#链上支付 Looking at Coinbase's System Update this time, I feel a bit emotional. Over a decade ago, the group that followed Bitcoin payments was all imagining how on-chain transfers could replace banks, only to find that the problems were far more complex than imagined. Today, Coinbase's approach has changed — it's not about revolutionary replacement, but about making payments and settlements seamlessly embedded into systems, becoming foundational infrastructure.

Stablecoins combined with customized issuance, cross-chain interoperability, and revenue sharing—this set of strategies clearly shows the maturity of the entire ecosystem. Plus, with Tempo sponsoring Gas fees and Privy developing a global P2P payment demo, on-chain payments have evolved from a "cool technology" to a "truly usable tool," and this process has taken so many years.

But I also notice an interesting contrast: DTCC embracing Canton Network for securities tokenization, which on the surface looks like a victory for RWA, but in reality is a compromise of permissioned chains—the traditional intermediary structure is still there, just with a different ledger. On the other hand, Coinbase's use of Custom Stablecoins to create branded entry points is more like building a parallel financial system. History always repeats itself—true innovation often isn't driven by leading institutions but by edge innovators forcing the hand.

For on-chain payments to truly take off, the key still lies in user retention. The data from Phantom and Hyperliquid shows this clearly—W1 retention is 30%, but W3 drops to 13%. This isn't an ecosystem problem; it's a market condition issue. When the market warms up again, the power of these infrastructures can be fully unleashed. All current upgrades are laying the groundwork for the next cycle.