Want to launch a stablecoin? Don't think it's as simple as writing a smart contract and putting it on a blockchain.

Technology is just a shell. If you truly want to be legal, compliant, and globally viable, it's a tough, money-burning battle. First, the licenses: without them, you can't even get in. US MSBs, New York BitLicense, EU MiCA, Singapore VASP... The whole process involves legal counsel, audits, and compliance teams—all of which are US dollar-denominated expenses, starting in the tens of millions of dollars annually.

Then there's the matter of reserves. If you want to issue $100 million worth of coins, you'll need to have $100 million in US Treasury bonds to back them up. Custody and liquidity management fees still apply.

The system can't be shabby either; it needs to be stable both on-chain and off-chain, with fully equipped nodes, clearing houses, and risk controls. These days, a single security incident can crumble the entire system.

Finally, distribution. Without exchanges, wallets, and payment channels to help promote your coin, it's doomed. USDT relies on being first to market to gain network effects, while USDC relies on sharing revenue with Coinbase in exchange for promotion. Behind the scenes, it's a head-on clash of resources and capital.

In short, launching a stablecoin isn't a light-footed undertaking; it's a bank-level capital war. Either prepare hundreds of millions of dollars and global licenses, or forget about competing with Tether and Circle. #美联储比特币储备 #加密股IPO季 #特朗普允许401(k)投资加密货币