# stablecoins — X 热门讨论 (2026-09-20 13:54 UTC)
## @IdMintThat (mick.artisan.cash) · 09-20 12:58 · ♥55 ↻5 💬11 BlackRock just said stablecoins only really work as money if your bank turns them into a deposit.
that's not a product take. that's the industry trying to walk dollars back onto legacy rails and call it progress. https://x.com/IdMintThat/status/2101657272879333725
## @XPROGTDBN28 (⚛️XPR_OG⚛️) · 09-20 03:48 · ♥41 ↻9 💬2 Just read this. Community banks and credit unions still have the local edge, but the runway is short. Deposits don’t sit still. Money jumps to fintechs, high-yield accounts, and stablecoins. Payments and digital experience keep slipping away. The “we know our customers” advantage fades when customers live on their phones. The ones that last won’t wait for rates or rules to save them. They’ll pick a lane, partner for tech they can’t build, and actually use the relationships they already have. Relationship banking isn’t dead. The version that only works if people walk in the door is. @MetallicusTDBN fixes these problems. https://t.co/sj2Q5vWkbi https://x.com/XPROGTDBN28/status/2101518915436175587
## @Criptoventa (Darwin CryptoEntusiasta 🇻🇪) · 09-19 22:32 · ♥40 ↻9 💬3 ¿Aún estás pensando en dónde comprar #Bitcoin sin revelar tu identidad por los KYC que solicitan en los exchanges centralizados? 🤔🔒
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## @sentosumosaba (🌸Eri ~ Carpe Diem) · 09-20 02:44 · ♥41 ↻7 💬2 New @sbigroup strategic investment. Singapore-based @dtcpay_official. ✅ Pay in stablecoins. ✅Real-time SWAP to FIAT + live rate. ✅Merchant receives fiat, never touching the stablecoin. https://t.co/l5ySEHjCDy https://x.com/sentosumosaba/status/2101502609039483095
## @Airdrops_one (Grey Ledger) · 09-20 03:44 · ♥42 ↻2 💬3 One correction after feedback from a few Cosmos OGs.
Cosmos Labs staff are partly compensated in cosmos:native, reportedly on a 4-year lock. That's more alignment than I gave them credit for. I should have included it.
But ATOM comp is not ATOM value capture. It's a reason to care about the token. It doesn't create a fee.
Also: the Hub lead @RoboMcGobo laid out explicit value-capture paths last November. Three of them:
enterprise service revenue -> ATOM buybacks Hub services (IBC, stablecoins, forex) -> usage fees asset issuance / IBC activity -> fees in ATOM
Almost a year later, there is real progress around all three: module licensing, the partner network, IBC expansion, stablecoins, tokenization tools.
ATOM though? Materially live on none of them yet.
The one buyback that does exist, Injective USDC, isn't from any of those paths. It's Circle's incentives on a partner chain.
So:
Alignment: more than I said. Ideas: they had them almost a year ago. Intent: not visible from outside. Slow is observable. "They don't want it" is speculation.
Which leaves the same question:
when does one of those paths start producing material value for cosmos:native stakers?
kudos to @WanderingCSMNT and Søf for sharing and spotting a blind spot in my earlier post.
🫡 > 引用 @Airdrops_one: Almost a year ago, Cosmos Labs put two ideas next to each other.
Get institutions to use the Cosmos stack.
And find a way for that success to matter to the Hub and cosmos:native.
At the time those sounded like parts of the same plan. I wasn't sure the second one automatically followed the first, so I've been keeping score.
Almost a year later, the first list is pretty easy to read.
Wells Fargo job reqs calling for Cosmos SDK and CometBFT. Progmat. Figure. Ripple. Ondo. Then a 17-company partner network with names like BitGo, Galaxy and OpenZeppelin helping banks with custody, compliance, security and implementation.
@cosmoslabs_io also has an enterprise product line now: ledger software, tokenized deposits, engineering and support.
Whatever you think of the strategy, this part isn't very mysterious anymore.
They are trying to sell boring infrastructure to companies that want their own systems.
I've called it the Red Hat thesis before: open software underneath, paid products and services around making it useful in the real world.
Now look at the cosmos:native side.
Gauntlet @gauntlet_xyz is working on tokenomics.
Injective USDC gives us one actual buyback path, although we still don't know whether the flow gets large enough to matter.
The Hub @cosmoshub is spending roughly $300k getting ATOM into Paxos' brokerage infrastructure. Potentially useful distribution. No direct value accrual to stakers.
And the 17-partner enterprise announcement?
Mentions of cosmos:native: zero.
So why don't these two lists touch?
The answer is simpler than most tokenomics discussions make it sound.
The thing Cosmos sells is sovereignty.
A bank using Cosmos technology gets its own chain. Its own rules. Its own validators. Its own permissions. Its own legal and operational control.
That's part of the reason it would choose the stack.
But that chain doesn't owe the Cosmos Hub anything.
Celestia doesn't pay cosmos:native because it uses Cosmos tech. dYdX didn't. A future bank ledger doesn't either.
ATOM is not a tax on Cosmos adoption.
And that isn't some defect someone forgot to patch. Sovereignty is the product.
Which means the Hub needs a second sale.
