Author of this article: Lawyer Niu Xiaojing
How much can a channel be worth?
We start with an ancient yet epoch-making story.
In 1859, the Suez Canal began construction, taking a full ten years to dig out an artificial waterway connecting the Mediterranean and the Red Sea. It cost 416 million francs at that time, equivalent to 1.5% of France's GDP. Today, this is an investment comparable to national-level infrastructure.
Why was such a high cost paid to dig a 'man-made river' back then?
You will understand with a set of data:
Each ship passing through the Suez Canal must pay about 250,000 USD;
Each year, 18,000 to 21,000 ships pass through;
Annual revenue exceeds 6 billion USD;
Average daily revenue exceeds 15 million USD.
Because it is not an ordinary river, but a 'golden channel' connecting Europe and Asia.
Without this canal, all ships must round the Cape of Good Hope at the southern tip of Africa, which not only adds 4 to 5 days to the journey but costs 2 to 3.7 times more than now. Each detour could cost hundreds of thousands to millions of dollars extra.
Thus, this is not a question of water, but a question of 'channels.' An efficient, safe, and legal channel brings not only time and cost savings but also the key to mastering global trade initiatives.
The channel value of stablecoins is being rediscovered
Today we are also standing at a new starting point of a 'channel revolution.' Many countries around the world are pushing for stablecoin legislation to open up the main road to the real financial system in the on-chain world. Or, in other words, it has opened a fast lane for traditional business to access on-chain finance. It is predicted that by 2025, the global stablecoin market value will reach 250 billion USD; Standard Chartered Bank is even more optimistic, expecting its potential to expand to 2 trillion USD, further leveraging 10 trillion USD in capital flows.
More importantly: regulators are beginning to recognize the legitimacy of stablecoins.
Just as the Suez Canal is not only about 'water passage,' but also about 'trade passage'; the moment stablecoin legislation is passed means capital can finally enter the chain legally and directly. No longer relying on platform companies, no need to go through grey channels, less cost and more efficiency.
This is a landmark moment: the compliant channel is officially opened.
The story of USDT: it's not just about issuing a token, but about seizing a structural position
Before discussing JD, we need to take a look at 'big brother' Tether — the issuer of USDT.
What opportunity did Tether capture? Initially, Bitcoin was created for peer-to-peer payments, but due to its high volatility, it was challenging to use for daily settlements. USDT precisely filled this gap. It did not 'appear out of thin air'; it was born from the genuine market demand: providing on-chain transaction anchoring assets, liquidity hubs, and hedging tools. As someone aptly noted: after every burst of the market bubble, stablecoins are the 'embers' left in the market, allowing funds to stay instead of retreating entirely, ready to wait for the next wave of opportunities. Tether's returns are also astonishing.
In 2024, net profit will reach 13.7 billion USD, with a team of only 100 people, achieving an average output of over 68 million USD per person, far surpassing JPMorgan, American Express, and Berkshire.
Is this dependent on technology? No. It relies on a structural position — it stands at the essential passage for capital flow on the chain. Even though it has faced investigations and regulatory fines, it did not evade compliance but instead improved while moving forward, ultimately allowing hundreds of millions of users worldwide to 'dare to use' it. This is structural dividend. And now, a new window of dividends has opened.
Why is JD creating stablecoins?
Many people say that JD has entered Web3. But I don't see it that way.
JD's move into stablecoins is not about 'issuing tokens,' but about solving the age-old problem of cross-border e-commerce:
Long settlement cycle
High costs
Severe capital occupation
Banking processes are cumbersome
The value of stablecoins lies in being the shortest path between reality and the chain. It can:
Real-time settlement
Cross-border payments without intermediaries
Significant reduction in transaction fees
The system can automate orchestration and be audited
Therefore, stablecoins are not necessarily exclusive to Web3; they are a new tool for Web2 companies to build financial infrastructure.
This is not just an opportunity for JD, but for all Chinese enterprises hoping to venture abroad and connect globally.
Stablecoin 2.0 era: system-level solutions
In the past, stablecoins served the purpose of speculating on tokens. Today's stablecoins serve enterprises. It is no longer just a 'token,' but a system module, a part of the financial settlement system, and part of user incentives, supply chain closures, and cross-border settlement processes. The next stage for stablecoins is systematic, compliant, and structured development. The opportunity behind this is to provide 'stablecoin infrastructure' services to enterprises.
The role transformation of Web3 practitioners: from 'speculators' to 'architects'
The real opportunity lies not in whether you can issue tokens, but in whether you can:
Design the payment system for stablecoin access
Build cross-chain settlement bridges
Achieve automatic profit sharing and risk control strategies
Help enterprises achieve compliance
If you understand both the chain and the structure, and also comprehend enterprises, then you are precisely at this intersection.
If you are just wandering in Web3, that's not enough; you must become a service provider, architect, and channel builder for more Web2 companies.
We are experiencing the 'Suez moment' of stablecoins
Returning to the initial question: how much is a channel worth?
No one thinks the toll for the Suez Canal is too expensive, because everyone knows: taking a detour is costly, slow, and dangerous.
The channel for stablecoins is the same. You can take grey paths, engage in arbitrage, or build platforms, but those risks are 'temporary bonuses,' not long-term moats.
What truly holds value is structure and channels. The next explosive point in this industry is not the bustling wave of issuing tokens but the steady construction of structure. The ones who can generate long-term value are those who 'build channels' for enterprises.
I opened this river, and ships can sail straight to Persia, fulfilling my wishes. The vow of Persian King Darius still applies today. Now is the time for our generation of Web3 people to carve out a new channel.
