#稳定币 Seeing this comment about stablecoins, a few key moments from the past decade come to mind.

I still remember the wave in 2017, when many projects aspired to become "the bank for everyone," but the ones that failed the fastest were often those with overly broad visions. In contrast, those that have survived until today are precisely the ones that recognized their boundaries early on—they abandoned the grand dream of universal financial inclusion and instead excelled in a specific niche. The logic of stablecoins seems to be following the same path.

Over the years, I've seen too many failed cross-chain solutions and collapsing lending protocols, all rooted in greed. But the stablecoin track is different; it was born to solve real issues of fund flow. From USDT to USDC and various regional stablecoins, each iteration answers the same question: how to provide the most stable store of value in specific scenarios. This isn't a grand narrative but a pragmatic choice rooted in genuine market demand.

Of course, the expansion of stablecoins also introduces new risks. Changes in regulatory attitudes, transparency issues regarding capital reserves, liquidity fragmentation across different chains—these are new pitfalls. But compared to projects trying to overthrow the entire financial system, stablecoins appear more humble and resilient. They don't seek to save the world; they just want to do one thing right in a certain corner.

This might be the true evolution direction of FinTech.