#稳定币市场动态 Seeing Klarna's move, what flashes through my mind is the wave of 2017. Back then, we all thought stablecoins would be the killer app of blockchain—so what happened? Most projects failed in application scenarios—no matter how advanced the technology was, users just didn't buy in.

This time is different. Klarna isn't pushing from the crypto circle outward; instead, they are penetrating from the proven consumer finance market. They have the trust of millions of daily active users, a regulatory moat with European banking licenses, and on top of that, KlarnaUSD stablecoin has already been tested in international payment scenarios. It's like expanding from land into the sea, rather than building a city on the sea.

There's also a detail worth pondering—what does the shift from the CEO's previous cautious attitude towards crypto to now saying "the technology has matured" reflect? Is it that market education has been completed? Is it that the regulatory framework is becoming clearer? More importantly, the actual application data is there—"hundreds of millions of consumers already own digital assets." This is no longer a game for niche players.

Privy's infrastructure supports 100 million accounts, backed by Stripe, with wallet solutions integrated into daily BNPL scenarios—this combination seems to be a correct replay of history. Ten years ago, we missed the dividend window of Alipay and WeChat Pay; this time, the opportunity for stablecoins to land in consumer endpoints might be right in front of us. The key isn't how scarce the coin is, but whether someone will actually use it.