#稳定币市场动态 Klarna and Privy collaboration is worth paying attention to. From an on-chain perspective, there are several signals behind this move:

First, participants in the stablecoin ecosystem are expanding. Klarna has launched KlarnaUSD, and now by joining wallet infrastructure development, it indicates that mainstream financial institutions are increasingly recognizing the application scenarios of stablecoins. This will directly impact the liquidity and market depth of stablecoins.

Second, Privy's infrastructure supports over 100 million accounts, which means this wallet solution has considerable scalability. Once some of Klarna's millions of users migrate to in-app crypto wallets, new changes in on-chain fund flows will emerge—especially in the inflow and outflow patterns of stablecoins.

Third, holding a European banking license is very significant. It gives Klarna a compliance advantage and also indicates that this is not a small-scale effort. If this solution is scaled up across Europe in the future, the market structure of stablecoins could undergo noticeable changes.

Recommendations to watch: stablecoin trading volume data after the launch of the Klarna wallet, large fund inflow and outflow patterns, and follow-up actions from other BNPL players. These are key indicators to determine whether the stablecoin market has truly entered the mainstream application stage.