Why is everyone "focused" on stablecoins, yet finding it hard to enter the market?

Abstract

Over the past decade, stablecoins have gradually moved from a little-known development experiment into the global financial spotlight. From the collapse of the algorithmic stablecoin TerraUSD (UST) in 2022, which led to the evaporation of about $60 billion in market value overnight, to the traditional giant Binance being forced to halt new issuance of its BUSD stablecoin in 2023 due to regulatory pressure, and even the high-profile emergence of the USD1 stablecoin founded by the Trump family in early 2025—these iconic events all indicate that stablecoins have become a hot topic at the intersection of the crypto world and traditional finance. Whether it’s Wall Street institutions, internet giants, or ordinary investors, everyone is closely watching the stablecoin sector. However, despite the heat surrounding stablecoins, the barriers to entry are not low; technical and compliance challenges deter many from participating.

This article will delve into the driving forces and obstacles behind the current stablecoin craze from three perspectives: institutions, retail investors, and on-chain innovations, and explore why many are eyeing stablecoins yet find it difficult to enter the market.

Table of Contents

1. Why are stablecoins so popular?

• Rapid growth of market size

• Policies driving industry mainstreaming

• Public enthusiasm and cognitive gaps

• Payment giants and financial institutions actively entering the space

2. How are global institutions positioning themselves in stablecoins?

• JD Group: Driven by cross-border payments

• JPMorgan (JPM Coin): Corporate treasury settlement

• PayPal (PYUSD): Consumer-level applications

• Fintech companies (Stripe, Revolut, etc.): Payment bridging

• Cross-border financial pilots: Public-private cooperation

• Mainstream bank executives expressing support

3. Those eager to enter but struggling to find a way: Barriers and dilemmas

• High technical barriers and expensive development costs

• Economic model design and liquidity challenges

• Financing and liquidity support becoming increasingly difficult

• Compliance pressures and regulatory fog

• Insufficient credit endorsement, making trust hard to establish

• User experience barriers, cumbersome entry operations

4. BenFen Chain × Stablecoins: One-click issuance + Smooth experience

• Native one-click issuance

• Stablecoin payment Gas

• Ultimate user experience (UX)

• Security and decentralization guarantees

5. In conclusion: Observations from Bixin Ventures

1. Why are stablecoins so popular?

Stablecoins, as crypto assets pegged to fiat currencies, have become a bridge connecting traditional finance and the blockchain economy. Their popularity in recent years is reflected in several aspects:

Rapid growth of market size

• Growth in active addresses: The number of stablecoin users and transaction volumes has surged explosively. The number of active stablecoin wallet addresses increased from 19.6 million in February 2024 to 41 million in August 2025, with an annual growth rate exceeding 100% (source: Artemis).

• Increase in supply: During the same period, the total supply of global stablecoins rose from approximately $138 billion to $275 billion, achieving a 99% year-on-year increase.

(Source: Artemis)

• Transaction volume surpassing payment giants: Since September 2024, the daily transaction volume of stablecoins has consistently exceeded that of VISA channels, even reaching a peak of $5.1 trillion at one point.

(Source: Artemis)

This series of data indicates that whether in exchanges, DeFi, or payment scenarios, the penetration and influence of stablecoins are significantly increasing.

Policies driving industry mainstreaming

The rapid follow-up of regulations from various countries has laid the foundation for the legal and compliant development of stablecoins.

• United States: In July 2025, the "Guidance and Establishment of the U.S. Stablecoin National Innovation Act (GENIUS Act)" was officially signed, which specifies that only federally insured deposit institutions can issue payment stablecoins, and they must maintain 100% reserves, disclose monthly, and undergo annual audits, while adhering to strict KYC/AML measures.

• Hong Kong: The Legislative Council passed the "Stablecoin Ordinance" in May 2025, requiring issuers to apply for a license from the Hong Kong Monetary Authority and meet requirements for high-quality assets with 1:1 full reserves, sound redemption mechanisms, and regular audits.

• Europe: The MiCA (Regulation on Markets in Crypto-Assets) was officially implemented at the end of 2024, bringing stablecoins under strict regulatory oversight, requiring issuers to meet stringent standards for capital adequacy, liquidity, and transparent disclosures.

Major global financial centers have made their stance clear on stablecoins, and compliance is driving stablecoins from the gray area into mainstream finance.

