One tweet said, “It’s back home”… but this route, it actually traveled once before—back then, it was walking it itself..
📢 今日盘面群里聊
Most people see this: the biggest USD stablecoin is going back onto Bitcoin, the boss reposts, and the comment section is all full of sentiment..
What’s truly worth watching is the ledger behind that “home” word: it was born on Bitcoin in 2014; later, whole batches of supply were moved to Ethereum and Tron; in 2023, it simply shut down that old road..
So this time, it doesn’t count as “coming home”—more like moving back to an old address that it has already vacated..
Why did it go back then.. Issuing assets on Bitcoin was slow and expensive—both the cost of a transfer and the waiting time could not support the act of payment..
Why is it coming back now.. Because it found a road that Bitcoin didn’t have back then: the Lightning Network handles cheaply and instantly getting the money out, while another protocol handles issuing assets on Bitcoin and putting transaction data onto the chain (off-chain as needed)..
So things start to look different.. In the reasons for coming back, there’s no word for sentiment—only cost..
Even more interesting is who’s talking at this timing..
An established U.S. investment bank—one that issued its own spot Bitcoin ETF this April—met in Washington with the infrastructure company building this channel. They were discussing “adoption in Europe and globally.”..
That infrastructure company, just in August, plugged its own modules into the issuer’s wallet development tooling. The seed round was led by the issuer, and one of the participants is also an established asset manager..
But here’s the issue.. What’s really worth watching isn’t who met with whom, but where the issuer positioned itself..
It has stated clearly that it doesn’t do its own chain—it only wants to hang onto a network that someone else has already built..
Then the stablecoin competition switches lanes from this moment on: it’s no longer about “who issues the most,” but “who provides the route/rails for the issuer to use.”..
Whoever gets selected is the one that starts charging tolls..
And there’s one more layer that’s a bit intriguing: the destination..
The banking-style deposit terms in Europe—those the issuer previously would not accept—so this move likely wasn’t first played in the U.S. or in Europe’s home market. Instead, it was probably tested first outside Europe, in the global market..
Build the road where oversight is loose—that isn’t new. The railways were built the same way..
To be honest, the product isn’t live yet. The next one to connect it is a wallet with over one million weekly active users, and neither side has given a timeline..
On the banking side, no official partnership has been announced either, so at this moment there’s only one meeting and one repost in hand..
Leave this reversal to last: what’s truly worth staring at isn’t who posted another message, but when the first real money—“actually paying out with a stablecoin on Bitcoin”—shows up..
If it really runs, the first thing to change won’t be the coin price, but the fact that “the default rail for stablecoins” now has a second option..
📢 今日盘面群里聊
Most people see this: the biggest USD stablecoin is going back onto Bitcoin, the boss reposts, and the comment section is all full of sentiment..
What’s truly worth watching is the ledger behind that “home” word: it was born on Bitcoin in 2014; later, whole batches of supply were moved to Ethereum and Tron; in 2023, it simply shut down that old road..
So this time, it doesn’t count as “coming home”—more like moving back to an old address that it has already vacated..
Why did it go back then.. Issuing assets on Bitcoin was slow and expensive—both the cost of a transfer and the waiting time could not support the act of payment..
Why is it coming back now.. Because it found a road that Bitcoin didn’t have back then: the Lightning Network handles cheaply and instantly getting the money out, while another protocol handles issuing assets on Bitcoin and putting transaction data onto the chain (off-chain as needed)..
So things start to look different.. In the reasons for coming back, there’s no word for sentiment—only cost..
Even more interesting is who’s talking at this timing..
An established U.S. investment bank—one that issued its own spot Bitcoin ETF this April—met in Washington with the infrastructure company building this channel. They were discussing “adoption in Europe and globally.”..
That infrastructure company, just in August, plugged its own modules into the issuer’s wallet development tooling. The seed round was led by the issuer, and one of the participants is also an established asset manager..
But here’s the issue.. What’s really worth watching isn’t who met with whom, but where the issuer positioned itself..
It has stated clearly that it doesn’t do its own chain—it only wants to hang onto a network that someone else has already built..
Then the stablecoin competition switches lanes from this moment on: it’s no longer about “who issues the most,” but “who provides the route/rails for the issuer to use.”..
Whoever gets selected is the one that starts charging tolls..
And there’s one more layer that’s a bit intriguing: the destination..
The banking-style deposit terms in Europe—those the issuer previously would not accept—so this move likely wasn’t first played in the U.S. or in Europe’s home market. Instead, it was probably tested first outside Europe, in the global market..
Build the road where oversight is loose—that isn’t new. The railways were built the same way..
To be honest, the product isn’t live yet. The next one to connect it is a wallet with over one million weekly active users, and neither side has given a timeline..
On the banking side, no official partnership has been announced either, so at this moment there’s only one meeting and one repost in hand..
Leave this reversal to last: what’s truly worth staring at isn’t who posted another message, but when the first real money—“actually paying out with a stablecoin on Bitcoin”—shows up..
If it really runs, the first thing to change won’t be the coin price, but the fact that “the default rail for stablecoins” now has a second option..
