The three-tier architecture sounds great, but who will set the standards? Compliance is the trend, but implementation still depends on regulatory negotiations. Let's let things develop a bit more first.

Wu Shuo learned that a McKinsey research report analyzed that the world is moving into a new stage of “on-chain currency.” The article said that the current circulation of stablecoins is currently about $300 billion, of which about 99% is denominated in US dollars; in contrast, the annual transfer volume processed through tokenized deposit infrastructure by major banks has already exceeded $4 trillion. McKinsey believes that on-chain finance is not dominated by a single stablecoin, but will evolve into a three-tier architecture consisting of stablecoins (retail applications), tokenized deposits (institutional business), and central bank digital currencies (final settlement). This architecture is expected to help alleviate the current fragmentation problem in the on-chain monetary system and promote the standardization and compliance of global capital flows.