Behind this wave of stablecoin craze, who is making money? With the listing of Circle, a leading compliant stablecoin, it has brought a benchmarking effect, and China has also begun to pay attention to stablecoins. Various stablecoin payment conferences are emerging one after another, and companies are organizing various organizations to learn, of course, the currency circle community is also actively discussing, and great scholars have debated the classics. Behind the excitement, who is making money at present? In fact, according to the overall process, the development of stablecoins can be divided into three stages, and each of these three stages has different roles to make money. The first stage is to apply for a license. Compliance first, everyone is currently applying for a license in Hong Kong. The biggest problem with Hong Kong regulation is that it is too strict and demanding, and many companies do not know how to meet the regulatory requirements. At this time, law firms jumped out first to provide legal consulting services to companies applying for licenses, helping them submit materials and communicate with regulators. So at this stage, the law firm makes money first. The second stage is to build technology. Compliance and technology can go hand in hand, and many companies apply for licenses while building technical systems, so that once the license is passed, they can immediately launch their own stablecoins and seize the opportunity. If you wait until the license plate is issued before starting the project, you will miss the time window and it will be far from time. Doing stablecoin payments is still quite complicated, requiring compliance services, asset management services, token issuance services, liquidity management services, security services, etc. Specifically, it includes KYB, KYT, AML, order management, address management, clearing and settlement, deposits and withdrawals, contract audits, on-chain security, etc. However, traditional Web2 companies actually lack relevant experience and talent accumulation in blockchain development, so they need to cooperate with Web3 technology service companies. Therefore, at this stage, many Crypto technology service providers have also begun to recruit customers and directly obtain income. The third stage is channel promotion. If you have a license and do a good job of technology, then you can directly start business. However, at present, the vast majority of companies are still in the first and second stages, and the third stage is at most in a state of negotiations. But once the business is launched, it will be a "100-coin war" situation. For stablecoins, liquidity is at the core. Various stablecoins need to find their own business scenarios and expand their use. Then channel promotion is very important, and you need to find a large number of channels for cooperation. For example, Circle, USDC's rapid rise is mainly due to the liquidity and brand endorsement provided by Coinbase's strong support. This is a clear development path, and for Hong Kong stablecoin players, it is also necessary to bind various channels to seize the market. Then, in this stage of the 100-coin war, the most profitable channels are naturally various channels, including exchanges, e-commerce platforms, cross-border trading companies, etc. After going through the above three stages, the final stablecoin can really make money. In the end, a stablecoin will come out and become the leader in Hong Kong or Chinese, and will squeeze the space of other competitors and gain the vast majority of market share through the siphon effect. After having a solid market share, the next step is to increase your profitability, and this is when stablecoin issuers make money. Referring to the domestic taxi war, bicycle sharing war, and takeaway war, they all follow this path. At the beginning, it was a scuffle, and the players who ran out at the end would win all, and after the subsidy war, they needed to recuperate, reduce subsidies and increase the unit price, so as to make a profit. At this time, profits are also very terrifying, and stablecoin issuers themselves can only make profits by relying on huge asset volumes. In addition to various project parties, for ordinary users, the more direct benefit is that when new stablecoin forces seize the market and liquidity through subsidies, we retail investors can also arbitrage from it. In short, the stablecoin boom can be said to be "big water and big fish", and you have to seize your own piece of cake. @circle @Tether_to @humafinance #PayFi #HumaFinance