Are stablecoins going to create a big wave in the payments sector? I have to pour cold water on this idea.

Once the battlefield is set in the payments track, stablecoins will face their opponent—fiat currency. The real issue is: can stablecoins eliminate fiat? My answer is that I don't see this possibility in the future. Behind fiat currency are national credit and the financial system, which are things that cannot be shaken in the short term.

If stablecoins are to replace fiat currency, we would have to wait for the world order to be completely reshuffled. And once that day comes, the entire financial landscape will be rewritten, and the very meaning of stablecoins will need to be redefined. Instead of trying to challenge the mountain of fiat currency, it's better to think about what stablecoins can do in areas like on-chain economy and cross-chain liquidity, where real opportunities exist.