#稳定币 Reading this entrepreneur's story leaves me with mixed feelings. It's not disappointment, but a clarity that comes after being hit.

In the past six months, payments have indeed been very hot. But stepping in, I realized just how big the gap is between the "bustling" scene in reports and the reality on the ground. Stablecoins in Yiwu, cross-border clearing and settlement opportunities—they all sound very attractive, but once you actually try to use them, you realize all the issues point to the same thing: channels.

And channels are not about how good the product is; they depend on banking relationships, licenses, risk control, and regulatory credit—all of which require long-term accumulation. A smart entrepreneur who doesn't have these can't make up for them in the short term. What's more painful is that many payment businesses that seem to be "making money" are actually eating risk premiums. They haven't had a problem yet, that's all.

This makes me think about the true value of stablecoins. It's not a matter of "whether it exists," but "how to use it and who uses it." Payments are just the entry point; the real scale is always formed by the subsequent fund management system.

So I understand his choice. It's not about being bearish on payments; quite the opposite, it's about seeing payments so clearly that it reveals what kind of team is truly qualified to do this. Opportunities in Web3 definitely exist, but they are not evenly distributed. Sometimes, stopping is the most rational way to move forward.