I'm sure many people are reluctant to miss out on @ PlasmaFDN, and also have expectations for @ Stable, another stablecoin chain of Tether. Of course, there are more confusions. Why does @ Tetheryto adopt a dual sword strategy of Plasma+Table at the same time? Will Stable issue coins? What is the intention of Tether, the king of stablecoins? Come on, let's talk about my understanding: Simply put, Tether's "dual sword" strategy of Plasma and Stable aims to recoup the "market dividends" that have been given to Ethereum and Tron for many years, and achieve a major leap in its business model from a stablecoin issuer to a global payment infrastructure. 1) First, let's talk about the problem of getting back the cake. At present, USDT has a volume of 170 billion dollars, and its annual transaction volume even exceeds the sum of PayPal and Visa. While Tether can only earn 3-4% interest on treasury bond, although its annual profit is 13 billion dollars, it is nothing compared with the value it actually creates. How do you understand it? For example, as a key component of DeFi liquidity, USDT generates annual transaction fees that are actually paid to the Ethereum network (fluctuating gas fees). These fees are borne by users and captured by the Ethereum network, while Tether does not profit from them. If Tether launches its own stablecoin chain, theoretically, these transaction fees can be included. In addition, it is well known that Tron has made a lot of money from its USDT payment needs. In 2024 alone, Tron's revenue is about $2 billion, and Tether cannot directly benefit from this money. So, Tether's direct motivation for combining Plasma and Stable is to reclaim the DeFi ecosystem's revenue rights, such as USDT transaction fees and payment service fees, which have been controlled by Ethereum and Tron for many years. This severely limits Tether's control over its massive stablecoin economy of USDT. With the maturity and deployment of Plasma and Stable infrastructure, it is time to regain the dividends that have been transferred for many years; 2) So, how should we understand the respective positioning of Plasma and Stable? Plasma XPL is a stable currency chain supported by Tether's sisters company @ bitfinex to obtain investment from @ peterthiel. It is the positioning of the To C end. Bitcoin provides security and anti censorship features. Its killer is to challenge Paypal's payment status for TradFi, while integrating the 100+DeFi protocol to siphon Crypto's original revenue; For example, the Plasma One neo bank product matrix provides 10% passive savings benefits and 4% consumer cashback debit cards. If there are no regulatory obstacles, it will definitely cause a huge stir in the traditional payment track and seize market share belonging to old payment systems such as PayPal; For another example, Plasma has integrated the full Crypto infrastructure through EVM compatibility. It aims to incorporate agreements with strong earning business capabilities such as @ aave, @ ethena_labs, etc. into its income map to consolidate its debit card interest earning advantage. Otherwise, why does Plasma One have 10% savings income in addition to 4% of treasury bond income. Moreover, Plasma has introduced a dedicated channel that subsidizes users' gas fees through paymaster, transferring the network congestion costs required to play with the Crypto DeFi ecosystem to the protocol itself, achieving zero transaction fees for interaction. This is very attractive to C-end users. Stable is a "pure USDT" stablecoin chain planned by Tether itself, which is a B2B payment chain that uses USDT as the gas fee and settlement layer, and may focus on payment and settlement scenarios. Based on this understanding, the two questions that everyone is puzzled about have been answered: 1. Will Stable issue coins? According to the latest interview with Tether CEO @ paoloardoino, Stable will maintain minimal complexity and will not add any additional token mechanisms. In other words, there will be no new coins issued for the time being, and USDT is the currency it issued; 2. What is the significance of stable existence? It is highly likely that it will replace Tron's USDT ecosystem, and its goal is to integrate B-end payment channels. For example, it recently introduced PayPal's PYUSD, and it seems that Stable intends to serve as a settlement layer between stablecoins, further strengthening USDT's position as the big brother of stablecoins. Moreover, once Stable releases new coins, it will directly impact XPL's ability to capture ecological value. Plasma and Stable can be fully interconnected, and XPL tokens can be used to incentivize channel partners on Stable, helping various stablecoin issuers better utilize Stable settlement. At the same time, Plasma can be integrated to capture the siphoning value of the entire USDT ecosystem. The above. So, if Plasma's ambition to benchmark Paypal's reconstruction of traditional payment infrastructure is realized in the future, and if its goal of recycling Crypto's DeFi stablecoin for many years is achieved, would you still think that the FDV of 12B is high now? Of course, commercial ambition and actual implementation are two different things. Native Crypto ecosystems such as Ethereum and Tron will not watch their market share be seized by Plasma, and user migration also requires time and cost; Traditional payment giants such as PayPal and Visa are also unlikely to surrender easily. What if their Plasma One 10% savings are found to be in violation by regulators? Wait Obviously, there are still significant variables behind this. But one thing is certain: Tether has been in the business of issuing stablecoins for many years and is now targeting the larger goals of global payment infrastructure giants. Whether it can be achieved or not is not important. As we accompany us in this process, how many opportunities we can seize is the most important!