#稳定币项目与生态 When I saw that the on-chain transaction volume of stablecoins has exceeded 46 trillion dollars, I thought: this is not only a technological advancement but also reflects a long-ignored reality - hundreds of millions of people around the world are being excluded from the TradFi system.

The emergence of self-custodied digital banks like AllScale gives me a sense of the possibility of balance. It is not just a simple technological innovation, but rather addresses a real question: why should super individuals working in the global gaps still pay a cost of 2-6% or even higher for cross-border payments?

What impressed me is its product logic—using Passkey fingerprint recognition to replace mnemonics, completely eliminating the complexity of blockchain while retaining the core advantage of self-custody. This "subtractive design" precisely hits the critical pain point.

However, I want to be honest and say that having a good product is not enough. The regulatory policies for stablecoins remain ambiguous globally, and the user education costs in emerging markets are extremely high. These are not problems that can be solved in the short term. Although the influx of capital validates the value of the sector, the real test lies ahead—whether it can enable that Nigerian developer and that Southeast Asian freelancer to truly use and continuously rely on this tool.

I have always believed that security is based on stability, and stability is based on truly understanding the user's essential needs. I look forward to seeing how AllScale walks the tightrope between compliance and freedom.