It seems that public companies are treating the stablecoin narrative much like they did the metaverse back in the day. In this cycle, Circle is playing a similar role to what Roblox did during the metaverse hype—both had real users and real revenue, both captured high secondary market premiums at the peak of BTC, and both served as banner narratives of their time. That said, the stablecoin sector offers far greater demand and monetization potential compared to the metaverse. It’s clearly a more compelling space to invest in. There’s been a lot of talk around “use-case-driven” opportunities in stablecoins—but in practice, these often boil down to sales-driven and compliance-driven expansion, rather than genuine product-led growth. This makes it more difficult for startups to build uniquely compelling products in the space. For smaller teams, the more practical path likely lies on-chain—facilitating matching, building infrastructure, or selling picks and shovels. 目前看起来上市公司是把稳定币概念当成当时的元宇宙概念来炒的。 Circle扮演了这个周期Roblox的角色。都有真收入+真用户，都在BTC新高的阶段给了二级市场高溢价，并且被当作叙事成立的旗帜。 但稳定币赛道的需求和货币化能力都是显著高于元宇宙赛道的。这个赛道肯定比元宇宙赛道值得投入，挑战在于：大家聊的稳定币的新机会是由场景驱动。但我理解这个更像是销售驱动+合规驱动。 貌似稳定币创业本身没有更多产品驱动的可能性（除了不是真稳定币的算稳？），对小公司挑战比较大。 在链上找机会，做撮合，卖水，对小团队成功率应该会高一些。