It has to offer something those sovereign chains voluntarily decide is useful enough to come back for.
Maybe settlement. Maybe liquidity. Maybe asset issuance. Maybe Eureka becomes part of it.
Maybe productive stake eventually performs some service those flows need and gets paid for doing it.
We finally have more than vague nouns here.
Current Hub work has narrowed to two product ideas: programmable RWA index products over IBC, and direct issuance of tokenized-deposit / RWA-based assets.
That's progress.
It is also still product work. Cosmos Labs says both are being tested technically, commercially and legally, and either could still change or get killed.
So the sequence, as I see it now:
Cosmos sells the stack -> happening Sovereign chains and assets get built -> happening, unevenly The Hub builds something those chains choose to use -> being figured out
< WE ARE HERE >
Those flows produce meaningful revenue cosmos:native becomes economically necessary somewhere in the process
This changes one thing from how I was thinking about it in August.
I kept asking what happens if Cosmos Labs succeeds before ATOM finds a business model.
I'm starting to think some of that is simply the order of operations.
You need customers, chains and assets before the Hub can sell them settlement.
But that doesn't explain away the delay.
Cosmos Labs has said as much itself. Earlier this year it acknowledged that sharing resources between enterprise, open source and the Hub had become a problem, and split them into dedicated teams.
So step 3 isn't something ATOM holders invented on Twitter.
It is work Cosmos Labs says it is doing.
The question is whether they can build something customers actually choose.
Because sovereignty cuts both ways. Those chains don't have to come back.
They can connect directly. They can settle somewhere else. They can use another service. This is where I think my own "toll booth" shorthand was a little too easy. A toll booth assumes you own a road the traffic has to use.
The Hub doesn't. It has to build a road people choose.
And if people choose it, cosmos:native has to matter somewhere on that road.
Which leads to another question I've been thinking about this week:
who actually grades that work?
Cosmos Labs is owned by the ICF. Hub governance does not control Cosmos Labs.
ATOM holders can reject Community Pool spends, vote against Hub upgrades, delegate elsewhere, fund alternatives and make plenty of noise.
But if ATOM holders decide Cosmos Labs is taking the Hub in the wrong direction, there isn't an on-chain vote that replaces Cosmos Labs management.
That answer sits outside Hub governance.
You might say: fine, replace CL anyway.
Possible in theory. Much messier in practice.
Cosmos Labs now houses much of the team and infrastructure around the Hub: Skip:Go, Eureka, the Mintscan team and Hub engineering.
Replacing the operator means replacing that capacity too.
That doesn't mean CL gets a free pass. It means the accountability question deserves a better answer than "vote them out."
So almost a year after Cosmoverse, I don't think the interesting question is whether institutions will use Cosmos technology.
That case is getting stronger.
The receipt I'm waiting for is much more specific:
a serious customer chooses something the Hub offers, routes real value through it, pays for it, and cosmos:native is economically necessary somewhere in that transaction.
That's when stack adoption becomes an ATOM business model.
We aren't there yet.
The Hub has to earn the flow. https://x.com/Airdrops_one/status/2101517937211244947
## @Jetpack_JO (Jetpack J0) · 09-20 01:29 · ♥41 ↻3 💬2 🚨 $ZBCN MAY BE BUILDING THE ENTIRE PAYCHECK RAIL 👀
🫡: @DecryptinCrypt0
🧩 This is More than just a few partnerships, @Zebec_HQ is connecting the pieces of how money moves after you get paid:
💰 Stablecoin payroll — get paid onchain ⭐ @StellarOrg — move money globally 🌎 @MoneyGram — convert digital money into local cash 💳 Zebec Cards — spend without relying on a traditional bank account ⚡ @veloprotocol — PayFi infrastructure connecting digital assets with real-world payments
💭 Think about the potential flow:
PAYCHECK → STABLECOINS → GLOBAL TRANSFERS → CARD SPENDING → CASH OUT
🏦 That starts looking less like a single crypto product and more like an end-to-end financial infrastructure stack.
📊 As Zebec processes more payroll, cards, payments and transactions… that growth can flow back into demand and value accrual for the token
🎯 It seems like $ZBCN is perfectly positioned and become much more interesting than the market realizes #ZBCN #Zebec #Stellar #XLM #MoneyGram #Velo #PayFi #Stablecoins #CryptoPayroll > 引用 @Zebec_HQ: August was another month of scaling real-world utility across the Zebec ecosystem.
Cards, payroll, enterprise adoption and new integrations continued to grow as Zebec expanded across chains, partners and global markets.
Our August recap. 👇 https://t.co/11r0KU1uv1 https://x.com/Jetpack_JO/status/2101483977567559803
## @chuk_xyz (Chuk) · 09-19 21:31 · ♥40 ↻0 💬7 The irony of the past 24 months of stablecoin-psychosis is that end users win even if stablecoins don’t.
The core problem in cross-border payments was always correspondent banking: who gets access, and how quickly and reliably money moves.
Stablecoins fill those gaps, but the IDEA of them also threatens banks enough to make them invest in fixing the problems themselves.
In the end, users get what they deserve either way: low-cost, instant payments 24/7 https://x.com/chuk_xyz/status/2101424059791605791