#稳定币竞争与发展 The Libra controversy in 2019, I still remember how panicked the entire industry was at that time. The reaction from the banking system was almost a survival crisis—thinking stablecoins would drain their deposits. The logic back then seemed perfectly reasonable: since I can hold a digital dollar backed by government bonds on my phone, why keep money in a zero-interest, weekend-closed savings account?

But over the years, the facts have slapped us with data. Studies show that although stablecoins have exploded in market cap, there hasn't been a large-scale loss of bank deposits. I later realized—this is called "sticky deposits," a fundamental economic reality. People don't put money in banks solely for interest; it's because their entire financial life is tied to that one account: mortgages, credit cards, direct salary deposits—everything is interconnected. The power of this bundling effect far exceeds our initial understanding of simple interest competition.

What's more interesting is that the emergence of stablecoins, rather than destroying banks, has actually imposed discipline on them. Banks can no longer rest on their monopoly advantages; they are forced to raise interest rates and improve efficiency. It's like the music industry being forced to move from CDs to streaming—initial resistance, but ultimately a salvation.

The real value lies in the reconstruction of the underlying infrastructure. The significance of stablecoins is not just 24/7 availability, but "atomic-level settlement"—cross-border payments compressed from multi-day transfers into a single on-chain transaction. This is a profound transformation of the global financial system. And regulatory frameworks like the 《GENIUS Act》 are bringing offshore chaos into clear regulatory boundaries, giving the dollar a truly competitive upgrade.

What I see is not a zero-sum game between banks and stablecoins, but an upgrade of financial infrastructure. Banks shouldn't be preoccupied with competition itself, but should think clearly: when you can charge for "speed" rather than "latency," this transformation truly begins. History shows that resisting the tide of change comes at the heaviest cost.