#稳定币 Seeing this wave of new stablecoins launching one after another, my first thought is—this looks a lot like the ICO frenzy of late 2017.

Back then, we witnessed countless projects raising huge sums based solely on a whitepaper, only for most of them to vanish into nothingness. The story of stablecoins seems to be replaying a similar pattern, just wrapped in a new narrative shell. JupUSD has been in planning for a long time and is finally about to launch, Circle is betting on USDCx in the privacy race, and the Malaysian royal-backed ringgit stablecoin RMJDT—each news story tells the same eternal theme: when the market senses an opportunity, all players rush in.

But I want to point out that the differences this time are worth noting. Unlike the illusory promises of the past, these projects are backed by solid infrastructure—Solana’s ecosystem depth, Circle’s compliance accumulation, and political support from the royal endorsement of RMJDT. This indicates that stablecoins have moved from the conceptual stage to practical application.

The question is: how dispersed will the liquidity be? How high are the actual migration costs for users? We saw this in the 2020 stablecoin war, where the market was often dominated by one or two strong players who ultimately swept up the gains. The current lineup is more complex, but the market rules have never changed—whoever can truly solve cross-chain liquidity and cost issues will be the last to laugh.

All of this still depends on the next three to six months.