Just caught something interesting from the recent Hong Kong blockchain forum. Jayendra Jog, who co-founded Sei Labs, made some compelling points about where stablecoins are heading, and honestly, it shifts how I think about blockchain's actual use case.

Here's the thing: stablecoins are quietly becoming the real killer app, not DeFi. And according to Jayendra Jog, the revenue potential from stablecoin yield models could actually dwarf what we've been making from transaction fees. That's a pretty bold take, but when you look at the volume moving through stablecoin rails, it starts to make sense.

Now, about those dedicated stablecoin chains everyone's been hyping—Jayendra Jog had a more measured take. Sure, they optimize throughput and compliance, but he's questioning whether the differentiation is actually meaningful. The jury's still out on whether they'll drive real adoption at scale. It's refreshing to hear someone not just follow the hype.

What caught my attention most was what Sei Network is actually delivering. We're talking about the cheapest EVM-compatible stablecoin settlement layer right now—200 stablecoin transfers for just $0.0005. That's genuinely impressive. And with Sei Giga coming, they're targeting 200,000 TPS with 400 millisecond finality. For payments, RWA, derivatives—that's serious infrastructure.

Jayendra Jog's perspective on stablecoins as the real payment layer makes a lot of sense when you see what's actually being built. Worth paying attention to where this goes.