In the business world, the highest-level enterprises are often not about selling products but about "becoming a bank." Starbucks has become an invisible bank through the funds deposited via its prepaid cards. However, in Web3, most projects are engaging in "loss-making deals for publicity"—they bring in USDT or USDC, allowing vast amounts of capital to circulate within their ecosystem, yet hand over the most lucrative interest income to Tether or Circle. The history of currency evolution teaches us to address "coincidence of wants" and "value storage," but STBL believes the next phase of stablecoins is no longer about payment tools but about commercial sovereignty. ### The Hidden Exploitation of Stablecoins 1.0 USDT/USDC solved Bitcoin's volatility problem but introduced a significant hidden cost: users and ecosystems provided real monetary reserves while centralized issuers monopolized tens of billions of dollars in government bond interest. This is essentially a value extraction from the ecosystem. ### Stablecoins 2.0: The Era of Ecosystem-Specific Stablecoins (ESS) We are entering the era of "currency as a service." The concept of ESS (Ecosystem Specific Stablecoins), proposed by @stbl_official and $STBL, aims to enable every major ecosystem—whether GameFi, exchanges, or RWA platforms—to issue its own “white-label stablecoin” seamlessly through STBL’s infrastructure. The changes this brings are transformative: 1. **Yield Capture** The interest income that previously went to external entities now flows directly back into the ecosystem. The larger the capital scale, the more the project earns. 2. **Monetary Sovereignty** Ecosystems will no longer be dependent on external issuers, gaining full control of their monetary policy and incentive mechanisms. 3. **Users as Shareholders** The currency becomes a link between users and ecosystem value, rather than merely a transactional token. 4. **The Future of Top Companies** Tomorrow’s leading companies won’t just have their own apps; they'll have their own “central banks.” What STBL is building is the foundational infrastructure for this “monetary sovereignty movement.”