Three Profit Stages in the Boom of Stablecoins: Who is the Ultimate Winner?

As leading companies in the Compliance stablecoin sector log in to the Capital Market, this phenomenon has sparked widespread attention within the industry. The domestic market's interest in stablecoins has also surged, with various related conferences and learning activities being frequently held, and industry professionals and community members engaging in lively discussions.

In this wave of enthusiasm, who are the real beneficiaries? In fact, the development of stablecoins can be divided into three stages, each with different participants benefiting from it.

The first stage is to obtain a license. Compliance is the primary consideration, and many companies currently choose to apply for relevant licenses in Hong Kong. However, the regulatory requirements in Hong Kong are strict, and many companies are confused about how to meet these requirements. In this stage, legal service institutions are the first to benefit, providing legal advice to the applying companies, assisting in submitting materials, and communicating with regulatory authorities.

The second phase is technical construction. Many companies are building their technical systems while applying for licenses, so they can quickly launch their own stablecoin products once they obtain the licenses. The stablecoin payment system involves multiple complex aspects, including Compliance services, asset management, token issuance, liquidity management, and security guarantees. Since traditional internet companies often lack blockchain development experience and talent, they need to collaborate with blockchain technology service providers. This has resulted in blockchain technology service providers earning considerable income during this phase.

The third phase is channel promotion. Once the license application and technical preparation are completed, the company can start actual operations. Although most companies are still in the first two stages, once they enter the market, it will be a fierce competition. For stablecoins, liquidity is crucial. Various stablecoins need to find suitable application scenarios and expand their usage scale. Therefore, channel promotion becomes particularly important, requiring cooperation with various high-traffic channels. In this stage, various channel parties, such as trading platforms, e-commerce platforms, and cross-border trade companies, will profit from it.

After these three stages, only the stablecoin that stands out can truly be profitable. Looking at the development history of other industries in China, such as ride-hailing, bike-sharing, and food delivery, there is often one dominant player that captures the majority of the market share through economies of scale. At this stage, stablecoin issuers can begin to achieve substantial profits.

For ordinary users, there are also arbitrage opportunities during the process where emerging stablecoins compete for market and liquidity through various incentives.

Overall, the stablecoin boom has brought tremendous opportunities to the industry, and all participants may benefit from it. The key is to seize the opportunity that belongs to you.