deflationary coinの‌価格

$BTC Foreign media believe that stablecoin payment cards are not currently replacing traditional card organizations, but rather adding a new layer of funding and settlement capabilities to the existing bank card system. On-chain assets are responsible for transferring value, while Visa and Mastercard remain responsible for connecting this money to their global merchant networks. Merchants still use existing channels. When a user swipes a stablecoin card, the process seen by the merchant is similar to that of a regular bank card transaction. The issuing institution first verifies the wallet balance, then reserves or redeems the corresponding stablecoins, and subsequently sends the transaction to the acquiring bank and merchant through the Visa or Mastercard network. This means that most merchants do not need to configure encrypted wallets or directly connect to the blockchain. Restaurants, retailers, and online platforms can still use their existing acquiring systems; the backend simply uses stablecoins as a source of funds or a settlement tool. Stablecoins solve the problem of settlement efficiency. The article points out that stablecoins such as USDC can achieve 24/7 transfers and are more suitable for cross-border flows. However, retail payments are not just about transferring money from one end to the other; they also include transaction routing, merchant identification, currency conversion, refunds, fraud detection, and chargeback processing. These capabilities have long been provided by card networks. Completely bypassing Visa and Mastercard would require global merchants to replace their entire payment infrastructure, a highly difficult task in the short term. Therefore, a more realistic path for stablecoin cards is to transform back-end settlement without changing merchant acceptance methods. The two major card organizations are also integrating on-chain settlement. Visa stated that in 2025, the transaction volume of cards pegged to stablecoins was approximately $5.2 billion, a year-on-year increase of 319%; monthly spending on crypto cards was approximately $600 million. The article also mentions that Rain has used USDC to support 7-day settlement for Visa card projects. Mastercard has expanded its stablecoin settlement scope to cover USDC, PYUSD, and RLUSD, and is promoting weekend and intraday settlement. Visa is also providing USDC settlement capabilities to financial institutions, including arrangements through Solana. The focus of competition shifts to payment revenue. The article argues that future competition will not only focus on who processes payments, but also on who can capture the main revenue in the payment chain. Stablecoin issuers can earn revenue from reserve assets, while banks may face pressure from the diversion of deposits and some payment revenue. In contrast, Visa and Mastercard have the advantage of not relying on consumers holding bank deposits. As long as transactions continue to pass through their networks, both companies can maintain their central position in merchant acceptance and payment orchestration.

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Foreign media analysis suggests that stablecoin issuers pay close attention to US Treasury yields because a large portion of the reserve funds behind USDT and USDC are typically allocated to highly liquid assets such as short-term US Treasury bonds. For these companies, interest rate changes directly impact the revenue generated per dollar of reserves. Short-term US Treasury Bonds Determine Reserve Returns USD stablecoins typically promise to redeem dollars at a near 1:1 ratio. To support this mechanism, issuers need to hold cash and highly liquid assets. Short-term US Treasury bonds, due to their high liquidity, low credit risk, and ability to provide interest income, are an important part of the reserve portfolio. The article cites an example: if a stablecoin issuer holds $100 billion in interest-bearing reserves, with an average yield of 5%, the annualized interest income would be approximately $5 billion; if the yield drops to 4%, the income would drop to $4 billion; and if it further drops to 3%, it would be approximately $3 billion. Stablecoin Holders Typically Do Not Receive This Return The article points out that stablecoin holders typically do not directly receive this portion of the US Treasury bond yield. Users hold on-chain USD with a price that is kept as stable as possible around $1, while the interest generated by the reserve assets primarily belongs to the issuer. This is also one of the important sources of revenue for stablecoin businesses. The larger the circulating supply of a stablecoin, the more reserve assets can be allocated, theoretically leading to higher interest income. However, if short-term interest rates decline, the yield per unit of reserve will shrink accordingly. Circle and Tether are both affected by interest rates. The article states that Circle's financial disclosures better reflect this model. As the circulation of USDC increases, Circle's manageable reserve assets increase accordingly, thereby increasing interest income. However, if the yield on short-term US Treasury bonds declines, the income generated per dollar of reserve will also decrease. Tether faces the same basic logic. USDT is already the world's largest stablecoin, and Tether therefore controls a huge reserve pool, a significant portion of which is allocated to US Treasury bonds and other short-duration assets. According to the example in the article, if an issuer holds $150 billion in interest-bearing reserves, and the average yield drops from 4% to 3%, with the asset size and structure remaining unchanged, the annualized interest income will decrease by approximately $1.5 billion. Interest Rate Cuts Will Compress Issuer Profits The article argues that Federal Reserve interest rate cuts typically lower short-term Treasury yields, which weakens the profitability of stablecoin reserve portfolios unless other factors offset this impact. Issuers may respond by increasing stablecoin circulation, developing payment products, reducing costs, expanding into international markets, or establishing more revenue streams. The article also points out that stablecoin competition is not just about technology, but also involves distribution capabilities, circulation scale, and reserve size. For those observing this industry, simply looking at token circulation is insufficient; attention should also be paid to stablecoin supply, average reserve yield, and US short-term Treasury yields.$BTC

$INJ / $USDC (4H) - Held $4.725, took $5.02, now $5.06. Old short is invalid. Direction: LONG Entry $4.725 – $4.900 TP1 $5.24 TP2 $5.70 TP3 $6.06 SL $4.68 $5.10 is local supply. If $4.725 fails I’m out. NFA. #Crypto #INJ #USDT