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. 目前看起來上市公司是把穩定幣概念當成當時的元宇宙概念來炒的。 Circle扮演了這個週期Roblox的角色。都有真收入+真用戶，都在BTC新高的階段給了二級市場高溢價，並且被當作敘事成立的旗幟。 但穩定幣賽道的需求和貨幣化能力都是顯著高於元宇宙賽道的。這個賽道肯定比元宇宙賽道值得投入，挑戰在於：大家聊的穩定幣的新機會是由場景驅動。但我理解這個更像是銷售驅動+合規驅動。 貌似穩定幣創業本身沒有更多產品驅動的可能性（除了不是真穩定幣的算穩？），對小公司挑戰比較大。 在鏈上找機會，做撮合，賣水，對小團隊成功率應該會高一些。