Public enthusiasm and cognitive gaps

Search engine trends also reveal the public's strong interest in stablecoins. Over the past year, search terms like "how to buy stablecoins" and "stablecoin yields" have surged several times on Google, while queries about "how to issue stablecoins" are almost nonexistent. This contrast indicates that the public is very interested in using stablecoins but remains largely unaware of how to create them. The strong market demand coupled with high barriers on the supply side further stimulates calls within the industry to lower entry thresholds and innovate issuance methods.

(Google Trends search heat comparison chart Source: Google)

Payment giants and financial institutions actively entering the space

Faced with the efficient and low-cost advantages of stablecoins, traditional payment networks and internet financial platforms are competing to test them, viewing them as an opportunity to upgrade the global payment system. BIS (Bank for International Settlements) research shows that if cross-border payments were settled using stablecoins, the speed could increase by two orders of magnitude, and costs could be reduced by over 90%. This makes stablecoins a potential solution to the "slow and expensive" pain points of cross-border remittances. In recent years, both Visa and Mastercard have announced plans to support stablecoin settlements: Visa has already piloted the acceptance of stablecoins like USDC for clearing funds from some issuing banks in its global settlement network, while Mastercard has launched an end-to-end stablecoin payment solution, preparing to incorporate compliant stablecoins into its merchant network. Payment service provider Stripe has been offering USDC stablecoin payment options to content creators since 2022 for instant small payments globally, while e-commerce platform Shopify has also supported users in settling product payments using stablecoins through partnerships. Notably, PayPal not only issued its own dollar stablecoin PYUSD but also announced in 2025 that it would provide an annual yield incentive of 3.7% for users holding PYUSD, encouraging them to hold and use stablecoins in PayPal and Venmo wallets. These initiatives reflect that traditional payment giants view stablecoins as an important component of the next-generation payment channel: on one hand, using stablecoins to achieve near-instant cross-border fund transfers at a cost that is only one-tenth of SWIFT wire transfers, and on the other hand, leveraging stablecoins to tap into the new growth of the crypto payment market. In summary, from internet giants to banking payment networks, stablecoins are increasingly regarded as the "financial infrastructure" of the digital age, significantly boosting their industry popularity.

In conclusion, whether it’s the rapidly expanding user base and transaction volume, the gradually clarifying regulatory environment, or the public's heightened interest and the embrace of mainstream institutions, multiple factors combined make stablecoins one of the hottest topics in the crypto space today. The heat behind stablecoins lies in their potential as digital cash anchored in value, showcasing immense potential in connecting the traditional and the innovative.

2. How are global institutions positioning themselves in stablecoins?

With a promising outlook for stablecoins, various leading institutions have already rolled up their sleeves, entering this sector through different strategies. From tech giants to Wall Street banks, they are launching their own stablecoin projects or partnership plans to secure a leading position in this new financial infrastructure.

Here are a few typical institutional layouts:

JD Group - Driven by cross-border payments

JD Technology's subsidiary has entered the Hong Kong Monetary Authority's stablecoin sandbox, planning to issue a "Jcoin" pegged to the Hong Kong dollar for cross-border trade and e-commerce payments. The goal is to significantly reduce cross-border payment costs and improve settlement efficiency while exploring offshore RMB stablecoins to promote the internationalization of the RMB.

JPMorgan (JPM Coin) - Corporate treasury settlement

Launched in 2019, JPM Coin is primarily used for instant fund transfers between institutional clients, based on the Quorum consortium blockchain. It processes an average daily amount of about $1-2 billion, becoming an important infrastructure for large enterprises' liquidity management and cross-border clearing.

PayPal (PYUSD) - Consumer-level applications

PayPal launched PYUSD in 2023 in collaboration with Paxos to issue a dollar stablecoin, which has been integrated into PayPal and Venmo wallets. Starting in 2025, it will offer a 3.7% yield for holding the coin, targeting payment, settlement, and fund management scenarios for small and medium-sized merchants and freelancers.

Fintech companies (Stripe, Revolut, etc.) - Payment bridging

Stripe provides USDC payment services for creators, while Revolut is developing a multi-currency stablecoin to reduce remittance and exchange costs. Both represent typical cases of emerging fintech leveraging stablecoins to expand the global payment market.

Cross-border financial pilots - Public-private cooperation

Initiatives like mBridge and Project Agorá led by BIS, as well as the Canton Network composed of investment banks and tech companies, are promoting the construction of on-chain clearing networks by central banks, commercial banks, and financial institutions, exploring the compliant application of stablecoins in cross-border payments and financial markets.

