Why is the stablecoin summer failing to ignite crypto enthusiasm?

Author: Haotian

Arthur's lengthy article clearly outlines the past and present of stablecoins—Amazon and Walmart exploring stablecoins, Visa's stock price dropping in response, and the entire stablecoin sector booming. However, I was surprised that despite the evident signs of a stablecoin summer, the entire Crypto circle reacted very coldly, with even some funds flowing out to invest in concept stocks in the US. Why?

------Why is the Crypto Native narrative "indifferent" to the stablecoin boom?

1) This is quite interesting. Looking back at the time when Trump issued a coin, everyone was excitedly anticipating the spillover effect of a presidential coin. Why is it that when a stablecoin with real mass adoption potential arrives, the Crypto circle seems "confused"?

In fact, Arthur provides the answer to this question: "Without issuance channels, there is no stablecoin business." The core of the stablecoin business model is the issuance channel, and Arthur summarizes three viable channels—crypto exchanges, Web2 giants, and traditional banks. This seems to have little connection with the direction most of the Crypto industry is building towards?

You see, Tether's success is not due to how advanced the technology is, but because it captured the essential demand + channels. Even though Circle has more standardized technology, it still has to share 50% of its interest income with Coinbase to secure issuance channels. From this perspective, without hardcore issuance channels, those projects attempting to challenge USDT with "better technology" are basically daydreaming.

For retail investors, it's easier to understand that stablecoins are too "boring," lacking the imagination of making 10x or 100x profits, so the Crypto circle naturally feels indifferent.

------Web2 giants are the real "disruptors"

2) Arthur's judgment on traditional banks is very sharp—"basically hopeless." The 24/7 borderless dollar system vs. the redundant personnel and bureaucratic processes of the banking system is simply not a competition of the same magnitude. The decline of banks has instead provided a huge survival space for stablecoins.

The real disruptors are the Web2 giants like Meta, X, and Google, because they come with a user base and payment scenarios. When Amazon and Walmart start exploring stablecoins, it's not just simple business expansion; it's directly "feeding" billions of mainstream users to Crypto infrastructure.

In my view, this is the true value of the stablecoin summer—not bringing short-term wealth opportunities to the Crypto circle, but allowing Crypto infrastructure to quietly penetrate into the mainstream world.

When billions of Web2 users begin to use stablecoins daily, the infrastructure demand for various sectors like DeFi, DeAI, and GameFi will correspondingly increase. This is a long-term growth buff that may not be perceived in the short term but cannot be ignored.

------The "subtle influence" behind the IPO wave

3) Of course, even if the so-called summer is quiet, there will definitely be speculation. Arthur's reminder is very on point: Circle's IPO is just the first shot, and there will be a bunch of "imitators" rushing in afterward. Most of these projects lack real distribution capabilities, but under the narrative of stablecoins, their market dreams will be exaggerated.

However, returning to Arthur's core judgment—projects without issuance channels basically have no chance. The key is that this part of the summer expectation may have nothing to do with most retail investors; they can just watch from the sidelines.

From another perspective, this wave of IPOs is essentially "educating" Wall Street about the value of crypto. When traditional investors start to seriously study the business model of stablecoins, this kind of "subtle influence" is what deserves the most thought.

In my view, the stablecoin summer is a turning point for Crypto to transition from a "marginal innovation testing ground" to a "mainstream business alternative."
Currently, it is normal for the Crypto circle not to feel the heat because the rules of the game have changed, and they are no longer the main characters. However, in the long run, when Crypto infrastructure accommodates more real-world demands, every crypto native will be a beneficiary of this infrastructure upgrade.