#稳定币市场发展 Seeing Haseeb's prediction, what flashed through my mind was the ICO wave of 2017. Back then, many projects claimed they would revolutionize finance, but what was the result? After the big wave, only a few survived.

This time, I paid special attention to two details regarding the 2026 forecast. One is the tech giants pushing wallets—Google, Meta, or Apple entering the space—this could indeed be a watershed moment. But don’t forget, Facebook’s Libra project failed spectacularly, and entry by tech giants into this field has never been smooth sailing. The real test lies in regulatory attitudes and building user trust, not the technology itself.

Another more interesting point is the expected growth in the stablecoin market. The dominance of USDT dropping from 60% to 55%—what does this seemingly moderate change in market share reflect? Is the market truly moving toward diversification, or is it just a short-term share squeeze? I recall the scene when USDC was just gaining momentum in 2020; the market was indeed trying to diversify risk, but after each cycle adjustment, concentration tends to rebound.

I agree with the skepticism about fintech companies building their own L1 chains. Neutral infrastructure layers are like the TCP/IP protocols of the internet; no matter how strong financial institutions are, they can’t replace them. Efforts to build private networks will ultimately revert to the reality of "borrowing public chain infrastructure." History has proven this many times.

I remain cautious about the prediction that Bitcoin will reach $150,000. We've seen too many cyclical price surges; the key is what the foundation of this growth is—institutional acceptance, liquidity quality, or another round of retail frenzy? Without understanding these, even the most beautiful numbers are just numbers.

The real story of the stablecoin market is just beginning to be written.