#稳定币市场与基础设施 Seeing Pantera, Sequoia, and Samsung Next jointly invest $17 million in the FIN case, a clear historical thread flashed through my mind.

Remember the stablecoin craze of 2017? At that time, everyone thought USDT would be disrupted, and new types of stablecoins kept emerging. But what happened? Most projects failed because of "illusory application scenarios"—the usage needs they imagined simply didn't exist. USDT, on the other hand, survived and became the biggest winner because it had the most trading pairs and the strongest liquidity.

This time, the financing logic of FIN is different. The three giants are not betting on a new stablecoin protocol but on the shift of stablecoins from being a trading tool to becoming infrastructure for large-scale payments. This is a leap in maturity—from "internal crypto circle circulation" to "real cross-border payment needs."

From a cycle perspective, we are currently at an interesting point. All past failures of stablecoins failed due to "insufficient liquidity" and "overestimated use cases." The current environment, however, is that on-chain infrastructure has become mature enough, and the real demand for cross-border payments is being continuously validated. FIN's decision to enter at this time, along with the scale of financing and the background of investors, indicates that market confidence in this direction is warming.

But I also want to remind you: the large-scale payment track may seem promising, but it has extremely high requirements for compliance, transaction fee competitiveness, and scenario depth. It’s not as easy to succeed as the speculative boom of early years. Only those projects that understand both on-chain logic and traditional financial pain points will survive.

History tells us that the ultimate winners are often not the first to take the plunge, but those who understand the rules of change best.