A stablecoin issuer has turned its attention back to the chain it left first.
Relevant information shows that a payment company supported by it is building stablecoin transfer channels on the Bitcoin network and the Lightning Network. The company’s head discussed this direction during a meeting in Washington with an investment bank, and the issuer’s executive has also publicly stated that this type of asset is returning.
The drivers for the return are cost and security. The settlement security of the mainnet is the highest but it is slow and expensive; the Lightning Network provides small, high-frequency supplemental capacity. Together, they can enable stablecoin payments within the Bitcoin ecosystem. What the issuer needs, however, is more practical payment scenarios—not another parallel chain.
The challenge lies in liquidity and standards. Stablecoins on the Bitcoin network require market makers to provide exchange depth, as well as support from wallets and application partners. If either side is missing, the channel will sit idle. Therefore, such projects typically start by cooperating with existing payment service providers rather than directly marketing to individual users.
For the industry, this move reflects a shift in the competitive focus. The issuer’s moat has moved from issuance scale to the payment network and settlement channels. Whoever can offer a cheaper, faster settlement path will take the initiative in the next phase of fee competition.
Issuance scale is no longer the moat—channels are.
#稳定币 #payment channel
Relevant information shows that a payment company supported by it is building stablecoin transfer channels on the Bitcoin network and the Lightning Network. The company’s head discussed this direction during a meeting in Washington with an investment bank, and the issuer’s executive has also publicly stated that this type of asset is returning.
The drivers for the return are cost and security. The settlement security of the mainnet is the highest but it is slow and expensive; the Lightning Network provides small, high-frequency supplemental capacity. Together, they can enable stablecoin payments within the Bitcoin ecosystem. What the issuer needs, however, is more practical payment scenarios—not another parallel chain.
The challenge lies in liquidity and standards. Stablecoins on the Bitcoin network require market makers to provide exchange depth, as well as support from wallets and application partners. If either side is missing, the channel will sit idle. Therefore, such projects typically start by cooperating with existing payment service providers rather than directly marketing to individual users.
For the industry, this move reflects a shift in the competitive focus. The issuer’s moat has moved from issuance scale to the payment network and settlement channels. Whoever can offer a cheaper, faster settlement path will take the initiative in the next phase of fee competition.
Issuance scale is no longer the moat—channels are.
#稳定币 #payment channel
