#稳定币发展与应用 After reading this article, there are several details worth repeatedly pondering.

The phrase mentioned by the entrepreneur struck me the most—"Payment is not about how much you earn, but how much you can spend." This actually reveals the fundamental structure of the payment industry: it appears to be making money, but in essence, many times it is eating into risk premiums. Many teams are not fully aware of where the risks are hidden in those "successful" Web3 payment pathways. Compliance gray areas, fund pool mismatches, regulatory interpretation uncertainties—an absence of explosions so far does not mean the structure is sound.

Another point I agree with is that true growth is not within the crypto circle but in the business scenarios that have long been slowed down by traditional clearing and settlement systems in Web2. Needs like cross-border payroll and B2B settlements do exist. But what does this imply? It means that the difficulty in payments is not primarily in the front-end product, but in the back-end banking relationships, licensing structures, KYB/KYC compliance, and risk control systems—these are precisely the capabilities that small teams find hardest to develop.

Perhaps the most insightful observation is that the true scale of Web3 payments might be "hidden," with the front-end Web2 remaining unchanged, while the back-end Web3 is reconstructed. This kind of upgrade demands far higher system stability and compliance certainty than market education. Payments are indeed a good business, but the prerequisite is having long-term accumulated infrastructure assets and credit.

This is not a negation of the direction but a clearer understanding of resource endowments and the fit of the battlefield.