#稳定币发行与类型 An obvious trend has been observed: traditional financial institutions are accelerating their deployment of on-chain stablecoin infrastructure. This time, it’s no longer about testing the waters but a systematic strategic allocation.

From the flow of funds, Intuit integrates USDC to handle billions of dollars in refunds and corporate payments, SoFi launches SoFiUSD backed 1:1 by Federal Reserve cash, and JPMorgan deploys JPM Coin on Base — these are not isolated events but coordinated actions among several major financial institutions during the same period. The key lies in their respective positioning:

**The differences between Intuit and SoFi are particularly noteworthy.** Intuit chooses to connect to Circle’s USDC infrastructure, effectively leveraging existing liquidity; whereas SoFi issues its own stablecoin directly as a bank, marking the US’s first national-level bank to officially endorse a stablecoin. This shift from reliance on third parties to autonomous issuance reflects increased confidence in on-chain payment tools from traditional finance.

Funding costs are an invisible yet real driving force. Handling billions of dollars in transactions, even a 1% reduction in costs is astronomical. The near real-time settlement capability of on-chain systems 24/7 offers substantial optimization for such large-volume, high-frequency transactions.

It’s important to pay attention to the changing conditions behind this movement — the clarification of the US regulatory environment is sending signals, and some projects have already begun to re-establish their presence in the US. This suggests that barriers for traditional finance to enter are decreasing.

The current issue is not whether stablecoins can become a trend, but which issuers’ infrastructure will ultimately dominate the core position.