#稳定币市场发展 Seeing JPM Coin being migrated to Base by JPMorgan, my mind flashes back to those years.

I still remember around 2015, what was the attitude of traditional finance towards blockchain—either dismissive or secretly researching without willing to disclose. Now, major global systemic banks are actively deploying their tokenized products on public blockchains, and this shift itself says everything.

The development trajectory of the stablecoin market is actually quite interesting. When USDT was dominant in the early years, no one imagined this day would come. Later, USDC, DAI, and various other solutions emerged, sparking ongoing debates. But from a historical cycle perspective, each "chaos" was actually the market self-correcting—eliminating non-compliant projects, introducing institutional-grade ones, and ultimately forming a more mature ecosystem.

The choice of JPM Coin to deploy on Base instead of other public chains is a detail worth pondering. What does it indicate? It shows that the narrative of Coinbase as an institutional-grade infrastructure is beginning to materialize. It also reflects a reality: the demand for on-chain payment tools has shifted from retail-driven to institution-driven. This is a signal that the stablecoin market is moving from the speculation phase into the settlement phase.

Just remember, successful projects are often overestimated, while failed projects tend to be forgotten. Beneath the current prosperity, the underlying logic remains the same—compliance, liquidity, and credit backing. Once these variables encounter issues, the once-glorious halo dims. History has shown us not to be blinded by short-term hot spots.