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Stablecoin card, the beginning of smart consumption A signal for crypto mass adoption You don’t have to be a VIP customer. You don’t have to be a billionaire anymore. Now, the benefits that only the wealthy or private banking enjoyed can be accessed by anyone in the stablecoin market. • Exclusive access to high-yield investment opportunities • Immediate liquidity • Tax optimization strategies • Securing cash without selling assets Bank loans? Complicated paperwork and weeks of waiting. Credit cards? Limited credit and high interest rates. Investment products? Minimum investment amount starting from 100 million! The high service threshold in the traditional financial market has now transformed into services that everyone can enjoy in the stablecoin market, leading to a boom in the stable payments market. Below is the volume graph of the number one company in Etherfi payments, showing that the trading volume, which was virtually nonexistent before May, is increasing at an incredible rate. 2025 stablecoin payment volume: $2.3T 340% increase compared to 2024 USDC and USDT have surpassed Visa/Mastercard transaction volumes This is already the beginning of a major trend. What caused this to happen? From an environmental perspective: The advancement of the DeFi ecosystem - this is a phenomenon that arises from the combination of DeFi systems and stablecoin payments, which are hard to achieve in the existing financial system, along with a payback system through neobanks. From a technical perspective: Gas fee resolution - Ethereum L2s have truly started to operate. Payments can be made with a fee of $0.01 on Polygon, Arbitrum, and Base. How will payments through stablecoins be different from the existing ones? If you deposit USDC or USDT as collateral, you can generate a card usage limit in real-time, which allows us to enjoy profits and convenience that are quite different from using cash-based cards. What advantages are there to consuming through stablecoins? 1. You can secure liquidity without selling assets, 2. Therefore, DeFi profits can be preserved, 3. At the same time, there are no taxes on interest, 4. Usable anywhere in the world without bank approval. This is not all. Using a neobank method, cashback leads to points -> receiving coins from card companies. In the case of using traditional payments with a debit card, you not only have to get approval and monitoring for your assets, but also face numerous fees such as buying and selling, foreign exchange conversion fees, and management fees when signing up for savings. Compared to the existing banking system, this is a completely different dimension. Now banks are really struggling to compete... Is Manager Kim trembling..? Traditional companies are quickly shifting their attitude from "DeFi is risky" to "We are now DeFi!" Besides Etherfi, there are other players doing well in the payments sector, let’s take a look: 1. Aave + Revolut partnership Providing users with the ability to lend/borrow directly from the app. 2. Compound integrated with N26 The savings account was actually a DeFi pool, so much so that ordinary people use DeFi without even knowing it, as it is well designed. This indicates that one of the major tasks currently happening in crypto is the abstraction of cryptocurrencies is progressing smoothly. What we need to pay attention to is that traditional finance is not absorbing DeFi, but rather DeFi is being absorbed by traditional finance. Even if they claim to have adopted it, it signifies an inevitable trend. Let’s summarize what’s happening in the second half of 2025: PayPal launching its own L2 Visa building stablecoin payment infrastructure Even JPMorgan publicly opening JPM Coin Stablecoins becoming a global payment standard DeFi establishing itself as mainstream financial infrastructure Neobanks evolving into crypto-native entities Reorganization of cross-border payments. It’s really unfortunate that people can’t use crypto cards when traveling abroad... I think payments will change significantly in the next three years. Can we dare to predict that crypto mass adoption will arise because of payments? From an investment perspective, we should consider payment infrastructure tokens, right? To take a step further, let’s think about projects that truly focus on UX, where users wouldn’t even realize they are using crypto due to perfect abstraction.

The SEC's stablecoin hype is skyrocketing. Just chasing the SEC can make you money. What has been happening since 2023? The mention of stablecoins in SEC documents has surged by 500%. Let's look at the SEC's mentions of stablecoins over the past three years: 2022: 12 times 2023: 72 times 2024: 89 times Is this a coincidence? Why is this happening? After the Terra Luna incident, the regulatory authorities' attitude towards the coin market, which was considered to be just a bunch of pirates that could be ignored, has changed as the market has grown. With the collapse of UST, $40 billion evaporated, and significant events like the FTX incident made it clear that the social impact cannot be ignored. Since then, government scrutiny of stablecoins has been increasing day by day. It seems to have naturally increased in proportion to the power. As mentioned in the report I posted yesterday, The current market capitalization of USDT + USDC is $150 billion, and they are all held in government bonds, which is more than South Korea's holdings of U.S. Treasury bonds... While this is obviously beneficial for the U.S., they are not entirely pleased. Why? Because it also has the potential to threaten the hegemony of the U.S. dollar. What the SEC truly fears: • Dollars circulating without banks • Payment systems operating outside of regulation • Currency systems outside of their control In the end, they are conscious of the fear of weakening global hegemony. The SEC has been treating coins and stablecoins as securities, and under the Trump administration, Gensler put the brakes on it and opened the crime season for coins, leading the SEC to adopt different strategies. Current SEC strategy: They are pressuring issuers to disclose collateral, basically trying to regulate them like banks. But does this mean everyone is just going to be scared? No, the reality is that they want to get a piece of the stablecoin action. Below are mentions of stablecoins from the earnings reports of three giant traditional financial companies: VISA (during Q3 2025 earnings report) "... We see the market fit for stablecoins in two important areas. First, in emerging markets where local fiat currency is highly volatile or where consumers have difficulty accessing or using the U.S. dollar easily and affordably. Second, in cross-border money transfers, namely B2B payments and consumer remittances." Citi (during Q2 2025 earnings report) "... We aim to provide the benefits of the development of stablecoins and digital assets to our customers in a safe and sound manner. To this end, we will modernize our infrastructure and improve efficiency, transparency, and interoperability to support our customers." PayPal (during Q2 2025 earnings report) "Stablecoins play a crucial role in addressing the major issues faced by customers today, forming an important part of our core mission for the advancement of global commerce." The SEC's obsession with stablecoins stems from fear. If we think about why they are going to such lengths, wouldn't it be better to see it as an opportunity rather than fear? Isn't it like not buying real estate because you're afraid of real estate policies?