Mainstream bank executives expressing support

Large financial institutions have shifted from observing to taking action regarding stablecoins. Several banks have revealed their stablecoin plans during earnings calls: Citigroup stated it is researching the possibility of issuing a "Citi Stablecoin"; Bank of America has also been reported to be incubating a dollar stablecoin for corporate client payment settlements. JPMorgan's CEO admitted that customer demand drives banks to participate in competition. Standard Chartered not only joined the Hong Kong sandbox to test stablecoins but also partnered with Singapore's StraitsX to provide custody and cash management services for its newly issued coins and dollar stablecoins. Even asset management giant BlackRock has indirectly entered the stablecoin space through investments in Circle and partnerships with Coinbase. It can be said that from banks to payments, from e-commerce to social platforms, various institutions are forming a siege to enter the stablecoin sector. Their participation not only brings substantial capital and user bases but also empowers the stablecoin ecosystem in terms of compliance, security, and global networks. This is also why the current pace of stablecoin development is so rapid—backed by giants, stablecoins are transitioning from grassroots innovation to a new stage of mainstream adoption.

(Stablecoin industry chain map Source: As shown)

3. Those eager to enter but struggling to find a way: Barriers and dilemmas

Despite the giants making strides in the stablecoin field, many small and medium players (individual developers, startup teams, small and medium enterprises, and even traditional industry companies) face significant difficulties in entering the market. They see the opportunities and potential of stablecoins but often find it hard to participate due to various barriers.

Here we outline several common obstacles that hinder these potential participants:

High technical barriers and expensive development costs

Creating a stablecoin project is no easy task. First, blockchain development itself poses a significant barrier for ordinary teams, requiring expertise in smart contracts, security audits, multi-chain interactions, and other specialized skills. According to estimates from blockchain development consulting firms, developing and deploying a stablecoin contract from scratch, along with wallet support, website backend, etc., can cost anywhere from $30,000 to $50,000, depending on team manpower, functional complexity, and compliance requirements. This is a substantial investment for small startup teams. Additionally, security audits are an unavoidable part of the process, with each audit typically costing between $10,000 and $100,000; to prevent hacking attacks, many projects also need to purchase smart contract insurance, with annual premiums ranging from a few thousand to tens of thousands of dollars. Conservatively calculated, audit and security investments often account for 20%-30% of the project's initial budget. Not to mention that ongoing operations require constant upgrades and iterations of code to adapt to new hacking techniques. These high upfront financial and technical investments leave many ideas on paper—many individuals or small teams, despite having creativity and enthusiasm, can only helplessly give up when faced with budget sheets and technical stacks.

Economic model design and liquidity challenges

The success of a stablecoin project depends not only on programming but also on the underlying financial engineering. Issuing a pegged coin requires careful design of collateral mechanisms or algorithmic adjustment mechanisms to ensure price stability. If the market experiences severe fluctuations or users redeem en masse, the system needs contingency plans to avoid a death spiral. This means small teams must possess economic model modeling and stress testing capabilities to simulate whether the stablecoin can maintain its peg under various extreme scenarios. For example, the collapse of Terra UST serves as a cautionary tale: algorithmic stablecoins lacking asset backing can collapse instantly during a crisis of confidence, with market value evaporating by hundreds of billions of dollars in just a few days. However, many startup projects often overlook the importance of modeling, merely focusing on "technically achieving 1:1 pegging" without delving into the stability at scale. As a user in the crypto community aptly put it: "Writing code to issue coins is technically simple… the challenge lies in how to scale to billions of dollars and how to redeem every dollar at that point." In other words, a small team may be able to develop a functioning stablecoin contract, but it may not withstand the test of the real market. On the other hand, stablecoin projects often face liquidity traps in their early stages: without sufficient funds to provide market-making and depth, stablecoins struggle to maintain circulation value and stable redemption; yet no one is willing to provide liquidity, making funding support a distant dream. In this chicken-and-egg dilemma, many small projects find their coin prices and pegging mechanisms rendered meaningless in the absence of trading volume. Once someone sells, the stablecoin may instantly deviate from its peg without the ability to adjust, leading to a collapse of trust.

