The original text modified by WeChat AI assisted me in restoring the text in the image (No deletions or modifications made, only organized into continuous text for easier reading, while trying to preserve the original meaning and structure of the layout, paragraphs, tables, etc.): Stablecoins: The Feast and Investment Opportunities of the Third Payment Dividend Original Midnight Investment Midnight Investment October 7, 2025 17:47 Hong Kong, China ○645 people ♡Starred To facilitate reading/replying, I have divided this article into the following sections: 1. The three historical waves of payment dividends 2. The past and present of stablecoins 3. The current competitive landscape of the stablecoin sector 4. Why USDC may become the king 5. Why CRCL is a super investment opportunity 6. How to participate in this dividend feast 1. The three historical waves of payment dividends The transformation of payment methods is an important driving force for improving social efficiency. Looking back at the development history, we have already experienced two huge waves, and we are now at the starting point of the third wave. Payment Dividend 1.0 Era: The Online Banking Revolution Before the advent of the internet, commercial activities heavily relied on cash transactions. Many transactions required carrying large amounts of cash, and the prevalence of cash also led to a rapid increase in theft and robbery. The emergence of online banking essentially eliminated the risks of cash transactions, laying the foundation for the explosion of e-commerce. Payment Dividend 2.0 Era: The Rise of Mobile Payments Mobile payments, represented by Alipay and WeChat Pay, have completely changed the characteristics of payment scenarios—from wet markets to ride-hailing and shopping, mobile payments cover almost all offline scenarios. Data shows that China's mobile payment penetration rate far exceeds that of other countries. Payment Dividend 3.0 Era: The Arrival of Stablecoins As an emerging payment tool, stablecoins are ushering in the third payment dividend, characterized by low-cost and high-efficiency cross-border payments. According to 2024 data, the total on-chain transaction volume of stablecoins has reached $37 trillion, surpassing the usage scale of Visa and traditional banks, indicating that a significant change in the traditional financial system is underway. Comparison of the three payment dividends Payment Era Core Technology Main Features Impact Scope 1.0 Online Banking Era Internet Technology Large Cash Transactions Corporate Transactions 2.0 Mobile Payments Mobile Internet Integrated into Daily Life Personal Daily Consumption 3.0 Stablecoins Blockchain Technology Low Cost Efficient Payments Cross-Border Value Transfer...