PayPay, as Japan's largest e-wallet, is about to go public, raising $2 billion to focus on upgrading its cross-border payment system, with plans to integrate stablecoins to reduce settlement costs. Behind this is SoftBank's grand strategy to create a closed-loop cryptocurrency financial system, managing crypto assets through the $3 billion 21 Capital platform, in collaboration with partners like Tether and Cantor, forming a complete chain of stablecoin issuance, payment applications, and technology investment.
Currently, the stablecoin market is experiencing a triple explosion, driven by policies like the U.S. 'GENIUS Act' promoting compliance, and giants such as Visa and Amazon accelerating their integration of stablecoin payments. Coupled with the trillion-dollar growth potential in cross-border payments, PayPay's IPO could become a landmark event for traditional payment giants embracing cryptocurrency. In the short term, compliant stablecoin issuers and payment infrastructure service providers like Circle will benefit; in the long term, attention should be paid to the interest-bearing asset model of stablecoins combined with on-chain U.S. Treasury bonds, while also being wary of tightening EU regulations and the technical risks of non-compliant stablecoins.
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