Yesterday afternoon, when the JPMorgan 'Stablecoin Ceiling Report' was going viral in the circle, I was having dinner with my cousin who is in foreign trade.
He suddenly laughed while scrolling through his phone: 'The stablecoin you guys are hyping up in the crypto world is just a “toy” in Wall Street's eyes?'
I leaned over to take a look— the report clearly stated: by 2028, the scale of stablecoins will be at most $600 billion, far from the trillion-dollar dream.
'Do you know why?' my cousin pointed to a section of text, 'Because your stablecoins are still spinning in the casino.'
At that moment, I felt like I was splashed with a bucket of cold water.
But after diving deep into research at home in the evening, I instead saw possibilities in @usddio that JPMorgan didn't mention.
The core conclusion of the report is actually quite harsh:
Growth relies on internal circulation: this year the growth of stablecoins is 100 billion, mainly from perpetual contracts and other derivative trading
The main stage is in the crypto circle: 90% of application scenarios are still trading, settlement, and leverage
The ceiling is obvious: if you can't leave the crypto circle, the scale limit is half of the crypto market value
But the report also points out a key breakthrough point:
What can truly break the ceiling is stablecoins moving out of the crypto circle, entering foreign exchange, cross-border payments, and real asset settlement.
This is precisely the direction that projects like USDD are exploring.
The 'stability demonstrates trust' concept of USDD is essentially about building a value carrier that can flow across circles:
Over-collateralization mechanism: allows traditional financial institutions to understand its value basis
On-chain transparency and auditability: meet compliance and risk control requirements
Instant cross-border settlement: naturally suitable for foreign trade, remittances and other scenarios
My perspective on stablecoins has completely changed:
Short term: Acknowledge JPMorgan's judgment, most stablecoins are indeed 'liquidity tools for the crypto circle'
Medium term: Focus on projects like @usddio that have breakthroughs in collateral mechanisms and compliance transparency
Long term: Betting on stablecoins that can truly bridge the 'crypto world and the real economy'
If you have ever fantasized about stablecoins replacing Visa, it might be worth thinking calmly:
A chip that circulates daily in a casino, would a bank dare to use it to pay salaries?
But conversely, why can't a stablecoin that is sufficiently collateralized, transparently audited, and designed compliantly become a settlement tool for cross-border trade?
This is the insight USDD gave me:
The true breakthrough in value is not to increase the number of casino chips, but to turn chips into 'vouchers' that can be recognized by the outside world.
#USDD demonstrates trust through stability
Follow @usddio to see how a stablecoin transitions from 'in-market tool' to 'cross-circle bridge'.
JPMorgan tells us where the ceiling is, while innovators tell us - the ceiling can be broken.
