2025-09-04
Startup Commentary”Stablecoins: The Last Straw That Broke the “North American Alipay””
PayPal’s story is not only the “mid – life crisis” of a traditional giant but also an epitome of the “innovator’s dilemma” in the digital economy era. For entrepreneurs, the key is not to avoid being subverted, but to become the “subverter” rather than the “subverted” through continuous user insight, model innovation, and ecological construction.
