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পরিবর্তনটি ইতিমধ্যেই

আমি 5বছরব্যাপী blockchain-এর ekonomics-এর analysis-এ, one truth stands out: stablecoins are no longer just digital dollars. The pivot from issuance to application is no longer theoretical — it’s here. Circle’s Nasdaq debut wasn’t just a milestone for a single company; it exposed a deeper reality. Even as the second-largest issuer, Circle pays 50% of its net interest income to Coinbase for distribution. That’s not scale — that’s cost inflation.

Why Issuance Is Losing Its Edge

The network effects of USDT (76%) and USDC (16%) are entrenched. New entrants? They’re playing chess on a battle-scarred field where the rules have already been written by dominance. And regulators aren’t helping them either — they’re moving away from ‘risk-first’ toward ‘innovation-empowered.’

Take Hong Kong’s new Stablecoin Issuer Ordinance or Singapore’s risk-tiered SCS framework: both explicitly prioritize applications over mere volume.

Three Golden Scenarios Where Value Lives Now

1. B2B Cross-Border Payments: Beyond Speed and Cost

It’s not enough to say ‘faster transfers.’ Real pain points include currency risk during settlement lags (1–3% erosion), fragmented liquidity pools, and compliance overhead across jurisdictions.

Stablecoins solve these through programmable conditions tied to trade events — like auto-payment upon shipment confirmation via smart contracts. That’s not efficiency; that’s system redesign.

2. Real-World Asset (RWA) Tokenization: The Hidden Infrastructure Game

RWA isn’t about selling shares on-chain — it’s about making illiquid assets liquid without collapsing their value proposition.

Here, stablecoins act as three things at once: value bridges between TradFi and DeFi, transactional rails for trades, and automated yield distribution channels.

But unless you embed compliance logic early — Oracle reliability, legal enforceability of chain-linked deeds — you’re building castles on sand.

3. The DeFi–TradFi Connector Role: Where Innovation Thrives

The future isn’t replacing banks with protocols. It’s bridging them.

Enterprises are already using stablecoin-powered dual ecosystems: keeping core operations in traditional banking while deploying idle capital into DeFi for yield — with strict risk isolation layers.

This model? It works because stablecoins act as neutral intermediaries: programmable yet compliant, digital yet anchored in real-world value.

Infrastructure Isn’t Just Tools – It’s Strategy

When I interviewed CFOs across Asia-Pacific last month, they didn’t ask for cheaper APIs or faster nodes. They asked for one thing: a system that handles multi-currency routing while hiding FX costs behind transparent optimization.

So we now see three infrastructure models:

• Issuer-led: Limited by ecosystem bias.
• Channel-centric: Fragmented solutions with zero interoperability.
• Neutral Platforms: Full-stack integrators across all chains, currencies, and compliance layers.

The winner? Neutral platforms that offer intelligent path selection based on time-of-day rates, volatility spikes, or regulatory windows – all automated via AI-driven decision engines.

The market is evolving fast. But remember this cold fact: if you’re still competing on how many coins you issue per minute… you’re already losing.