Today is the last day of the (HODLER) giveaway event. Send 'hodler' in the backend of the public account to receive it.


Today, let's talk about stablecoins.


After finishing the article on stablecoin aggregators at the Orange Seat, the (Genius Act) passed with high votes as scheduled.


Accompanying this is wave after wave of stablecoin surges.


Regarding stablecoins, Orange Seat actually doesn't want to talk much because Orange Seat feels that there is no opportunity for ordinary people here; the only commercial opportunity I can think of is the stablecoin aggregator mentioned earlier.


This is actually no longer considered an opportunity for ordinary people because in terms of technology, liquidity, compliance, etc., those who can do this business are no longer ordinary people.


Until today, I saw Liu Run also starting to talk about stablecoins, and then on another thread about blockchain.


To be honest, I don't know why, but every time Liu Run talks about blockchain-related content, Orange Seat can't help but laugh, just feels inexplicably funny.


What also touched Orange Seat is that yesterday while scrolling through Moments, I accidentally saw an offline event charging 199 U, and the topic surprisingly included what investment opportunities stablecoins have.


I don't understand, but I'm greatly shocked—do you guys even have the right to talk about investment opportunities in stablecoins?


I don't care how impressive the high-net-worth crowd is; as long as they are in the mainland, they have no opportunity to participate in stablecoin investments.


I said this.


Now JD and Alibaba are experimenting with stablecoins in Hong Kong, but behind them, they carry missions.


Stablecoins are a track with a higher threshold than RWA, and you can't even get into RWA, yet you have the courage to mix in stablecoins?


I just want to ask you, what does RWA have to do with you?


Theoretically, anyone can issue stablecoins, regardless of which currency you peg it to.


But if you understand a bit of monetary theory, you will find that apart from the US dollar, euro, renminbi, and yen, there are basically no suitable targets for stablecoins.


The reason is simple: currently, in international payments, the US dollar occupies a large share, while the rest have very little.


Although the euro ranks second, it hardly circulates outside the Eurozone.


So the US dollar is naturally the most suitable fiat currency for stablecoins, on one hand, it circulates globally, and on the other hand, it has the best liquidity.


This is also the problem we face today: what kind of stablecoin to create?


So you can see that even rabbits are facing a huge challenge from dollar stablecoins.


And you guys actually think you're capable of finding investment opportunities in stablecoins?


Okay, let's go back to the topic that anyone can issue stablecoins—it really is so.


The most successful case is USDT.


Currently, the largest and most circulated dollar stablecoin in the world is issued by a private company—and its asset reserves are not transparent.


Moreover, there are all kinds of fake USDT existing on various chains.


Of course, you can also say, I am a good person, I issued a dollar stablecoin, with a 1:1 ratio to the dollar.


No problem, but why don't you ask the people around you if they can use it?


Anyone who understands a bit won't dare to use your stablecoin, because converting real money into your stablecoin is certain, but whether it can be returned is full of uncertainty.


So you will find that the threshold for issuing stablecoins has never been about technology, but about endorsement.


As for those who think stablecoins have their own investment opportunities, Orange Seat wants to ask:


USDT has been issued for nearly ten years. Have you made a penny from it?


They earn a lot from issuing stablecoins, but that doesn't affect you as that boy still recharges money.


Then take a look at what kind of tough characters are applying to issue stablecoins now:


USD1, a stablecoin issued by the Trump family, and the $2 billion investment in Binance was done using USD1.


Can it be understood that Trump printed 2 billion dollars out of thin air and then got shares in Binance?


PYUSD, issued by PayPal, do you know what PayPal does?

Before Alipay, they were already a global payment platform—back then it was 1999, and the founder was Elon Musk.


JMPD, issued by JPMorgan, is positioned as a digital deposit token.


As for what JPMorgan is, just look at the picture below.


As for Circle, the parent company of USDC, it has recently performed brilliantly in the US stock market, hitting new highs repeatedly, and today the stock price broke $240, which K-line wouldn't confuse anyone?


Why do you ask him how he can be worth $240 a share?


Orange Seat tells you the simplest reason: because its total market value is only $53.4 billion now.


Why say only $53.4 billion?


Because the market value of the USDC stablecoin is over $61 billion.


In other words, the current market value of the parent company's stock price is still less than the value of the stablecoin holdings in hand, so it is clearly undervalued, and then it should go up!


So you will find that those who are qualified to issue stablecoins are basically companies with very strong fundamentals, either rich or very rich.


Okay, now please answer:


What does stablecoin have to do with you?


Do you even have the right to talk about stablecoin investment opportunities?


Do you even have the right to share in stablecoins?


A bunch of leeks, like A Q, see others issuing stablecoins and think they can participate too, but in the end, they get slapped silly by Zhao Laotai, and still get spat on:


Do you even have the right to the surname Zhao?