[CoinTech CEO Liu Yu: The Stablecoin Sector Will Form a 'Few Giants Among Many' Landscape, and the Current Alliance-Based Ecosystem Will Eventually Achieve Interconnectivity] Foresight News on-site report: At the 2025 Shanghai Blockchain International Week, CoinTech CEO Liu Yu delivered a speech titled 'The Stablecoin Saga: Power Struggles and Landscape Reshaping,' stating, 'Globally, more than 45 countries or regions have initiated or implemented stablecoin regulations, and application scenarios have expanded from exchanges and DeFi to B2B, B2C, card payments, and cross-border settlements. Additionally, the current stablecoin market is showing a trend of alliance-based development, with stablecoin issuers and traditional payment networks seeking to extend their ecosystems upstream and downstream (e.g., stablecoin issuers building payment networks, and companies like PayPal and Stripe seeking to issue stablecoins). Although the trend of alliances will deepen in the short term, the long-term globalization and permissionless nature of blockchain will enable interconnectivity between networks, ultimately establishing a circulation network across all ecosystems. The development of stablecoins will follow three directions. First, Liu believes that stablecoins can be divided into four layers: the application layer, the on/off-ramp layer, the asset layer, and the settlement layer. In the future, the boundaries between these layers will gradually blur, leading to the emergence of something akin to a Super App in the internet finance industry. Second, regional stablecoins will rise, with non-USD stablecoins having significant market potential in regions where non-USD fiat currencies circulate. Third, the stablecoin market will evolve from a state of flourishing diversity to chaotic consolidation. In the future, the stablecoin market will not be dominated by just two or three players, nor will there be hundreds or thousands of companies competing simultaneously. Instead, it will be led by a few major players, supplemented by some regional stablecoins occupying specific markets in certain areas.'