Bull-market expectations are heating up, and stablecoins have already become a hot battleground that major public chains are racing to compete in. Celo has completed its transition to OP Layer 2, bringing its native stablecoin system to life—truly running through the real-world scenarios of mobile cross-border inclusive payments. AVAX, DOT, and APT have focused on building stablecoin ecosystems centered on DeFi and the RWA tokenization of real-world assets, meeting business needs from institutional clients. As a leading gaming public chain, Ronin leverages stablecoins to settle payments for in-game equipment and NFT items, laying a solid foundation for the on-chain gaming economy.

By contrast, RVN—thanks to the characteristics of its native asset issuance—has sparked community ideas about building a stablecoin, but this is still only at the conceptual stage. There is no working product yet, and there is still a long way to go before real implementation.

In a bull-market environment, the market will endlessly amplify the realm of imagination behind any given narrative. But a beautiful story does not necessarily translate into tangible investment returns. Whether a sector concept can turn into actual market performance ultimately depends on the pace of technical deployment, the scale of real users, and the participation of incremental capital. Don’t blindly go bullish based solely on one community’s idea—be especially wary of getting carried away by narrative-driven hype.