2025-12-28 16:21:42

The rise of stablecoins is no longer a coincidence. From a certain perspective, they are becoming the second growth curve for the expansion of the US dollar and US debt ecosystem — one of the most noteworthy phenomena in current financial innovation.

Why is this the case? First, projects holding compliant stablecoins are actually tapping into a rare business model in history — the ability to directly share in the seigniorage. The strength of this model is self-evident, breaking through the ceiling of traditional finance.

Even more interesting is the push from the policy side. The US government and related legislation are becoming the most powerful distribution force for compliant stablecoins. This is not a coincidence, but the result of the entire system design. When policy, business models, and market demand come together, the explosion of the stablecoin ecosystem becomes inevitable.

These insights run through my in-depth thoughts on the stablecoin industry and are worth re-examining in the current market environment.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

5 Likes

Reward
5
4
Repost
Share

Comment

0/400

LiquidationAlert

· 2h ago

Seigniorage is indeed an enticing slice of the cake, but how many can actually enjoy it? Most projects are still just working for the Federal Reserve.

View OriginalReply0

MoonRocketTeam

· 2h ago

This wave of stablecoins is indeed laying the tracks. The extension of the U.S. debt ecosystem has been exposed, and everyone wants a piece of the seigniorage cake [rocket]. However, the matter of policy support depends on how the US will act next. It's still early to say it will explode now. Sharing the seigniorage model directly is indeed aggressive, but the problem is that risks are also brewing. That's correct, the demand from government, business, and market together is the true booster. We're still in the loading phase. This perspective is interesting, equivalent to the second strategic layout of the US dollar in the Web3 space. The explanation of policy push is thorough, but where is the ceiling for compliant stablecoins? Is the seigniorage model breaking the ceiling? That's a bit exaggerated. It still depends on whether it can stand the test of time.

View OriginalReply0

AlphaLeaker

· 2h ago

The seigniorage is indeed impressive, but to be honest, it's still the Federal Reserve pulling the strings. We're just the bagholders.

View OriginalReply0

digital_archaeologist

· 2h ago

Seigniorage has really been mastered, but it seems like many people haven't realized it yet.

View OriginalReply0