The Next Stop for Stablecoins: International Payments, Tokenization of US Stocks, and AI Agents

1. Core Ideas

Stablecoins have special advantages in payment scenarios, and the market is paying attention to their applications in traditional payment fields, especially in cross-border payments for international trade. There are "non-homogeneous" characteristics among different types of stablecoins, making the competition even more intense. Currently, the tokenization of US stocks and AI Agents are two important tracks for advancing stablecoin applications, which will have a siphoning effect on global financial market liquidity.

This article analyzes the prospects of stablecoins entering the payment field, looks forward to the impact of tokenization of US stocks and AI Agents on stablecoins, and explains the establishment of regulatory and compliance systems.

2. Stablecoin and Traditional Payments: A Two-Way Approach

2.1 Stablecoin Entry into Traditional Payment Field: Innovation in Cost and Settlement Models

Stablecoins, as a form of cryptocurrency, have characteristics of peer-to-peer and decentralization. Users have control over their account, and the blockchain infrastructure is maintained by miners. This is in stark contrast to traditional financial accounts. Stablecoin transfers are convenient, with payment being instant settlement, while traditional cross-border remittances, international payments, and stock trading require a certain amount of time to complete final settlements.

Establishing a blockchain account is simple; you only need a network and a terminal to register. These features give stablecoins an advantage in traditional payment fields, especially in underdeveloped areas.

2.2 Traditional giants actively embrace stablecoin

Several traditional internet and retail giants have shown great interest in stablecoins. Walmart and Amazon in the United States are exploring the issuance of their own dollar stablecoins. The "Stablecoin Regulation" in Hong Kong is about to take effect, and Ant International and Ant Digital Technologies have stated their intention to apply for a Hong Kong stablecoin license. JD's stablecoin has entered the second phase of sandbox testing.

The US dollar stablecoin PYUSD launched by payment giant Paypal, despite relying on the company's large user base, has not developed well. This reflects the unique logic of competition in the stablecoin market.

3. The market competition for stablecoins will be very fierce.

3.1 "Non-fungible" determines the generality of the scenario chain, which is key to competition.

Stablecoins from different issuers have the characteristic of "non-fungibility". As a leading variety, the universality of USDT is key to its market competitiveness. USDT is widely used in centralized exchanges, DeFi platforms on multiple public chains, and even in communities in developing countries.

The threshold for issuing stablecoins is not high; the key lies in the universality of the scenario chain. Whether a type of stablecoin can be widely accepted in multiple application scenarios constitutes its moat.

3.2 Opportunities and Challenges of Stablecoin in Developing New Payment Systems

Integrating stablecoins into the traditional payment system requires the construction of corresponding infrastructure and services. This involves the relevant construction of payment rules, regulatory laws, financial service providers, and IT infrastructure.

Payment giant Stripe acquires Bridge, attempting to bridge stablecoin payments with traditional banking payment systems. This brings new development potential for stablecoins in the payment field.

Another challenge faced by stablecoin payments is efficiency. Traditional payment systems are highly efficient, while the decentralized nature of blockchain limits efficiency. Improving the payment efficiency of blockchain networks to accommodate millions of users is a pressing technical issue that needs to be addressed.

4. Siphoning Financial Liquidity: Tokenization of US Stocks (RWA) and Agent

4.1 US Stock Tokenization: New Catalysts to Look Forward to in the Second Half of the Year

Stock tokenization is expected to become the next major application market for stablecoins. Traditional financial institutions and cryptocurrency firms are actively promoting the implementation of stock tokenization. Cryptocurrency exchanges such as Coinbase and Kraken have begun or plan to offer tokenized stock trading services.

4.2 AI Agent payment is another potential market

Stablecoins are built on blockchain light accounts, suitable for AI Agent-controlled accounts to facilitate payments. Ethereum smart contracts perfectly integrate AI intelligent decision-making with account payments. Intent-centric applications demonstrate how AI combines decision-making with payments.

5. Regulation and Compliance of Stablecoins: A Compliant Payment System Still Needs to be Established

The establishment of a stablecoin payment system is a systematic project that involves asset security, internal controls, compliance, and coordination among multiple countries. The regulatory challenges brought about by stablecoin payments, especially the offshore nature of fiat currencies, are currently in a regulatory vacuum.

The widespread use of dollar stablecoins may lead to the "offshoring" of the dollar, making it difficult for the United States to effectively regulate and control. This is a concern in the development process of stablecoins.

6. Investment Advice: Focus on RWA and stablecoin related sectors

It is recommended to pay attention to the implementation of tokenization applications in the US stock market and the issuance of stablecoin licenses in Hong Kong as catalysts, as well as to focus on relevant targets in the RWA and stablecoin industry chain. At the same time, pay attention to the catalytic and transformative effects of blockchain-native innovative applications on the financial market.

7. Risk Warning

• The development of blockchain technology is below expectations.
• Uncertainty in regulatory policies
• The implementation of Web3.0 business models is not meeting expectations.