Financing and liquidity support becoming increasingly difficult

Stablecoin projects also face the "difficulty in attracting investment" problem commercially. Unlike ordinary application-based startups, stablecoins are capital-intensive: not only do they burn cash during the development phase, but they also require substantial reserves to provide liquidity and respond to redemptions during operations. Therefore, small teams often seek VC investment or market maker loans to expand their funding pool. However, the reality is harsh—most investment institutions are not interested in stablecoin startups. As analyst Anthony DeMartino pointed out, even if small projects offer 40% annualized returns as enticing conditions, it is still challenging to secure market-making funds because venture capitalists seek returns of 10 times or more and are not swayed by a mere few percentage points of interest; market makers also face high capital costs, typically around 20% opportunity cost for their own funds, and considering risk premiums, few are willing to lend at fixed rates to an uncertain stablecoin project. He describes many of these startup teams as "going into battle with toy knives," severely lacking ammunition while attempting to challenge well-funded existing stablecoin giants, with predictable results. Many founders are repeatedly questioned during fundraising pitches: "How large is your liquidity pool? Where is your community? Is your market budget sufficient?" Ultimately, they often find themselves shut out for failing to provide convincing numbers. As one entrepreneur lamented in a forum: "Without funds for market-making and marketing, without a user community and a strong team, the success rate is very low." The lack of funding and insufficient self-sustenance quickly trap small stablecoin projects in a vicious cycle: lack of funds - lack of users - inability to establish credit - even less funding, ultimately leading to abandonment.

(Source: medium.com/@anthonydemartino)

Compliance pressures and regulatory fog

As mentioned earlier, major jurisdictions have successively introduced clear regulations for stablecoins. For small teams, this presents another mountain to climb. The U.S. requires stablecoin issuers to be regulated financial institutions, Europe mandates registration as electronic money institutions with capital requirements, and Hong Kong requires licenses and statutory audits… just preparing compliance documents and processes can overwhelm a batch of developers. Obtaining a license not only takes a long time and involves complex processes but also incurs significant costs. For example, establishing a regulated trust company in the U.S. can require millions of dollars in capital and a professional legal team to handle the application. Similarly, applying for a stablecoin license in Hong Kong must meet strict shareholder qualifications and risk management requirements. Some regions (like Canada) even classify stablecoins directly as securities, subjecting projects to cumbersome registration and disclosure obligations under securities law. For small projects with limited budgets, they either risk launching on the edge of legality (which can easily lead to shutdowns or penalties) or abandon the idea altogether due to compliance barriers. Regional regulatory differences also leave teams at a loss—go to the U.S., and fear violating federal laws; go to Southeast Asia, where definitions are unclear; go to Europe, where MiCA requires establishing an entity in the EU, audits, and white papers, which are not feasible for most startups in the short term. As a result, many ideas remain underground, hesitant to push into the market for fear of stepping on regulatory landmines. The uncertainty of compliance makes ordinary people feel that entering the stablecoin field is "fraught with pitfalls," leaving them unsure of where to start.

Insufficient credit endorsement, making trust hard to establish

As value anchors, stablecoins place a premium on credit. However, small teams often lack the endorsements needed to gain public trust. First is the team background: many small project teams are anonymous or semi-anonymous, lacking notable industry experience and having no large institutions backing them. Users find it hard to exchange real money for tokens issued by an unfamiliar team. In community forums, there are frequent reminders to check whether the project has a publicly listed company entity, who the responsible parties are, whether audits have been conducted, and whether the code repository is active. Many small stablecoins, upon investigation, reveal no team introductions, long periods of inactivity on GitHub, and erratic social media engagement, naturally raising doubts among potential users. Additionally, transparency is also an issue—mainstream stablecoins like USDC regularly disclose proof of reserve assets, while small projects often struggle to afford audit costs, and even if they claim to have 1:1 reserves, users have no way to verify this. This leads to a trust black box: people do not know if you are "printing money out of thin air" to exploit them. Once doubts arise, without a credible third party to prove their innocence, small stablecoins can easily face a run on the bank. It can be said that in the trust-based realm of stablecoins, newcomers are inherently at a disadvantage: without a brand, without regulation, and without substantial financial backing, why should users believe that your coin can maintain stable redemption? This trust deficit causes many potential users to "observe more than act."

