#稳定币生态 A recent perspective has completely changed my understanding of stablecoins—they're not here to "kill banks' livelihoods," but rather to push banks to evolve.

In the past few days, I came across two particularly interesting pieces of news. On one side, Chinese experts and scholars are suggesting pilot programs for stablecoins in free trade zones; on the other side, academic research has directly broken the myth of the "bank run." Cornell University’s research data is quite eye-opening: despite the explosive growth in stablecoin market capitalization, there has been almost no loss of bank deposits.

The reason is actually simple—the friction still exists. Most people's money isn't kept in banks because of the superiority of checking accounts, but because mortgage loans, credit cards, and direct salary payments are all tied together, making transfer costs too high. Stablecoins can't change this reality.

But this is precisely the brilliance! The very existence of stablecoins is like a sword hanging over banks' heads, forcing them not to remain passive. When credible alternatives emerge, banks are compelled to raise deposit interest rates and optimize operational efficiency—this is the true power of competition.

What's even more exciting is the underlying technological dividend. On-chain "atomic-level settlement" means cross-border payments can be compressed from days to seconds, and funds are no longer trapped en route. This has profound implications for upgrading global financial infrastructure. The US GENUIS Act, with its clear reserve requirements, is transforming the previously gray offshore zone into transparent and robust financial infrastructure.

China’s pilot programs in free trade zones follow the same logic—cautious yet open, establishing whitelist systems, offshore RMB innovation pilots, and strengthening infrastructure. This is a new track in the competition among major nations' financial sectors.

Stablecoins won't "kill" banks; instead, they will enable the entire financial system to last longer and perform better. Institutions willing to embrace change are finding their greatest competitive advantage.