Web3 Little Law

The Hong Kong dollar stablecoin needs to occupy an irreplaceable channel—and this channel is now visible.

The actual stablecoin payment volume each year is approximately $390 billion, accounting for about 0.02% of the total global payment volume.

Although blockchain data shows that the trading volume of stablecoins is huge, most of it does not represent real-world payments.

Bankless timely launched an interview program with Tether CEO Paolo Ardoino, revealing the understanding of the king of stablecoins, Tether USDT, which is highly valuable for reference.

More than 99% of stablecoins are pegged to the US dollar and are correspondingly backed by dollar assets. If stablecoins were considered a country, they would be the 14th largest holder of US Treasury bonds.

Circle is building an open technology platform centered around USDC.

The technological foundation of Ripple is the XRPL ledger, which is a distributed ledger technology, and XRP is the utility token that operates on this ledger.

Approaching from a more traditional and universal perspective, examining the true utility of innovative AI agents, stablecoins, and public blockchains, as well as future trends.

The article will first introduce the development of stablecoins in recent years, and then compare it with the historical development of the banking industry, in order to make an effective comparison between stablecoins and the banking sector. In this process, the article will explore three recently emerged forms of stablecoins: fiat-backed stablecoins, asset-backed stablecoins, and strategically supported synthetic dollars, to look ahead to the future.

This article attempts to examine the potential benefits and long-standing challenges of tokenization from the perspective of traditional finance, using the analysis framework of McKinsey & Co. By combining realistic and objective cases, it concludes that despite the ongoing challenges, the first wave of tokenization has already arrived.