2026-01-08 08:32:25

Stablecoins are quietly infiltrating every corner of traditional finance in an unassuming yet unstoppable way.

Just look at a few recent developments. Klarna launched KlarnaUSD on Tempo, the first-layer network tailored for payment scenarios by Stripe; PayPal's PYUSD issued on Ethereum has doubled in market value in just three months, now accounting for over 1% of the stablecoin market share with a supply approaching $4 billion; Stripe has started settling directly with merchants using USDC; and Cash App is even more aggressive, planning to expand its services from Bitcoin to stablecoins by early 2026, allowing its 58 million users to seamlessly interact with stablecoins within their fiat balances.

These giants have different entry points, but they are all doing the same thing—making the flow of money extremely smooth.

However, there's a question worth pondering. There are often voices in the market saying "everyone will issue their own stablecoin," but this logic doesn't hold up. Dozens of widely used stablecoins? Still manageable. But what if thousands or even tens of thousands emerge? That would be chaos. Do users really want to disperse their USD (yes, USD, with over 99% dominance) into a long tail of branded tokens? Each token lying on its own chain, with different liquidity and fees—who can handle that?

ETH-0,56%

PYUSD-0,03%

BTC-0,28%

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SerLiquidated

· 01-11 00:18

It looks like the giants are finally taking stablecoins seriously, but to be honest, I've seen through this move a long time ago. PYUSD doubling is indeed impressive, but the real profits still go to those who preemptively positioned themselves. Thousands of stablecoins? Ha, in the end, it will still be USDC and USDT taking the biggest share, and the rest will be cannon fodder. Wait, is Cash App really planning such a big move in 2026? How many bait effects does that require? What does the 99% dominance of the US dollar indicate—ultimately, it still can't outplay the US dollar's grip. Liquidity fragmentation is indeed a problem, but isn't that an opportunity for exchanges? Honestly, it's the big players competing to see who can pave the smoothest path for stablecoins. I'm not optimistic about those spontaneous stablecoins; they are doomed to be squeezed out by the ecosystem.

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TestnetNomad

· 01-10 23:58

Ha, another giant enters the scene. The game of stablecoins is getting bigger and bigger. --- Instead of issuing a bunch of junk coins, a few top-tier ones are more useful. --- PayPal doubled in three months, showing that people still recognize it. --- Fragmented stablecoins? Forget it, it's too troublesome. --- Liquidity is the key, these folks finally figured it out. --- The real winners are not in the crypto circle, but in the payment chain. --- A supply of 4 billion sounds impressive, but real usage is what matters. --- Cash App's move is fierce, directly bringing 58 million users into the fold. --- The US dollar is invincible; no matter how many other coins there are, it's useless. --- Wait, does it mean that ultimately stablecoins will have to return to centralization?

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MEVHunterWang

· 01-08 09:00

To be honest, I see through this wave of stablecoins invading traditional finance. It's about bringing the convenience of the US dollar directly onto the chain, and no one can avoid it. The fact that PYUSD doubled in three months is really impossible to ignore. PayPal's move is too aggressive. However, the argument that "everyone should issue their own stablecoin" is indeed nonsense. The more liquidity is dispersed, the more users will turn away. In the end, only a few top players will survive, and the rest will be garbage.

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ForkMonger

· 01-08 08:57

ngl the "everyone issues stablecoins" narrative is just cope from people who don't understand network effects... liquidity pools don't fragment nicely, they just die slow deaths. PayPal's move is predictable; centralized entities always converge on the same solution eventually.

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SatoshiNotNakamoto

· 01-08 08:54

The penetration of stablecoins has indeed been subtle, but honestly, in the end, it still depends on who can gain the liquidity dominance.

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ApeShotFirst

· 01-08 08:37

Wait, PayPal's PYUSD doubled in three months? Why didn't I keep up with the pace? This is traditional finance's dimensionality reduction attack.

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