User experience barriers, cumbersome entry operations

Even if technical and funding issues are resolved, small teams often overlook the importance of user experience. In the current multi-chain ecosystem, users often face numerous obstacles when using stablecoins: for instance, to use a stablecoin on Ethereum, they must first hold Ethereum's native coin, ETH, as Gas; if they want to use it on BSC, they need to prepare BNB to pay transaction fees. New users often feel confused: "I want to issue or use stablecoins, but I'm required to buy another coin to pay for fees." Additionally, switching networks between different chains, adding contract addresses, and calculating slippage fees are extremely unfriendly to non-professional users. The community has even seen the hashtag "#GasInUSD," reflecting users' strong desire to pay on-chain Gas directly with dollar stablecoins. The reality, however, is that most public chains do not support this experience. Many small teams have issued new stablecoins but failed to provide accompanying wallets and user-friendly tools, forcing users to navigate multiple exchanges and bridges to acquire and use these tokens. This disjointed experience means that first-time users are likely to abandon their attempts due to errors or inconvenience. For example, some teams reflected that they lost a large number of potential users on their launch day because many newcomers got stuck trying to switch RPC networks, or a single transaction failed due to excessive slippage, leading to disappointment. Complex entry operations inadvertently block many ordinary people interested in stablecoins from participating.

In summary, these real-world dilemmas paint a picture of many eager to join the stablecoin wave but struggling to find an entry point: among them are innovative developers, entrepreneurs embracing new finance, small and medium enterprises seeking cost reduction and efficiency, and ordinary merchants anticipating digital asset payments… They see the opportunities that stablecoins present but are hindered by lack of funding, lack of technology, lack of compliance pathways, lack of trust endorsements, and lack of useful tools, leaving them to watch from the sidelines. Their voices may be: "The prospects of stablecoins are enticing, and I don't want to miss out, but how exactly should I participate? Who can help me overcome those barriers?" These pain points also lead to the key question in the next chapter—whether there is a solution that can pave the way for these hesitant individuals.

(Illustration of stablecoin issuance barriers Source: Created by the author)

4. BenFen Chain × Stablecoins: One-click issuance + Smooth experience

From the perspective of investment and infrastructure development, lowering the barriers to issuing and using stablecoins is key to expanding the market in the future. We note that BenFen Chain is designed to address several common pain points encountered by small teams and new users:

Native one-click issuance

On BenFen Chain, any authorized user can issue their own stablecoin as easily as filling out a form. The platform provides a user-friendly UI interface: users simply select the type of collateral asset they wish to peg (e.g., USD, gold, or other compliant assets), input the intended issuance amount, and click the "Mint" button to generate the corresponding stablecoin token in seconds. The entire process requires no smart contract coding, no complex protocol deployment, and no additional high audit fees—technical risks are managed by BenFen's underlying Move smart contract security model, with contract templates rigorously audited and validated through long-term operation, allowing issuers to enjoy plug-and-play security without reinventing the wheel. It can be said that BenFen has reduced the technical barriers to stablecoin issuance to nearly zero cost: development investment drops from tens of thousands of dollars to just a few dollars in Gas fees, and the time required shrinks from months to minutes. For project parties lacking development teams, the one-click issuance tool provided by BenFen is undoubtedly revolutionary. This means that whether it’s merchants with cross-border payment needs or creative startup teams, they can easily create their own stablecoins to serve specific communities or business scenarios without being troubled by technical bottlenecks.

Stablecoin payment Gas

BenFen is well aware of the long-standing Gas payment experience issues troubling users, so it has made breakthroughs at the architectural level: allowing direct payment of on-chain fees with stablecoins. On BenFen Chain, stablecoins are no longer just a medium of exchange; they can also be used to pay for on-chain operation costs. For example, when users transfer or call contracts on BenFen Chain, they can directly use stablecoins like BUSD or BJPY to pay Gas, without needing to hold the native governance token of BenFen Chain. This design completely eliminates the cumbersome requirement for new users to "first buy a bunch of chain coins to pay Gas" when using dApps. Even better, BenFen's average transaction fee is very low, at about $0.05, far below the Gas costs of $0.3 to $0.5 on Ethereum/BSC. To optimize the experience for newcomers, BenFen even supports Gas sponsorship: project parties or third parties can sponsor transaction fees for users, allowing them to use specified applications without paying Gas themselves. This series of improvements means that within the BenFen ecosystem, whether it’s newcomers to blockchain or seasoned users coming from other chains, they can enjoy a "stablecoin as fuel" smooth experience. Here, stablecoins truly become a universal value carrier on-chain—serving as both transaction principal and network fuel. Users can set aside the complicated exchanges and spend stablecoins directly in various on-chain scenarios, just like spending dollars in internet applications.

