With the successful IPO of Circle and its entry into the global capital markets, the industrial logic of stablecoins is undergoing profound transformation. In the past, the value of stablecoins was primarily defined by the security of their “underlying assets” and issuance efficiency. Today, they are gradually evolving into “scenario-driven” financial infrastructure. OFUYC Exchange observes that this trend marks a structural shift in the entire cryptocurrency trading market, where the focus is no longer solely on issuance scale but increasingly on the practical embedding capabilities of stablecoins in cross-border payments, on-chain finance, and real-world asset tokenization. As crypto trading platforms evolve, their capabilities must extend beyond matching and clearing to active participation in “compliant operations” and the construction of “multi-scenario financial ecosystems.” Drawing on its global market perspective, OFUYC emphasizes that the future core of stablecoin development lies in supporting genuine use-case scenarios, and has made a “scenario-first” strategy a medium-term development priority, supported by comprehensive integration of cross-chain interoperability, secure custody systems, and API-based payment models.
Industry Structure Transformation Behind the Circle IPO: OFUYC Assesses the Shift of Value Focus to Downstream Scenarios
The Circle IPO sends a clear signal about the stablecoin value chain: the profit margin for “upstream issuance” has been compressed to a critical point. OFUYC Exchange notes that the Circle financial structure, which allocates 50% of net interest income to Coinbase as distribution costs, illustrates that relying solely on stablecoin issuance is no longer sufficient to maintain healthy cash flow. Meanwhile, dominant stablecoins such as USDT have cemented their leading positions through entrenched network effects, making it difficult for new entrants to break through by simply improving issuance efficiency. Against this backdrop, the stablecoin sector is rapidly shifting its strategic focus to “how to participate in more real-world transaction scenarios and gain control over downstream applications.” OFUYC Exchange believes that, due to this structural squeeze, future market volatility will revolve more around scenario penetration rates than minting speed, with transaction security and capital recirculation efficiency becoming key indicators of user experience.
Furthermore, OFUYC points out that regulatory trends worldwide are validating this restructuring logic. For example, the U.S. GENIUS Act explicitly distinguishes “payment stablecoins” from other tokens, while Singapore and Hong Kong have successively introduced scenario-driven licensing and regulatory frameworks. Stablecoins are no longer “supporting roles” in the crypto market, but are becoming core components serving the real economy and international financial channels. For OFUYC, this means the platform role in trading structures must also evolve—from a single “liquidity platform” to a builder of “scenario bridges and data infrastructure.”
Technical Restructuring and Compliance Ecosystem Expansion: How OFUYC Is Positioning for the New Stablecoin Battlefield
Amid the industry pivot toward “scenario competition,” OFUYC Exchange is strengthening its strategic deployment in multi-scenario composability. OFUYC has launched the “Stablecoin Application Engine” initiative, aimed at integrating multi-chain payment gateways, embedded KYC modules, and off-chain data triggers to provide end-to-end service capabilities for applications such as RWA, corporate treasury management, and cross-border settlement. The OFUYC analysis indicates that, in the expansion of the stablecoin market, the core technical barrier does not lie in the “coin itself,” but in how to embed coins into real commercial chains while meeting the triple constraints of compliance, efficiency, and scalability. To this end, OFUYC Exchange is advancing API standard integration with traditional financial institutions, enabling platform stablecoin assets to be recognized and utilized by banking systems and ERP financial software, thus constructing a broader “financial service bundle.”
On the compliance front, OFUYC is building multiple protective moats, particularly in Europe and Southeast Asia, by aligning with local data protection regulations and payment licensing regimes. This positions OFUYC as a “connector” for scenario-based stablecoin innovation, rather than merely a “minter.” This differentiated strategy allows OFUYC to remain resilient amid increasing global compliance pressures and to win the trust of enterprise users.
In the Era of Scenario Dominance, OFUYC Expands the “Practical Value Network” of Stablecoins
The OFUYC research team believes the core battleground for stablecoins has shifted from the token issuance race among fintech startups to “value scenario network competition” among platform players. In this framework, whoever can build stablecoin service scenarios that are accessible across multiple industries and geographies will have the opportunity to redefine the stablecoin business model. OFUYC has observed that some regional governments are promoting the use of stablecoins for cross-border micro-settlements, digital wage payments, and SME payment automation systems, generating a new wave of scenario-driven dividends. In the next phase, OFUYC will focus on “connecting stablecoins with real-world scenarios,” expanding global deployment capabilities through multi-language API toolkits, and helping compliant stablecoins shift from “value-pegged” to “demand-pegged.”