#稳定币 After reading this entrepreneur's review, I have to say—this is true clarity.

Many people are still hyping up how Web3 payments will revolutionize everything, but those who have actually been on the front lines know how illusory the "prosperity" of stablecoins really is. I’ve visited places that are hyped up to the heavens—Yiwu, Shui Bei, Putian—and the reality is: stablecoins do exist, but they have not yet formed a scalable core infrastructure. Most transactions are scattered, implicit, and relationship-driven.

What truly struck me was his statement—payments are not about the product, but about banking relationships, licenses, risk control, and long-term credit accumulation. This is the hurdle that teams with an internet background can never bypass. Many seemingly "successful" paths are fundamentally about earning risk premiums, not capability premiums. No incidents so far ≠ a sound system; this is an obvious truth, but most people choose to pretend they don’t see it.

Another point he mentioned that I strongly agree with is—true incremental value in payments is not in the crypto space, but in B-end scenarios dragged down by traditional finance. But this requires stronger compliance capabilities and long-term resilience, which cannot be solved by a clever product design alone.

Finally, his shift in focus is also worth pondering. Payments are just the entry point; the real barrier has always been the post-payment fund management system. This logic also applies to Web3—when more and more funds flow on-chain, what’s truly scarce is not liquidity, but the gate that allows people to understand risks and make judgments.

This is the biggest difference between those who have experienced it and those still rushing forward. The former knows where their boundaries are; the latter still believes boundaries can be broken through sheer willpower.