1. Most excited about the concept of stablecoins are middle-aged men, either economists (not in the currency field) or investors from traditional industries. Most of them had not heard of stablecoins before 2024, or their understanding of stablecoins was still stuck in the Libra era. Therefore, they see stablecoins as fresh, shocking, consolidating the dollar's hegemony, and even reshaping the global monetary system, representing the forefront of the next confrontation between China and the United States.

2. The second group that is excited about the concept of stablecoins is mainly the macro/non-bank finance/computer groups from brokerage research institutes. Reports from the macro group often focus on introducing the concept and mechanisms of stablecoins, estimating their future massive growth potential, while non-bank/computer groups often focus on their alternatives to the traditional financial system, performance advantages, and technological innovations, pushing tickets. Their excitement is less about how amazing stablecoins themselves are, but rather because of the high market sentiment and high capital attention.

3. The third group excited about stablecoins consists of KOLs or self-media in the crypto asset field. Generally speaking, there are not many concepts that break out in the crypto asset field, and the last time there was such a widespread discussion about stablecoins was during the metaverse craze in 2021.

4. The fourth group excited about this is practitioners in blockchain technology research and development. This is mainly because the market has a strong desire to understand concepts like stablecoins and RWA, leading to innovation on the technical level. This provides a very good opportunity to promote blockchain technology (such as public chains, consortium chains, oracles, AMM, etc.) externally.

5. There are three groups of people with a relatively cautious attitude. The first group is those genuinely involved in stablecoin and RWA issuance or cross-border payments. They tend to objectively introduce the various obstacles currently faced in the implementation of stablecoins/RWA. Notably, these obstacles are not technical but rather ecological and related to acceptance. They have the clearest understanding of the current market demand.

6. The second group is old-school crypto asset players. They have been in the crypto space for too long to take any new hype seriously. In their view, stablecoins are the least blockchain-like products on the blockchain—they lack any upward imagination and are not decentralized. RWA is just something left over from what FTX played with in the past.

7. The third group consists of professionals related to central bank digital currencies (CBDC). Since stablecoins and CBDCs are highly similar, both replicating fiat currencies using blockchain technology, the only difference being whether there is government credit behind them. Due to the relatively slow development of CBDCs, they are also relatively cautious about the prospects of stablecoins.#币安HODLer空投ERA $BTC