#稳定币发行与类型 Recently, I came across several news stories about traditional financial giants entering the stablecoin race, which left a deep impression.

Intuit integrating USDC, SoFi issuing SoFiUSD, JPMorgan launching JPM Coin... these are not minor moves. A closer look reveals a common point: they are all using stablecoins to reshape the underlying logic of payments. Whether it's for tax refunds, salaries, or corporate payments, the core demand is—faster, cheaper, more transparent.

What insights can be drawn from this? I think there are two points worth considering:

**First, the form of stablecoins is diversifying.** SoFi's approach is particularly noteworthy—issued by a licensed bank, backed by Federal Reserve cash, with 1:1 redemption guarantee. This "licensed, asset-backed, redeemable" model actually reduces the overall credit cost of the system. In contrast, the risks associated with some past stablecoins mainly stem from insufficient reserve transparency and risk isolation. Over the long term, this difference will become increasingly apparent.

**Second, institutions deploying stablecoins are essentially redefining their business boundaries.** It's not about speculating on coins or making huge profits, but about establishing new channels for fund circulation on public blockchains. For those wanting to participate in this ecosystem, the criteria should be clear—prioritize stablecoins with solid backgrounds, transparent reserves, and real application scenarios.

In the short term, these developments may seem calm, but in the long run, they represent an important direction for asset security—trust based on制度 rather than promises, and risk based on verifiable facts rather than guesses.