The Yield Landscape Under the Stablecoin Wave

With the listing of leading compliant stablecoin companies, a benchmarking effect has emerged, and there is growing domestic attention on the stablecoin sector. Various stablecoin payment conferences are being held frequently, companies are actively organizing learning sessions, and the crypto community is engaged in lively discussions, with experts sharing their insights.

Behind this bustling scene, we can't help but ask: who is actually profiting from it all?

In fact, based on the overall development process, the development of stablecoins can be divided into three stages, each of which has different roles that can benefit from it.

Phase One: License Application

Compliance is the top priority, and currently most companies are applying for licenses in Hong Kong. However, the regulatory requirements in Hong Kong are very strict, and many companies are confused about how to meet these requirements.

At this stage, law firms have become the main beneficiaries. They provide legal consulting services for companies applying for licenses, assist in preparing materials, and communicate with regulatory agencies.

Phase Two: Technical Construction

Compliance and technical development can proceed simultaneously. Many companies apply for licenses while building their technical systems so that they can quickly launch their own stablecoins and seize market opportunities once they obtain the licenses.

The construction of a stablecoin payment system is quite complex, involving multiple aspects such as compliance services, asset management, token issuance, liquidity management, and security. Specifically, it includes many aspects such as KYB, KYT, AML, order management, address management, clearing and settlement, deposit and withdrawal, contract auditing, and on-chain security.

Traditional Web2 companies often lack blockchain development experience and relevant talent, so they need to collaborate with Web3 technology service companies. At this stage, many crypto technology service providers are beginning to seek customers and generate revenue directly.

Phase Three: Channel Promotion

Once the company obtains the license and completes the technical preparations, it can officially start operations. Currently, most companies are still in the first or second phase, and the third phase is at most in negotiation.

However, once the business is launched, the market will face a "battle of a hundred coins". For stablecoins, liquidity is crucial. Various stablecoins need to find suitable business scenarios to expand their usage scale.

At this stage, channel promotion becomes particularly important, requiring collaboration with various influential channels. Therefore, during this battle of coins, various channels will become the biggest beneficiaries, including trading platforms, e-commerce platforms, and cross-border trade companies.

After these three stages, only the stablecoins that stand out can truly start to profit. Referring to the competitive models in other domestic industries, such as ride-hailing, bike-sharing, and food delivery, ultimately there will be a dominant company that obtains the majority of market share through economies of scale.

When the market structure stabilizes, stablecoin issuers will begin to improve their profitability. At this point, stablecoin issuers will be the real winners, gaining substantial returns through a large asset scale.

For ordinary users, there is also an opportunity to gain arbitrage profits during the process of new stablecoin forces competing for market and liquidity through subsidies.

Overall, the stablecoin craze can be described as "big fish and big meat"; the key is to seize your own opportunity.