CEO of RD Technologies: The stablecoin sector will form a "few superpowers and many strong players" landscape, and the current alliance-based ecosystem will eventually achieve interconnectivity.

Techub News, in a speech titled "Stablecoin Upheaval: Power Games and Landscape Reshaping" delivered by Liu Yu, CEO of Roundcoin Technology, at the 2025 Shanghai Blockchain International Week, stated, "Over 45 countries or regions worldwide have initiated or implemented stablecoin regulations, and application scenarios have expanded from exchanges and DeFi to areas such as B2B, B2C, card payments, and cross-border settlements. Additionally, the current stablecoin market is showing a trend of alliance development, with stablecoin issuers and traditional payment networks seeking to extend upstream and downstream within their existing ecosystems (stablecoin issuers establishing payment networks, while companies like PayPal and Stripe seek to issue stablecoins). Although the trend of alliance formation will intensify in the short term, the globalized and permissionless nature of blockchain will, in the long run, enable interconnectivity between networks and ultimately establish a circulation network spanning all ecosystems. The development of stablecoins will follow three directions. First, it is believed that stablecoins are broadly divided into four layers: the application layer, the on/off-ramp layer, the asset layer, and the settlement layer. In the future, the boundaries between these layers will gradually blur, leading to the emergence of something akin to Super Apps in the internet finance industry. Second, regional stablecoins will rise, with non-USD stablecoins finding significant markets in regions where non-USD fiat currencies circulate. Third, the stablecoin market will evolve from a state of flourishing diversity to chaotic integration. In the future, the market will not be monopolized by just two or three stablecoins, nor will hundreds or thousands of companies compete simultaneously. Instead, a few major players will dominate, supplemented by some regional stablecoins capturing certain markets in specific areas."