The core of stablecoins is not the coin, but who controls it.

Many people think that stablecoins are just a "variant of cryptocurrency,"

but those who truly understand know that:

The core of stablecoins has never been the "coin," but the "control."

Look, those who are now entering the stablecoin space are not just pure crypto players, but Alipay, JD.com, banks, and state-owned enterprises in technology. Why?

Because the essence of stablecoins is actually "who anchors the value, who maintains trust."

In traditional finance, this role is the central bank;

and in the digital finance era, this role is starting to change —

• If it is issued by the government, that is digital sovereignty;

• If it is issued by a platform, that is a commercial closed loop;

• If it is issued overseas, that is cross-border arbitrage and systemic risk.

This is why starting in 2025, regulation, giants, and capital are all competing for the power of "who controls the coin."

The coin itself is not very expensive,

but the resources, scenarios, and credit systems behind anchoring it are the real battleground.

Stablecoins are not just a means of payment,

but also the ticket to future "central authority in digital finance." #BTC #ETH #pi #PiJS