Imagine stablecoins as "API-enabled money," and many things suddenly become clear.

Goods, services, and trading pairs settled in USD are being moved onto the chain. In this process, cross-regional composability is greatly enhanced—the previously fragmented local market liquidity begins to interconnect.

Here's the interesting part: because geographical location and liquidity differentiation still exist, a brand-new basis arbitrage space has emerged. The price difference mechanisms between different regions and trading pairs have spawned a series of innovative yield products and trading strategies.

A deeper change is that, after business activities are on-chain, the entire ecosystem becomes extremely "data-intensive." From enterprise-level transaction data and user behavior data to pricing data of financial derivatives, everything becomes traceable, verifiable, and processable on the chain. This lays the foundation for a new generation of financial applications and business models.