Here's the translation: Arthur's long article clearly outlines the past and present of stablecoins - Amazon and Walmart exploring stablecoin issuance, Visa's stock price falling, and the entire stablecoin track becoming incredibly hot. But what surprised me was that despite the obvious signs of a stablecoin summer, the entire crypto circle seemed surprisingly cold, with funds even flowing out to speculate on concept stocks in the US market. Why? - Why is the Crypto Native narrative "indifferent" to the stablecoin boom? 1) This is interesting. Recall when Trump was issuing a coin, everyone was excitedly anticipating the spillover effect of a presidential coin. So why is the crypto circle "confused" now that a stablecoin with Mass Adoption potential has emerged? In fact, Arthur provided the answer: "Without distribution channels, there's no stablecoin business." The core of the stablecoin business model is distribution channels, with Arthur summarizing three viable channels - crypto exchanges, Web2 giants, and traditional banks. This seems barely related to most crypto industry build directions? Look, Tether's success isn't due to superior technology, but from capturing essential needs and channels. Even Circle, with more standardized technology, has to share 50% of interest income with Coinbase to secure distribution channels. From this perspective, projects trying to challenge USDT with "better technology" are basically daydreaming. For retail investors, it's even more understandable - stablecoins are too "boring", lacking the 10x or 100x get-rich-quick imagination space, so the crypto circle naturally feels indifferent. - Web2 Giants are the Real "Disruptors" 2) Arthur's assessment of traditional banks is sharp - "basically hopeless". The 7x24 borderless US dollar system vs. banks' redundant personnel and bureaucratic processes are not even comparable. Banks' decline has actually created massive survival space for stablecoins. The real disruptive potential lies with Web2 giants like Meta, X, and Google, because they already have user bases and payment scenarios. When Amazon and Walmart start exploring stablecoins, this isn't just simple business expansion, but directly "feeding" billions of mainstream users into crypto infrastructure. In my view, this is the true value of the stablecoin summer - not providing short-term get-rich opportunities for the crypto circle, but silently infiltrating the mainstream world with crypto infrastructure. When billions of Web2 users start using stablecoins daily, infrastructure demands for DeFi, DeAI, GameFi, and other tracks will correspondingly strengthen - a long-term growth buff that's imperceptible in the short term but cannot be ignored. - The "Subtle Influence" Behind the IPO Wave 3) Of course, even a seemingly cold summer will have speculation. Arthur aptly reminded: Circle's IPO is just the first shot, with many "imitators" to follow. Most of these projects lack real distribution capabilities, but will have crazy market enthusiasm under the stablecoin narrative. But returning to Arthur's core judgment - projects without distribution channels essentially have no chance. Critically, this summer expectation might have little to do with most retail investors - just watch from the sidelines. However, from another perspective, this IPO wave is essentially "educating" Wall Street about crypto value. When traditional investors start seriously studying stablecoin business models, this "subtle influence" is what's most worth contemplating. In my view, the stablecoin summer is the turning point where crypto transforms from an "edge innovation experimental field" to a "mainstream commercial alternative". Currently, the crypto circle's lack of enthusiasm is normal because the game rules have changed, and they are no longer the protagonists. But in the long term, when crypto infrastructure carries more real-world needs, every crypto native will benefit from this infrastructure upgrade.