Recently, the crypto assets market has once again sparked a wave of interest in stablecoins, attracting widespread attention within the industry. However, this scene inevitably reminds people of the tragic ending of LUNA and USTC. Nevertheless, the market remains full of expectations for stablecoins, with several domestic public chain projects seizing the opportunity to attract attention.

While these projects may have speculative value in the short term, what truly deserves attention in the long run are those tracks with lasting logic. Among them, tokenization of real-world assets (RWA), oracle technology, and projects directly related to stablecoins have greater development potential.

In the stablecoin ecosystem, multiple projects play important roles. For example, LINK provides data connection services to support stablecoin applications with technical assistance. MKR, as the governance token of the Maker protocol, has its value closely related to the performance of the DAI stablecoin. In the SNX synthetic asset protocol, the sUSD stablecoin is a key component of its ecosystem.

In addition, some projects are actively exploring the cross-chain application and fiat integration of stablecoins. ACH is committed to building a bridge between fiat currency and Crypto Assets, while STG focuses on the cross-chain transfer of stablecoins. As the only public chain in the country that has received compliance recognition, CFX is actively embracing the issuance and application of HKD and RMB stablecoins.

In the broader fintech space, QNT connects traditional finance and blockchain through its Overledger network, providing solutions for the interoperability of central bank digital currencies (CBDC) and stablecoins. XRP has long been committed to interbank cross-border settlements, and its network is also suitable for the circulation of stablecoins and CBDCs. As the infrastructure of the crypto assets space, Ethereum remains the preferred issuance platform for most mainstream stablecoins.

Despite the opportunities in the stablecoin market, investors must remain cautious, learn from past lessons, and carefully assess the risks and potential of each project. In this rapidly evolving field, only those projects that truly solve real problems and have long-term value can stand out in the fierce competition.