecoins'?"
On the surface, both can complete payments. But if you delve into their underlying logic, funding mechanisms, and global positioning, you will find: stablecoins and Alipay/WeChat are not the same, and are even completely different levels of financial system tools.
Today, we will break down this question and explain—what exactly is the difference between stablecoins and WeChat/Alipay? How might it change the global financial landscape?
In a nutshell:
Alipay/WeChat is a wallet, stablecoins are the money itself.
Alipay and WeChat are China's "super payment channels"
When you pay with Alipay, you are actually instructing the bank to transfer funds;
Your money always exists in a bank account; the platform is merely a "channel + interface";
All capital flows must accept strict supervision from central banks, banking regulators, etc.;
It is more like a digital "bank card system".
Thus, even if we use them frequently in our daily lives, their currency attributes are zero; they are merely the operational layer within the RMB system.
Stablecoins are the "dollar/currency substitutes on the global chain"
The USDC or other stablecoins you hold are essentially a digital form of "USD";
What backs it is not a bank account, but real assets (such as US Treasury bonds, cash) held in custody by stablecoin issuing institutions;
It can transfer funds without going through banks, cross borders, and be transferred anytime;
It can be programmed and embedded in contracts, for example, to set up automatic payments, smart leasing, etc.
Stablecoins were first used in the crypto market, and are now entering the real world—Walmart, Amazon, and travel platforms are considering issuing their own stablecoins to replace credit card systems.
The biggest difference between the two: stablecoins can do things that Alipay/WeChat cannot.
So what would happen if Alipay and WeChat also issued 'stablecoins'?
This question is very real, especially with recent news that Alibaba is applying to issue its own stablecoin in Hong Kong.
Once such platforms truly issue stablecoins, the following changes may occur:
Payment platform role → Currency issuer role: transforming from a technology provider to the "digital currency infrastructure" of the financial system;
The RMB enters the global digital circulation system: RMB stablecoins may become important settlement tools in scenarios such as the "Belt and Road Initiative";
Challenging the USD-dominated stablecoin landscape: currently, almost all mainstream global stablecoins are pegged to the USD; if China enters the scene, it will create a competitive situation.
However, this trend will face very complex legal, policy, foreign exchange control, and financial security reviews.
In conclusion:
Alipay/WeChat is the "express lane" of the RMB payment network; whereas stablecoins are the "digital fleet" of USD hegemony.
Stablecoins are not a "small function" that improves payment experience, but a "big tool" attempting to restructure the global currency clearing system.
The future world of digital currency will be more than just "scanning QR codes". It may mean:
Whoever controls the currency issuance rights controls the platform credit, payment rules, and financial data dominance;
Digital RMB, digital USD, corporate stablecoins may engage in global "hedging, gaming, interconnectivity";
That "digital wallet" in your hand may no longer just be backed by a bank, but by a new type of platform currency empire.
When Amazon and Walmart issue stablecoins, will the banking system be bypassed?