Futures
Access hundreds of perpetual contracts
TradFi
Gold
One platform for global traditional assets
Options
Hot
Trade European-style vanilla options
Unified Account
Maximize your capital efficiency
Demo Trading
Introduction to Futures Trading
Learn the basics of futures trading
Futures Events
Join events to earn rewards
Demo Trading
Use virtual funds to practice risk-free trading
Launch
CandyDrop
Collect candies to earn airdrops
Launchpool
Quick staking, earn potential new tokens
HODLer Airdrop
Hold GT and get massive airdrops for free
Launchpad
Be early to the next big token project
Alpha Points
Trade on-chain assets and earn airdrops
Futures Points
Earn futures points and claim airdrop rewards
More
That research report is indeed quite good, but there's a detail worth scrutinizing — this time, the true protagonist of the payment test isn't actually USDT, but the Vietnamese dong.
Why do I say that? USDT is just staying at the front-end interface level. The merchant actually receives the local fiat currency. Users see the stablecoin, but what they actually get is the real Vietnamese dong. This involves a real-world issue: merchants don't have much demand for USDT itself. What they truly care about is whether they can complete settlements quickly and with low friction. As long as the final amount received is a currency that can be directly spent, the choice of bridging tools becomes secondary. This also explains why the application of stablecoins on the payment side often gets stuck at the merchant acceptance stage.
The details have indeed been overlooked; USDT is just a shell.
It's another seemingly good but actually unused thing—this is the current situation.
Are stablecoins at the payment layer truly a pseudo-need? It seems to be stuck on trust.
So in the end, we still have to go back to fiat currency. How should the stablecoin path proceed?
Merchants don't really care what currency you use, as long as the payment is instant and fee-free. What's the use of the USDT wrapper?
This is the real dilemma for payment applications.
---
Speaking of which, that's why those big dreams in the crypto world wake up so quickly.
---
No wonder those payment projects all failed; they never addressed the core pain points.
---
Wait, how about a different approach? What if we use fiat currency's Lightning Network directly... Never mind, probably just wishful thinking.
---
Vietnamese dong is the real protagonist. I prefer to call it the most honest summary.
---
The problem isn't technology; it's that merchants just want to make more money. USDT? Whatever.
---
It turns out this whole setup is just a story to trap retail investors; merchants have long seen through it.
---
The coffin for stablecoin payments is once again nailed shut.