$牛来 The endgame for stablecoins is not “trading”, but payments, clearing and settlement, and cross-border capital flows; whoever can obtain the licenses, maintain compliance, and run real business successfully will be the winner of the next cycle. Projects that rely on short-term narratives to boost hype will be cleared out by both regulators and the market. What Titanpay is doing: not selling narratives, but building payment infrastructure.