Yesterday I saw the official announcement from Visa about integrating stablecoin payments on four blockchains, and I was completely stunned—this traditional payment giant is really in a hurry. Don’t think they are just playing around on a whim; they are being taught a lesson by real money data: since the third quarter of last year, the number of users spending with stablecoin-linked cards has quadrupled. The market and merchants have already spoken through their wallets, forcing payment giants to acknowledge that stablecoins are now legitimate payment tools, rather than just gambling chips in the hands of speculators.

Those who understand technology see the opportunity, but don't rush to pop the champagne yet.

Visa is playing it smart this time: launching multiple chains simultaneously, not putting all eggs in one basket. It's like running a convenience store and only stocking one brand of drinks? Isn't that silly? Customers need choices. But then the problem arises — for each chain integrated, the compliance review, asset custody, and clearing and settlement systems have to be sorted out from scratch. Honestly, how many public chains can handle the volume of a giant like Visa? You could count them on one hand.

I recently set my sights on a blockchain developed by a Chinese team, whose design concept is clearly aimed at stablecoin payments: the transaction fees are low enough to be negligible, transfer speeds are calculated in seconds, and the underlying security architecture is comparable to that of Bitcoin. To put it bluntly, if Visa wanted to build a highway toll station, this blockchain would send over a smart toll gate system—cars can come and go without stopping, automatic fees are deducted without traffic jams, who wouldn't be tempted?

But relying solely on technology? That's a dead end.

The industry is no longer in the era where "having great coding skills guarantees success." The real battlefield lies in the ecosystem: does the custodian have a financial license? Is the liquidity pool deep enough? Can the anti-money laundering process pass a third-party audit? The project I’m following has been very active recently, trying to get close to traditional financial institutions, clearly making up for its compliance shortcomings. The reasoning is simple – Visa's traffic is indeed a piece of juicy meat, but you need to have good teeth to chew it.