#稳定币发行与类型 Looking at the moves by Intuit, SoFi, and JPMorgan, I have to say this: the stablecoin sector is undergoing a fundamental transformation.

In the past, when we discussed stablecoins, the focus was on crypto-native projects like USDT, with various concerns and risk prevention measures. Now? Traditional financial institutions are starting to issue their own tokens. Intuit handles billions of dollars in funds annually, SoFi directly uses a banking license to back a 1:1 US dollar support from the Federal Reserve, and JPMorgan has migrated JPM Coin from a private chain to Base — this is no small matter.

The key point here is: when traditional financial institutions enter the token issuance space, the risk landscape changes. It’s not that it becomes completely safe, but the credit backing shifts from purely crypto markets to real financial institutions. What does this mean? It signifies that genuine on-chain payment infrastructure is beginning to be established, no longer just hype.

But I must warn you — the project lifecycle identification has become more complex. Now you need to look not only at the stablecoin’s mechanism but also at the issuer’s actual asset reserves, regulatory compliance, and even their strategic exit plans. A reliable stablecoin project must meet several conditions simultaneously: sufficient assets, reputable issuer, transparency disclosures, and liquidity support. Missing any one of these is a deal-breaker.

In other words, entering the stablecoin field now requires even greater vigilance — because the participants have changed, and the tactics may have changed as well.