Ultimate user experience (UX)

To further lower the entry barriers for Web3, BenFen has also put significant effort into wallet and payment experiences, striving to make it "as simple as traditional applications." First, BenFen supports the zkLogin social login solution: users can register a blockchain wallet account with just their phone number, email, or social account, eliminating the need to memorize complex mnemonic phrases or private keys. This greatly facilitates ordinary users' onboarding and reduces asset losses due to poor private key management. Secondly, around stablecoin payments, BenFen provides comprehensive social payment features: for example, through the BenPay app, users can achieve phone number transfers, friend red envelopes, and QR code payments. Merchants can generate payment codes to accept stablecoin payments from customers, and users can send red envelopes or split payments just like using WeChat/PayPal, but the actual stablecoin transfer occurs on-chain. Additionally, BenFen integrates a built-in cross-chain bridge, supporting cross-chain exchanges of mainstream assets, allowing users to conveniently swap USDT/USDC on Ethereum or Tron for stablecoins like BUSD on BenFen Chain. The entire operation process has been meticulously refined to be simple and intuitive: users do not need to understand any on-chain terminology and can complete wallet creation, funding, and transfers with just a few clicks. For developers, BenFen also provides a rich SDK, enabling them to easily build user-friendly front-end applications. In BenFen's view, stablecoins, as the "stable value bearers" in digital currencies, should be paired with Web2-level user experiences to truly reach the masses.

Security and decentralization guarantees

While lowering barriers, BenFen has not sacrificed its commitment to security and decentralization. The underlying architecture employs the Move smart contract language, whose resource types and linear logic naturally avoid common vulnerabilities (such as reentrancy attacks), providing strong type safety guarantees for stablecoin contracts. Additionally, BenFen constructs a high-performance chain using a DAG + BFT consensus mechanism, achieving a single-chain TPS in the tens of thousands with confirmation times under one second. The DAG's parallel accounting ensures high throughput, while BFT consensus guarantees finality and resistance to forks, achieving industry-leading network fault tolerance. In practice, since its launch, the mainnet of BenFen has maintained an availability rate of 99.99%, with no downtime or rollbacks due to consensus issues. This is crucial for stablecoin applications involving funds, allowing users to trust the system's reliability. Furthermore, BenFen considers the needs of different scenarios, supporting flexible identity models: users can choose to participate in decentralized transactions with anonymous addresses or opt for KYC completion to gain regulated permissions, thus accessing specific compliant applications or fiat deposit and withdrawal channels. At the network level, multiple authoritative institutions jointly maintain verification nodes to prevent any single party from acting maliciously, ensuring the entire chain's decentralization and resistance to censorship. In summary, BenFen pursues "stability"—reflected both in its commitment to the value of stablecoins and in the secure and robust operation of its system. Through innovative underlying technical architecture, BenFen Chain creates a safe, efficient, and trustworthy environment for stablecoin issuance and usage, lowering barriers without compromising trust.

Through the design of the above four aspects, BenFen aims to build a "stablecoin infrastructure accessible to everyone." Here, project parties do not need to be programming experts, possess huge funds, or worry about complex on-chain operations—if they have legally compliant assets and clear application scenarios, BenFen can help them issue stablecoins with one click and provide friendly payment and management tools. This undoubtedly offers a new opportunity window for countless potential participants who were previously kept at bay. As the name "BenFen" implies, it stands for doing things earnestly and returning to the essence of financial services—allowing more people to equally enjoy the dividends brought by stablecoins and blockchain innovation.

Correspondence table of BenFen solutions and industry pain points

5. In conclusion: Observations from Bixin Ventures

As an investment institution that has long focused on blockchain infrastructure, Bixin Ventures' core judgment in the stablecoin field is that compliance and ease of use will be key variables driving the next wave of adoption.

Today, stablecoins have become an asset class of shared interest for both institutions and retail investors, but the vast majority of potential participants still face multiple barriers related to contract development, compliance qualifications, liquidity of funds, and user experience. Projects like BenFen aim to encapsulate complex processes at the underlying level through technology and product design, enabling more small teams and ordinary users to enter with low barriers.

From our perspective:

• For developers, it means faster experimentation and iteration;

• For small and medium enterprises, it provides feasible cross-border payment and clearing tools;

• For investors, it represents an early exploration of the "popular layer" of the stablecoin ecosystem.

We understand that the future landscape of stablecoins will not be determined by a single project but will be shaped collectively by compliance policies, institutional participation, and the evolution of infrastructure. BenFen's current positioning is more about filling the "neglected gaps" and helping those who originally lack resources find pathways into the stablecoin world.

Therefore, we believe that attempts like BenFen are worth paying attention to and continuously observing. Whether it can become an important piece of the stablecoin ecosystem still requires validation from the market and time.