#稳定币发展 Seeing Brazil, Malaysia, and South Korea launch their local currency stablecoins in the same time window, an idea immediately flashed through my mind - this is a watershed moment in the history of stablecoin development.

Do you remember the cycle in 2017 when stablecoins were more of a subsidiary to the dollar, with USDT dominating the market while others either faded quickly or became mere trading tools? But now, looking at these cases, the logic has completely reversed. Paradigm invested in the Brazilian real stablecoin BRLV, which is not just a financing deal but also a strategic bet on the digitalization of local currencies in emerging markets. The $13.5 million valuation premium reflects institutional capital's deep recognition of the "local currency stablecoin + cross-border payments" path.

The launch of the ringgit stablecoin by Bullish Aim, backed by the Malaysian Crown Prince, sends a signal that the political elite has begun to view blockchain stablecoins as a supplementary tool for the national financial system. This is completely different from the self-indulgent visions of those projects in 2018. Looking at the initial treasury allocation of 500 million ringgit, this is a serious and in-depth layout.

Bithumb in South Korea has launched trading pairs for the KRW stablecoin. It may seem like a small event, but viewed in this timeline, it represents the synchronized follow-up of the East Asian market. Past failures have taught us that the success or failure of stablecoins hinges on whether there are real payment scenarios and liquidity guarantees. Now, these projects are all emphasizing local currency support, compliance foundations, and cross-border payment applications. These are all lessons learned from previous experiences.

History is repeating itself, but logic is evolving. This time is different.