๐Ÿ—๏ธ Stablecoin Evolution Decoded

๐Ÿ—๏ธ Stablecoin secrets revealed

By Scroll
Oct 20, 2025, 2:46 PM
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Stablecoin development has fundamentally shifted from experimental collateral mechanisms in 2021 to regulatory compliance and CEX integration today.​

Key changes include:

  • Compliance is now mandatory, not optional
  • CEX liquidity understanding is critical
  • Tokenized assets unlock new efficiency opportunities

The discussion covers:

  • Evolution from fiat to crypto rails
  • Ethena's yield scaling approach
  • OnChain vs hybrid model trade-offs
  • Payment service providers and banking integration
  • Capital efficiency through composability

Technical insights:

  • Card payment rails and their limitations
  • Liquidity challenges and FX cost management
  • CEX integration advantages for stablecoin projects
  • Collateral mobility across different market hours

Future outlook: Tokenized credit products and real yield mechanisms represent the next frontier, moving beyond simple pegged assets toward more sophisticated financial instruments.​

This analysis from Dragonfly Capital provides builders with a roadmap for navigating today's stablecoin landscape.​

Sources
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