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The Paradox of a Booming Stablecoin Summer and a Cold Crypto Response
Despite clear signs of a booming Stablecoin Summer, the Crypto community has reacted with a surprising coldness, with some funds even flowing out to the US stock market to speculate on related concepts. Why is that?
Arthur's in-depth article provides a clear overview of the history and current state of stablecoins—how Amazon and Walmart's exploration of issuing stablecoins caused Visa's stock price to drop, and how the entire stablecoin track is on fire. But what's surprising is that despite these signs of a booming Stablecoin Summer, the Crypto community is largely indifferent, with some funds even flowing out to the US stock market to speculate on related concepts. Why?
Why Crypto Natives Are Indifferent to the Stablecoin Boom
This is quite interesting. Recall when Trump talked about issuing a coin, everyone was excitedly anticipating the spillover effects of a "presidential coin." So why, when a stablecoin with real mass adoption potential comes along, is the Crypto community "confused"?
In fact, Arthur provides the answer to this question: "Without an issuance channel, there is no stablecoin business." The core of the stablecoin business model is the issuance channel, and the three feasible channels Arthur summarizes—crypto exchanges, Web2 giants, and traditional banks—seem to have little to do with the directions most of the Crypto industry is building in.
You see, Tether's success wasn't because of how advanced its technology was, but because it captured a real need plus a channel. Even though Circle has more standardized technology, it still has to give up 50% of its interest income to Coinbase in exchange for an issuance channel. From this perspective, without a solid issuance channel, those projects trying to challenge USDT with "better technology" are basically just daydreaming.
For retail investors, it's easier to understand: stablecoins are just too "boring." They don't have the imagination space for a 10x or 100x windfall, so the Crypto community naturally feels indifferent.
Web2 Giants as the Real "Disruptors"
Arthur's judgment on traditional banks is very sharp—they're "basically doomed." A 7x24 borderless dollar system versus a bank system with redundant personnel and bureaucratic processes—it's not even a competition. The decline of banks actually gives stablecoins a huge space to survive.
The real disruptors are Web2 giants like Meta, X, and Google, because they come with a user base and payment scenarios. When Amazon and Walmart start exploring stablecoins, it's not just a simple business expansion; it's about directly "feeding" billions of mainstream users to Crypto infrastructure.
In my view, this is the real value of Stablecoin Summer—it's not about bringing short-term get-rich-quick opportunities to the Crypto community, but about quietly infiltrating mainstream society with Crypto infrastructure.
When billions of Web2 users start using stablecoins in their daily lives, the infra needs for DeFi, DeAI, GameFi, and other tracks will correspondingly increase. This is a long-term growth buff that can't be ignored, even if it's not immediately perceptible in the short term.
The "Silent but Steady" Impact Behind the IPO Wave
Of course, there will always be speculation even in a cold Summer. Arthur's reminder is very timely: Circle's IPO is just the first shot, and there will be a bunch of "imitators" rushing in. Most of these projects don't have real distribution capabilities, but with the stablecoin narrative, their market dreams can be very exaggerated.
But going back to Arthur's core judgment—projects without an issuance channel basically have no chance. The key is, this part of the Summer expectation may have little to do with most retail investors, so just watch from the sidelines.
However, from another perspective, this wave of IPOs is essentially "educating" Wall Street about the value of crypto. When traditional investors start to seriously study the business model of stablecoins, this "silent but steady" influence is the most thought-provoking.
In my view, Stablecoin Summer is the turning point for Crypto to shift from being an "edge innovation test field" to a "mainstream commercial alternative."
It's normal that the Crypto community doesn't feel the heat now, because the rules of the game have changed, and the main players are no longer them. But in the long run, as crypto infrastructure carries more real-world demands, every crypto native will be a beneficiary of this wave of infrastructure upgrades.

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